Atlanta Bankruptcy Attorney Blog

People customize their cars and computers, yet most would never think to customize their debt relief plan.

Nope, most folks stick to the old idea that they should pay off the debt with the highest interest rate first, according to Chicago bankruptcy attorneys. It's a great plan - if you can afford it. You'll save the most money this way because you won't have to keep paying that crazy-high interest in the future - and you'll put a stop to a principal balance that would otherwise keep growing out of control.

But for many people, it can be a struggle to keep up such high payments. Since the only way to chip away at debt is to pay over the minimum balance - which, at 2-3%, often only covers interest - it can take a lot of discipline and cash to make this method work. And unfortunately, many well-meaning people get discouraged and end up throwing in the towel. But if they would just look at debt relief as a customizable process, rather than one set in stone, they could probably find a plan that works perfectly.

Continue reading "Atlanta Bankruptcy Attorneys Recommend Personalizing Your Debt Payoff Plan " »

You wouldn't dream of turning in a sloppy resume or loan application full of misspellings and inappropriate answers, right?

But many of us are doing even worse when we apply for that loan, job or credit card - and we don't even realize it, according to Atlanta bankruptcy attorneys. It's all thanks to social networking sites like Facebook, MySpace or even our own personal blogs.

Even though it might not seem fair, employers and lenders are using our online presences to gauge our risk - to legally spy on us, so to speak. You know those crazy, slightly drunken photos you took with pals at a friend's bachelorette party? Or the dirty joke your cousin posted on your profile? Right or wrong, the behavior of you and your friends - rather than your debt - could theoretically affect whether you're able to buy a home.

Continue reading "Atlanta Bankruptcy Attorneys Caution That Social Networking Sites Could Harm Your Finances " »

By now, some of us are getting used to seeing footage of the horrific earthquake in Haiti. But there's more than one reason we shouldn't let ourselves become numb to those haunting images.

Not only do they remind us that there's work to be done to rebuild for millions of Haiti's survivors, but they remind us that it's time to be grateful for what we have. Our struggles with the economy in recent months have been real - but they also could have been a lot worse. Most Americans are in debt and millions are unemployed, in danger of losing their homes to foreclosure or both. That's no picnic, to be sure. But the truth is, most of us will go home to a hot meal and running water tonight. Most of us will have a roof over our head, whether we own or rent. And most of us will go home to our families. Most Haitians can't say the same.

I know getting out of debt is no easy task. If it was, we'd all be rich - or at least financially stable. But unlike the weather or geography, debt is something within our control.

Continue reading "Debt Is Easier To Control Than Many Think, Atlanta Bankruptcy Attorneys Say" »

Have you ever visited Amazon or eBay and been surprised to see your favorite clothing, electronics or books displayed on the homepage? No, it's not your lucky day - that homepage was created specifically for you. You see, retailers are tracking your every move, according to Atlanta bankruptcy attorneys.

Living in the Internet age, privacy is becoming more of a luxury than a privilege. But while you can't exactly avoid the Internet, there are other ways to protect yourself. For instance, is your mailbox stuffed full of catalogs or your inbox filled with store promotions? Do you ever wonder how stores get your address? Often times, it's as easy as having you fill out an online survey, send in a rebate or simply use your credit card.

Maybe you've got the money - or willpower - to afford having stores calling you about sales or sending ads to your house, but some of the millions of Americans struggling to pay off debt don't.

Continue reading "Atlanta Bankruptcy Attorneys Say Avoid Store Marketing Ads to Save Cash " »

When we want to know if that sweater comes in our size, we ask a sales clerk. When we're lost, we (hopefully) ask for directions. Yet when it comes to getting help with our debt, all of a sudden it's mums the word, say Atlanta bankruptcy attorneys.

Even though the vast majority of Americans are in debt, the d-word still manages to be taboo. Sometimes it's because we're in denial and not ready to recognize that a spending problem is jeopardizing our financial future. Other times, it's embarrassment. We suffer our financial troubles in silence because we don't want to admit our mistakes. Either way, the result is the same. We don't ask for help, and we don't get it.

But that stubbornness - not our debt - is our biggest mistake. Two heads are better than one, as they say. You might not be able to see a way out of your debt, but an outsider, like a close friend or relative - or even better, a financial expert - might be able to spot what you can't.

