For millions of American consumers who needed the assistance of a bankruptcy attorney to eliminate overwhelming credit card debt through personal bankruptcy, credit cards represent delinquent payments, creditor harassment and financial challenges they would prefer not to revisit. An author for an article in Forbes magazine back in 2012, wrote about a distinction between good [...]
A recent study reported that a quarter of the population has borrowed from their retirement accounts. Borrowing from a 401(k) at an attractive interest rate to pay off high-interest credit card debt could make sense, but there are disadvantages. One risk is the loss of asset protection for the 401(k) in case of a personal [...]
The struggling economy, unemployment and unexpected life changes have been the cause of financial challenges for many Arizona residents over the past few years. Meanwhile, many college students have struggled with credit card debt that has caused some of them to file for personal bankruptcy, particularly as they have dealt with tuition and diminished job [...]
Arizona residents may have discovered during the recession that, in difficult times, it can be easy to accumulate credit card debt. In an online poll, one in five Americans said that they believed that having a balance on a credit card every month was a responsible way to manage finances. However, if a debt is [...]
U.S. Census Bureau data indicates that the age group carrying the highest debt load in America is those aged 35-44. In fact, the group has a median debt of $108,000, 25 percent higher than the second highest most indebted age group. Because of this large debt load, many Arizona residents may be considering taking a [...]
Arizona residents may be surprised to learn that a 401(K) is considered a protected asset in a bankruptcy. A protected asset is one that does not become part of the bankruptcy estate and is not considered an asset of the filer. Someone with less credit card debt than the amount of a retirement account can [...]
There's a difference between how banks and credit unions each handle patrons in a financial crisis. While banks may allow customers who have included bank debts in a personal bankruptcy to continue to patronize them, credit unions don't allow the same. When a debt owed to a credit union is discharged in a bankruptcy, the [...]