Category Archives: Getting Out of Debt
For Young Americans Trapped Under Crushing Credit Card Debt, Bankruptcy Can Be Saving Grace
Youth isn’t always what it’s cracked up to be, at least not these days. According to a recent study, U.S. consumers in their 20s and 30s have more credit card debt than any age group. Not only that, but they’re also slower to pay off debt and more likely to ultimately die in debt when… Read More »
As Paychecks Shrink and Debts Grow, Bankruptcy Becomes a Viable Solution for More Americans
Lawmakers may have stopped us from going over the dreaded fiscal cliff, but the deal reached on Jan. 1 isn’t a perfect solution. The agreement hammered out just in the nick of time will extend many tax cuts that were set to expire this year, from the Mortgage Forgiveness Debt Relief Act of 2007 to… Read More »
Instead of Worrying About Washington, Experts Encourage Consumers to Prepare for Personal Fiscal Cliff
As the holidays draw nearer, so does something else: the so-called fiscal cliff. At midnight on Dec. 31 of this year, spending cuts and new taxes are set to go into effect, while a series of tax breaks are on track to expire, potentially culminating in an economy-crippling financial pickle. If lawmakers can’t agree on… Read More »
Fear of Losing Personal Items in Bankruptcy Often More Myth than Reality
For many, bankruptcy is the single most reliable and realistic way to get out of debt. Yet countless eligible borrowers will never file thanks to a commonly-held fear. Most folks believe that if they seek bankruptcy protection, they will lose their possessions, from cars to TV sets. But in most cases, that’s simply not true…. Read More »
Consumer Credit Card Debt Increases Headed Into Holiday Shopping Season
If predictions for spending on Black Friday hold true, it could mean a boost for the U.S. economy. But while that’s a good thing for retailers, it may not be good news for consumers, say our bankruptcy attorneys. Consumer credit card behavior appears to be returning to pre-recession levels. That means an increase in spending… Read More »