Continue reading "Atlanta Bankruptcy Attorneys Say Asking For Advice Can Be Fastest Way Out of Debt" »

At least it's romantic: Women today are marrying for love, definitely not for the money.

Until the early 1970s, women stood to gain financially from marriage, when they received a significant spike in income thanks to their husband's much larger salary (often times, the couple's only salary), according to Atlanta bankruptcy attorneys. But women have made great strides in education, income and independence. And, today, the roles have reversed. In the last four decades, income rose 60 percent for married men but just 16 percent for their unmarried counterparts, says the Associated Press. Where is all that money coming from? Women.

But here's the downside. As modern females, we might be empowered - but we aren't compensated fully for it. Despite boosting our husband's incomes, women are still only earning 78% of what our male co-workers are taking home. And much of that money is going to debt.

Continue reading "Atlanta Bankruptcy Attorneys Point Out that Marriage Doesn't Pay Off Financially for Women" »

Think those late payments are only hurting you? Think again.

Americans strapped for cash have been slow to pay their bills. And in turn, the people and businesses we're paying are slow to pay their own bills - slowing down the wheels of the entire economy, according to Atlanta bankruptcy attorneys. For example, a recent study showed that engineering and architectural businesses were paid an average of five days later in 2009 than in 2008, as mentioned in the New York Times. Tax preparers and accountants fared even worse, getting payments about 10 days later.

There's generally not much we can do as individuals to change the economy. But this might be the exception. By lowering debt so you can make on-time payments you not only help yourself, but you help the larger economic picture.

Continue reading "Atlanta Bankruptcy Attorney Advice For Avoiding Late Bill Payments" »

Contrary to homeowner hopes, Uncle Sam's $75 billion mortgage modification program may be causing more bad than good.

Created early last year, the program was supposed to encourage banks to modify loans of the millions of Americans facing foreclosure. Unfortunately, it's managed to permanently modify just 35,000 - a drop in a rather large bucket, when you consider that 15 million U.S. homeowners are underwater, meaning they owe more on their loan than their house is worth. And of the homeowners that did get help, many went into foreclosure anyway since the program only required banks to lower mortgage payments - not to restore any equity.

But the biggest problem isn't that the program is failing - it's that it's given folks a false sense of security. Many homeowners held out hope that the program would save their home, so they didn't take preventative measures that could have stopped foreclosure, such as Chapter 13 bankruptcy. Fortunately, there may still be time, according to Atlanta bankruptcy attorneys.

Continue reading "Atlanta Bankruptcy Attorneys Warn That Government Mortgage Program Is Increasing Foreclosures" »

Last year's economy did a number on our finances - but it may have done a world of good for our attitudes, according to Atlanta bankruptcy attorneys.

It's welcome news, especially for the millions of Americans hoping to make 2010 the year to break free from debt. Last year, on the other hand, was a big career shakeup. Many of us changed jobs, lost jobs or saw a reduction in work hours. But we haven't simply adjusted by working harder in our newfound free time - we've begun making the most of it. We've started living larger on less money.

Sometimes that means cooking dinner for our families or finally tackling those books we've been meaning to read. Other times it means taking day trips around our home, working in our gardens and spending quality time with our kids. In other words, we're spending less time earning and spending, and more time actually living. Now we just need to get rid of that debt we accumulated before we simplified our lives - and bankruptcy can help us do it.

Continue reading "Atlanta Bankruptcy Attorneys Say Economy Can Help Make the Most of Our Money" »

Remember the old adage a penny saved is a penny earned? Well, believe it or not, it's true. And fortunately, it applies to a lot more than pennies.

Earlier this week, I said that the biggest obstacle to starting a savings plan is getting over your excuses - one of those excuses being that you don't want to have to go without. But that's not an entirely valid excuse anyway. See, a savings plan isn't all about giving stuff up and being frugal - it's about making money. You know how your credit card company charges you an additional rate on the purchases you make, so you continue paying even after you leave the store? Well, this is just the opposite - if you play your cards right, the interest on your money winds up in your pocket.

Of course, it doesn't make sense to earn interest on your savings when you're forking over even more interest to creditors - so, as we discussed on Thursday, it's a smart idea to first put your savings towards eliminating your debt. