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June 2013 Archives

Bankruptcy cannot solve all financial challenges

Bankruptcy, while not for everybody, can be the best solution available for some people. Whether or not bankruptcy is a good idea for an individual depends on a number of factors, and it would be difficult to provide generic categories of situations in which it is the best solution. Suffice it to say it is best to work with an attorney to get all the options out on the table and determine whether bankruptcy is a good option.

Bankruptcy should be used by Baby Boomers to prevent depletion of Retirement Savings

The largest growing segment of bankruptcy filings is among retired or soon to be retired people who find themselves without enought money to live on and pay their bills. Usually, by the time they get to me, their 401K is gone. It is just so sad to see. Don't let it happen to you. Bankruptcy can wipe out most of your debt and allow you to live with dignity. Don't wait until all your savings are gone. Be proactive. Call today to stop the bleeding. 859-226-0191

How does repayment work in Chapter 13 bankruptcy?

Chapter 13 bankruptcy: let us consider some of the options under this type of repayment plan. Chapter 13 is meant for the filer to reorganize debt in a plan that usually lasts from three to five years. Say you're behind on mortgage payments, and your lender won't give you a modification. This may be a good time to consider Chapter 13 as way of stopping foreclosure.

More young people foregoing use of credit cards

According to new research by credit score provider FICO, more and more young Americans are choosing to forego the use of credit cards since the recession. In fact, the number of consumers ages 18 to 29 has reportedly doubled since the recession. Roughly 8 percent of consumers from this group had no credit card in 2007, but that number rose to about 16 percent in 2012.

Comedian-actor Sinbad files for bankruptcy for third time

Our Lexington readers may have heard in the last couple weeks that Sinbad, the comedian who became popular in the '90s for his efforts at clean humor, has filed for bankruptcy. Sinbad, whose real name is David Adkins, filed for Chapter 7 bankruptcy last month claiming to owe $10,991,715 in debt and to possess only $131,000 in assets.

Credit card debt: look into alternatives for repayment before bankruptcy filing

Credit cards are a very useful tool in today's economy. For many people, credit card use is a central part of their financial life. There isn't necessarily anything wrong with this either. When used wisely, credit cards can play an important part in a person's spending habits. The problem with credit cards arises when they are not put to wise use.