Tag Archives: debt

How Do I Avoid Making Mistakes When Paying Off Debt?

Paying off debt can be very difficult. As a result, it can be easy for people to develop tunnel vision while they attempt to pay off their debts. In such cases, people can focus so intently on paying off their debt that they fail to recognize pitfalls associated with the process. What Should I Not Do When Paying Off Debt? The Daily Herald recently featured an article on about how people can pay off their debt without making unnecessary sacrifices that lower their quality of life. Don’t Go Overboard with Saving Money – Understand the difference between good debt and bad debt. For instance, certain types of student loan debts are considered good debt, meaning it does not need to be paid off quickly. Therefore, in some cases, you can pay off debt in moderation, and as a result, not miss out on things that could help you in the…
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What Should I Know Before I File Bankruptcy?

If you or your business is facing financial difficulties that you will not be able to overcome, you may need to consider filing bankruptcy. Making the decision to file bankruptcy is a huge step that should not be taken lightly. Therefore, before you file bankruptcy, you should do some research first to ensure you know what you are getting into. What Do You Need to Know Before You File Bankruptcy? Entrepreneur published an article regarding advice individuals and business owners should know before filing for bankruptcy: Make a Business Plan – If you own a business, before you file bankruptcy, create a business plan. The business plan should cover what you will do if you keep your business or if you sell your business as a result of the bankruptcy. A business lawyer or bankruptcy attorney can help you properly structure your business plan. Savings – Save as much money…
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5 Most Common Causes of Family Money Problems

Many families in the US are struggling financially right now. The current economic situation in our country is that the rent keeps going up, but our incomes are barely changing. It’s left thousands of people, maybe millions, in very difficult positions. Most of these people are put in these awful positions by the same things. 5 Most Common Causes of Family Money Problems Medical Expenses – For families with little or no health insurance, a serious injury or illness is enough to cause a financial disaster. Medical emergencies tend to happen at the absolute worst times. They are ridiculously expensive, and the most common reasons people give for contemplating bankruptcy. Credit Card Debt – Credit cards may seem like a lifesaver when you’re short on actual money, but in truth, they only make things worse. The only people who can safely use a credit card are the people who have…
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What Will Happen If I Ignore a Creditor Lawsuit?

If a creditor sues you, it is almost always advisable to respond, even if the debt is not yours (especially if the debt is not yours). You can respond either yourself or through a qualified New Jersey attorney, but the response must be filed within the allotted timeframe. What Happens When You Ignore Creditor Lawsuits? Many are of the philosophy that if you ignore something long enough it will go away. While that may be true of in-laws, ignoring a creditor lawsuit will not make it go away. Refusing to accept or sign for the letter informing you of the suit, will not help you. If you choose to ignore the creditor lawsuit or do not file a response in time, then the court may issue a summary judgement against you for the entire amount of the debt, or even the entire amount that the creditor is asking for, which…
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