Many clients who have filed for bankruptcy express a sense of relief when everything is settled. They often look forward to getting off to a financial fresh start. One question that clients ask is how they can start to rebuild their credit after the bankruptcy process is complete. The good news is that just by filing bankruptcy, you may have actually helped your score. Researchers report that credit scores typically plunge in the 18 months prior to filing bankruptcy and steadily rise … [Read more...]
Archives for October 2016
Families Struggle With Rising Insurance Premiums
These days, many Americans are struggling financially and, unfortunately, health insurance premiums are set to increase in 2017 putting more strain on families. Insurers foresee that premiums for plans sold through HealthCare.gov will increase by an average of 22 percent next year, which is triple the percentage increase from 2015 to 2016, when premiums increased by 7.5 percent. To keep up with the staggering costs, many employers are opting for high-deductible plans as an option or fully … [Read more...]
Can a Military Member File for Bankruptcy?
Members of the military can face unique financial difficulties. Deployments, moving from one duty station to another, and other unforeseen matters can create financial hardship. Like their civilian counterparts, military members are eligible to apply for bankruptcy in order to protect their homes or other possessions, stop creditor harassment and possibly limit liability for debts accrued. Of course, members of the U.S. Armed Forces are held to the highest standard and are expected to be … [Read more...]
Selling Property Before Filing Bankruptcy
Typically when you purchase a home, car or even jewelry, a lien will be created so that a creditor can repossess the property if you stop making payments or a mortgage lender can foreclose if you do not pay the loan. If you are considering bankruptcy, the bankruptcy code lets you discharge, or release, most debts including car and mortgage loans, furniture and jewelry loans, credit cards and medical bills regardless of a lien. Now what happens if you decide to sell some of your assets to make … [Read more...]