Monthly Archives: August 2018
If you have explored ALL of Your Options and decided to file bankruptcy, you need to know your rights. Understand what you are and aren’t responsible for moving forward. Get everything in writing, search questions that you may have and understand exactly how bankruptcy affects you and your family. If you have to save or borrow (never get a pay day loan) to file Chapter 7 bankruptcy, do your do diligence in this area. Bankruptcy can be a financial relief for you, however if you are encouraged to file Chapter 13, you may be in for a surprise if you are unable to comply with payments and get in deeper financial trouble than you were at first.
The bankruptcy system allows two choices, Chapter 7 or Chapter 13. Chapter 7 allows one to discharge debt while Chapter 13 only allows debt to be discharged after making regular payments for 2-3 years. In Memphis, Tennessee – Chapter 7 is costs $3,000 to file while Chapter 13 is free to file and allows the individual to make payments to cover the $3,000 costs. Individual believe they will get relief from debt. In most states, in the south persons can only afford to file Chapter 13 which has limited financial relief. In most instances, the bankruptcy court and attorneys benefit from the average bankruptcy. In some states, you can only file Chapter 13 and Chapter 7 is not an option. This is indeed a travesty to the persons that seek relief from their debt. For more info:
https://www.cnbc.com/2017/09/28/how-the-bankruptcy-system-is-failing-black-americans.html
Credit unions aren’t for everyone, but they could be the place to go for better customer service, kinder loans, and better interest rates on your savings account.
Hint: A wedding isn’t one of them. Only dip into your emergency savings account if you’ve lost your job, you have a medical emergency, your car breaks down, you have emergency home expenses (like a leaky roof), or you need to travel to a funeral. Otherwise, if you can’t afford it, just say no.
If you keep both of your accounts at the same bank, it’s easy to transfer money to your checking account. Way too easy. So avoid the problem. Place the accounts a different banks to prevent transferring money from one account to another from week to week.
Here’s a universal truth: If you see you have money in your checking account, you will spend it. Period. The fast track to building up savings starts with opening a separate savings account, so it’s less possible to accidentally spend your vacation money on another late-night online shopping spree.
Putting your money toward purchases like a concert or a picnic in the park- instead of spending it on pricey material objects-gives you more happiness for your buck. The research says so.
About two-thirds of Americans don’t have a written will, according to a 2015 survey. For most people, it’s something they put off or haven’t gotten around to yet. If you die without a will it doesn’t matter what your wishes are. If you want your wishes honored for your possessions, write a will.
http://amp.timinc.net/time/money/4443349/do-it-yourself-will.
Imagine if writing a last will and testament were a pre-requisite to graduating from high school. Is sounds strange when persons have few assets, however, all adults should have a last will and testament. Graduation from college, wedding, entering the military, receiving an inheritance, giving birth, or own a pet – should be an impetus to writing your last will and testament. Does your family know your wishes, if you are in a vegetative state? All good reasons for preparing your last will and testament. Start the process TODAY.
Any adult of sound mind is entitled to make a will. However, you must include the following elements:
- Signed by two witnesses
- Date and sign the will
- In some states, must be notarized
- In some states, must be filed with the state
- Let your executor know where a copy of your will is located
- Hire a lawyer, if you own property, investments, minor children, step-children, an ex-spouse, or other special circumstances.
Recent Posts
Recent Comments
- Donna Taylor on Why Do I Need An Emergency Savings Account?
- Donna Taylor on Focus Second on Eliminating High-Interest Debt
- Sharon Thorne on Focus Second on Eliminating High-Interest Debt
- Ricky B. Wamble on Why Do I Need An Emergency Savings Account?
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