No one ever wants to face the reality of bankruptcy, but sometimes it is unavoidable. It is not necessarily the result of irresponsible spending. Instead, it can be a major financial setback, such as enormous medical bills or the death of a loved one. It is serious if you find yourself in this situation, but it does not have to be traumatic. There are a few ways that you can weather the storm.
Bankruptcy can threaten anyone. It doesn’t matter if the person is a secretary or an executive; this disaster can strike and harm a person’s financial wellness. There is no question, but that declaring bankruptcy is a very personal and highly embarrassing situation.
Debt does not always come from using a credit card during the holidays. Many new employees are saddled with substantial college loan debt, and this must be repaid on a strict schedule. Medical emergencies can cost thousands of dollars and place significant stress on anyone’s budget. These are in addition to late penalties and charges that the credit card company will assess. Continue reading
People always have the best intentions. They want to keep credit card debt under control, make necessary payments on time, and save for a rainy day. It’s sad, but the road to ruin is paved with good intentions. Establishing and maintaining financial wellness requires effort.
More Than Good Advice
Many folks have problems due to lack of experience with finances. Recent college graduates have little understanding of house budgets and how to allocate money. Older employees have lived from paycheck to paycheck. They do not always save money and a medical emergency can create a serious challenge. Others want to save for a house and do not know how to do it.
Good advice indeed helps, but that is not enough. Financial wellness needs the right tools to build fiscal stability. Countrywide Pre-Paid Legal Services knows this, and we provide the means to create a healthier personal balance sheet. Continue reading
It is 2019 and everyone wants to start as fresh as the new year. Finances are on everyone’s mind. Employees have various needs and financial wellness concerns. Management can help by providing services that address money management. Countrywide Pre-Paid Legal Services can provide the right help to employees.
A Variety of Assistance
Countrywide has a financial wellness program that is easy to use. We rely on a nationwide network of certified counselors who offer needed support. They have experience in many areas where people face financial problems.
Not everyone understands how to efficiently budget; it is a skill rarely taught. A Countrywide counselor can perform a budget analysis and use it to educate a plan member on money management. If a person wants to know his or her full value, the counselor can do an asset inventory for that individual. Continue reading
Filing for bankruptcy may be a New Year’s resolution for some people. Personal debt may have gotten out of control and an individual may be floundering in unpaid bills. This is a crisis that is highly emotional because a person’s financial wellness is in jeopardy. The only way out may be in bankruptcy court. Countrywide Pre-Paid Legal Services has a program to help those in a desperate money situation.
There Is a Process
It is not simple to file for bankruptcy. The Bankruptcy Code of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 contains specific requirements. A debtor needs to complete a financial management instructional course before their debt can be discharged in bankruptcy and the individual must undergo credit counseling within six months before the filing. A certificate that provides evidence of completion must be issued by an approved agency. It is not easy to access any of this and helps to have some assistance.
Countrywide Pre-Paid Legal Services can help. We provide bankruptcy counseling and education as part of our Financial Wellness Plan. We have a debtor education course that meets the education requirement. We are also able to provide counseling. Continue reading
Folks love it when things are easy. Convenience is desirable, and people take advantage of it whenever possible. Expediency is the reason why people use credit cards so often. No one has to worry about carrying large amounts of cash, and all it takes is a swipe of a card to get a purchase transacted. Credit cards, however, are dangerous to financial wellness. They can cause some serious problems.
Plastic Can Be Overused
Retailers will not openly admit it but they appreciate the use of credit cards because of potential over purchasing. It is a well-known fact that customers will buy more if they use the plastic. It does not take long before a cardholder has a large balance on the credit card. The balance carries with it an interest charge that is in double digits. The interest charge means that the balance can quietly grow to larger and larger figures. Continue reading
People should know about the value of their holdings
Assets are going to change in a working career. It is not just collectibles but financial matters such as insurance, stock investments, annuities, and other important things that pertain to financial wellness. It happens too often that these gather dust. A person might not remember having an E*TRADE account or a small life insurance policy that is paid up. These are all important things to know to have a healthy financial wellness position.
Knowledge is important, and awareness is critical. Anyone who is drafting a will must realize the lawyer will require an idea of what the assets are. Lending institutions will determine if a loan will be authorized based on the assets of the individual. Countrywide Pre-Paid Legal Services knows that many people are not fully aware of what their full value happens to be. We have an asset inventory management program to allow people to know what it is they own. Continue reading
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
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
Medical 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