Fear of debt creates tunnel vision. When our debt outweighs our income it is natural to focus on how little we have. The tunnel vision of debt leads to stress and anxiety without any light at the end of the tunnel. For many of my clients this vision prevents them from finding anything good in [...]
August 2009
Knowing your debt to income ratio, could help you make sounder financial decisions in the future. Your debt to income ratio is used by companies who are considering lending you money to determine if you are carrying too much debt in relation to your income. You can figure out your debt to income ratio rather [...]
This weekend’s Parade Magazine (the free insert that you can find in most Sunday papers around the country) has published an article entitled “How to Bounce Back from Bankruptcy.” Parade notes that over 1 million people filed for bankruptcy in 2008, which constitutes a 30% increase from 2007. One of the Parade suggestions especially resonates [...]
Save more money, spend it on your self, and stimulate your local economy. Here is how to do it. Many people are in a credit card rut, paying minimum payments each month while the balance grows beyond control. Those fortunate to have jobs struggle paycheck to paycheck as credit cards gobble up take home pay. [...]
Last year on this blog, my colleague Pam Stewart wrote a post that explains the emergency bankruptcy filing process. Â As Pam notes, situations do arise in which an individual needs to file bankruptcy immediately but does not have time to gather all of the documentation needed for a complete filing. Â An emergency filing allows a [...]
Your car is worth a whole lot less than you owe on it, and you’re in a Chapter 7 bankruptcy. Is there a way to lower your loan balance? In a Chapter 13, you may be able to do a cramdown, where you reduce the loan balance to the car’s value, but you can’t do [...]
