Tag Archives: bankruptcy

Medical Bills and Bankruptcies

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A recent study funded by the Robert Wood Johnson Foundation took a look at the connection between medical bills and bankruptcies in the United States. The results at a glance: More than 62 percent of bankruptcies in 2007 were related to medical bills. This is an increase of approximately fifty percent since 2001. More than three-quarters of families who declared bankruptcy due to medical bills DID HAVE health insurance but were still overwhelmed by medical debt. More than ninety percent of people with medical debt owed more than five thousand dollars. In many cases, the amount of medical debt was … Continue reading →

Wait, Are You Sure that They Aren’t Still a Company? – Part 1

There is a weird thing that happens as you age – you forget that things change! Oh, I know that my son is getting older, I know the president changes from time to time and I know that my favorite television show “Sex and the City” is no longer broadcasting new episodes. But, there are companies that I grew up with that aren’t companies anymore and sometimes I just forget. I mean I still remember when Nissan was Datsun! I forget that companies go bankrupt, get bought out, etc. And some, I was so used to having around, I knew … Continue reading →

Bankruptcy… Should you??

I came across a thread in our forums today about Bankruptcy Law. It got me thinking we should have a money blog discussion on whether or not bankruptcy is good or bad. Unfortunately, many individuals see bankruptcy as a quick solution to their debt ills. Sounds cool to have a magic fairy come in and wipe your problems away. This specific Families forum thread noted the changes in the laws recently. Luckily the changes try to address this magic fairy situation, basically forcing bankrupt individuals to still pay their debts through a slower managed method. “Luckily” you may ask. Shouldn’t … Continue reading →

Bankruptcy

The legalities of bankruptcy can be confusing. Let’s discuss a few of the basics to help provide you an overview. Even if you don’t think you ever might need to file, this information can be helpful in general for discussing finances with others or even just reading the paper. Chapter 13 is the simplest personal type of bankruptcy. It is the mildest; as it helps you pay off some of your debts and allows you to keep certain assets. This kind of bankruptcy is important for home owners, because they will be allowed to keep their house. It protects you … Continue reading →

Divorce and Your Money

When it comes to divorce, money struggles are often listed as the number one thing couples argue about. These arguments can often escalate to divorce. But, what makes this all so bizarre is that a divorce will actually make your financial situation far worse. Then, if you also have children together, your arguments about money aren’t going to go away. If this comment alone doesn’t change your mind about ending a marriage, then be sure to protect your money as best possible before you sign on that dotted line to make the divorce final. There are some crucial money considerations … Continue reading →

Have You Hit Rock Bottom?

There may come a point when you hit bottom when you it comes to your finances. Once you do this you really have two choices in front of you. The first one is that you can complain and scramble around hoping for a way out, but you are really failing to learn the lesson. The second is to get up and begin working harder than you ever have before to turn the situation around. Generally you can turn the situation around. If you do this it is important to commit to yourself that you will never allow yourself to be … Continue reading →

Is it Time to Start Planning for Summer?

It is freezing outside and it has been for over a week. My kids are going crazy and I am suffering from a severe case of cabin fever myself. My tables are covered with paint, play dough, googly eyes, toilet paper rolls, beads and other odds and ends I’ve thrown in front of my kids to keep them from destroying my home. All day, I kept thinking, “I wish it was summertime”. I have fond memories of last summer when we played outside most of the morning. My kids were completely worn out by noon (and so was I) so … Continue reading →

A Few Tips to Prevent Total Devastation When Your “World” Comes Crashing Down

It seems that every week I am learning about the closure of another direct selling company. While to most people, it may not seem like a big deal, I know firsthand what it is like to put your heart, your soul, your goals and your dreams into a home based endeavour. When I joined my first direct selling company a few years ago, I was in the process of completing my Master’s degree in Education. While I never planned to make a career out of selling products for that particular company, my eyes were opened to a world of entrepreneurship … Continue reading →

Warning Signs of Possible Bankruptcy

While many people deal with the occasional financial crisis, others continue down a path of poor debt management and poor spending habits that could eventually lead to bankruptcy. Do any of these apply to you? 1. You do not have a budget or you don’t stick to your budget. Impulsive spending and living beyond one’s means is one of the greatest threats to financial security. Prepare a reasonable budget that you can live with, and allow a little room for flexibility. Maybe give yourself a very small allowance each week for impulse purchases instead of spending money you cannot afford … Continue reading →