Articles Posted in Bankruptcy

Plastic Cards Do Not Need to Rule Your Life


Folks often live by credit, and that plastic will destroy financial wellness. The tragedy happens when people forget the small print credit card companies are so famous for writing. Within the agreement for a credit card are stipulations for penalties and interest rates. They can be very sobering.

Make no mistake about it; financial institutions make a lot of money from credit card interest. Double-digit interest charges are standard, and this is at a time when the prime rate is incredibly low. The loss of financial wellness may not be due to the purchase but of the interest charged on the credit balance. People look for ways to get out from underneath the load but don’t always understand what to do. Continue reading

                                                                                There are Other Ways Out of Debt Trouble

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A recent college graduate does not always have the tools necessary to deal with financial challenges. College debt is a major issue. Many people leave college with debt well into the five figures and are not quite sure how to handle it. Regrettably, they sometimes take the easy way out. It can jeopardize financial wellness. The most common steps taken are to use forbearance or, in extreme cases, declaring bankruptcy. Forbearance essentially allows a college graduate to put off until tomorrow the debt which is owed today. This does not make the obligation go away. Instead, it means that college debt is something that takes years more to pay off. Continue reading

stockfresh_299770_broke_sizeSMedical expenses terrify many people. Simple surgeries which may help a person are avoided because of the dread of the cost. With deductibles ranging up to $5000 or more, this anxiety is understandable. The financial wellness of many people hangs on the ability to pay those bills. Continue reading

It can be Done with Proper Advice

a young caucasian man in jeans taking two coins of one euro out of his pocket

One of the more exciting moments in a person’s career is receiving that first full-time check. Many young people who are recent college graduates have existed on allowances and stipends. Receiving wages for two weeks of work on a full-time job represents a fair amount of money. No one can blame that recent hire for spending a little extra and perhaps using a credit card. There is some danger in that first check, and a financial wellness plan can stop a new employee from going over the edge.

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Research from Fitch Ratings shows that close to 800stockfresh_368884_dollar-flow-in-black-hole_sizeS,000 bankruptcy filings occurred in the 2015 calendar year. The good news is that bankruptcy numbers are trending downward, but the bad news is the impact on American households. It is public policy to make sure that multiple bankruptcy filings are not part of a person’s future. To this end, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires credit counseling and financial management instruction. Countrywide Pre-Paid Legal Services offers such counseling and education as part of the financial wellness program. Continue reading

It is a trap with consequencesHelp Person Wrapped in Red Tape Needs Rescue

 New college graduates are not experienced in financing debt. It should come as no surprise that they are nervous when they start seeing the bills for their student loans. Many do not have good paying jobs, and they worry about being able to make ends meet. Desperation can cause them to consider filing for bankruptcy due to their student loans. It is not the smartest idea because it can place financial wellness at risk. Continue reading

There are Sharks in the WaterStressed

New college graduates are full of enthusiasm and willingness to work. They also enter into their first job loaded down with college loan debt. They are very idealistic and unfortunately a bit naïve. The trusting nature leads them open to any number of college debt frauds. These schemes take advantage of the young person’s ignorance about certain ways of resolving college debt. The result is any number of trusting young employees losing hundreds or maybe thousands of dollars in fees.





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Economic hard times can hit anyone like a sledgehammer. It isn’t necessarily over the use of credit cards but personal bankruptcy can be the result of losing a job, or a serious and unexpected medical emergency. To escape the demands of creditors a person may be forced to consider personal bankruptcy. That is a way to solve a financial problem but bankruptcy by itself is not an easy matter at all.

The difficulty lies in the various forms of bankruptcy. Each has its own special requirements for the person filing. Chapter 7 permits the individual to pay all or part of the outstanding debt and Chapter 13 permits a payment plan for the debt. That being said, state law has certain rules regarding wage garnishment and Delaware is no exception. The complexity of bankruptcy law is such that it is properly done with the assistance of an attorney.

It is certainly in the interests of any employer that an employee files the right type of bankruptcy if this is the only way to resolve a personal debt crisis. Wage garnishment is a hassle that every company wants to avoid. Delaware does allow for a certain degree of garnishment, and it would be to a company’s advantage that an employee facing bankruptcy files in a way that diminishes corporate involvement. Of course, a major challenge is that bankruptcy law is so complex. Voluntary legal plans can definitely help.

You’re in debt? It sounds like you have an illness or something doesn’t it? There’s little that can help, especially legal service plans right? Well the fact is that the majority of Americans are facing some form of debt and many of them are living paycheck to paycheck right now. They share a collective motto right now, “every day, little by little.” Unfortunately the big bad lenders, who were so greedy and ambitious a few years ago in approving bad loan after bad loan, have grown tired and impatient. They want their money and they want it now! Ironically these are the same companies that needed help from the government so they could stay in business. But they don’t care about that, they want your debt paid now and if you can’t handle that then they have no problem forcing you into foreclosure or bankruptcy.

Can you believe that there are actually lenders who have refused to take payments from clients because they do not want them to get caught up? This is a serious problem and as frustrating as it is, there is not much you can do. You cannot afford a high end lawyer who can challenge these bullies and get them off your back. But there might be a way to get the help you need if you have pre-paid legal services at Countrywide. This is not a debt settlement plan; this is not fighting fire with fire. Any intelligent person will tell you that the best route is to fight fire with water and in this case the water is prepaid legal services.

The way it works is by having this employee benefit you do not have to pay for face to face consultations. You also do not have to look through the phone book to find an attorney who specializes in bankruptcy.