debt Tag

16 Mar My Husband Or Wife Is Filing A Bankruptcy… How Will It Affect Me

When your spouse files a bankruptcy it could affect you in several ways. In January, Atlanta bankruptcy attorney Jonathan Ginsberg wisely suggested on these pages that a non-filing spouse should consider hiring her own lawyer. In a series of articles, I will discuss several matters that should be considered if your spouse is filing for bankruptcy. The first question I always ask in this situation is should you consider filing also? Many attorneys charge the same amount whether one or both spouses file. Sometimes only one spouse files and then a few months later the other has to file, incurring nearly double the legal and filing fees. I often hear that the husband wants to file because his debts are out of control, but the wife can handle her debt load. Often his debts are the result of a failed business, and hers are typical credit card debts and bank loans. She has managed to stay current on her debts, but he has not. She would like not to file bankruptcy because she wants to preserve her good credit.
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14 Aug What To Do When You are being Foreclosed – Deficiencies

Just because your house has been foreclosed, does not mean that you are free from the mortgage debt or other obligations of the home. You can be held liable for the difference between the market value of the house and the balance of the loan. When a Court enters a foreclosure judgment in Connecticut, a determination must be made on the value of the property. If your home is worth more than all of the liens on it, it will be auctioned. But if the home is worth less, the Court will order a "Strict Foreclosure". In such a case, the Judge will set a deadline (the "Law Day") for you to pay the loan in full. If you do not pay in full, your ownership in the property will be cancelled. However, your liability does not end there.
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02 Aug Top Ten Personal Finance Mistakes – Part 4

Do not pay only the minimum payments on your credit card each month. When you pay only the minimum, the credit card companies maximize the amount of interest they earn on your debt. Credit card companies make a tremendous amount of money each month on the minimum payments. They can change the price you pay after you've made your purchase. See Credit Card Issuers come under fire. They want you to stay in debt and making that minimum payments each month. Despite whast they say, you can have too much debt. To calculate your debt to income ratio, check out the Wall Street Journals spreadsheet. The secret to success is to pay off your credit cards in full each month. Never charge more than you can pay in cash when the bill comes in.
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19 Jul Credit Out of Control, Part Three – Debt Consolidation

So you've decided to buy that new cell phone or new car. (see Parts One and Two) But your monthly payments are a pain in the neck. The bills come at all different times of the month and you don't have enough money to make all the payments. What do you do? Borrow more money of course. Watch those commercials on TV. They offer any number of ways to make your dollar stretch further. Get a home equity loan, a new credit card or buy on deferred billing. That will help you have more stuff without paying more money right? Remember that old saying, "If it sounds too good to be true, it probably is." There are consequences to any of the options.
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17 Jul Credit Out of Control Part 1 – Commercials

Buy now, no payments until January 2010! Zero percent interest! No closing costs! Life, it takes a credit card! Priceless. Take this quiz. Over the next twenty-four hours count how many times you see or hear a commercial for a credit card, car dealer or furniture store with special financing, or a mortgage company or bank urging you to refinance. This thought occurred to me recently while watching the evening national news. Five commercials played during a break. When the news resumed, I found myself trying to figure out what I had just seen. Then it hit me - of the five commercials run, they were (in order) a credit card company, a local car dealer offering to 'hook you up', a furniture store asking you to 'come on down' with delayed billing, a mortgage company suggesting that you re-finance to consolidate bills or do home improvement and then another credit card company hawking their debit card product. Each and every commercial was trying to get you to incur new debt! The next commercial break started with an ad for a Credit Counseling company promising to get you out of debt without bankruptcy.
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