financial stress relief

Financial Stress Caused by Debt

If you are behind in paying your bills, you can expect to hear from a debt collector. These calls can cause you a great deal of stress.

Debt Collection

If you are behind in paying your bills, you can expect to hear from a debt collector. A debt collector is someone, other than the creditor, who regularly collects debts owed to someone else. Lawyers who collect debts on a regular basis are considered debt collectors, too.

Debt Relief Services

If you’ve maxed out your credit cards and don’t know how you’re going to pay off your debts, you may think …

Read More »

budgeting

The Importance of a Household Budget

budgeting

Household Budget


 

Take care to maintain your budget sheets; add or remove costs as they occur, and keep paying off the payments on credit cards and other debts.

 
By: Louise Tillotson

No matter what your current financial situation, it’s worthwhile managing it carefully. Creating and maintaining a household budget may sound complicated, but it’s easy once you know how, and is a very good habit to have.

Why have a household budget in the first place?

We all have a steady amount of cash each week or month to spend, but it’s what you do with this cash …

Read More »

Ten Facts About Mortgage Debt Forgiveness


Facts on Mortage Debt

Facts on Mortage Debt

You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your …

Read More »

Personal Bankruptcy – Chapter 7 or 13?

Personal Bankruptcy - Chapter 7 or 13?

Congress has made sweeping changes to the bankruptcy laws to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7.

Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a …

Read More »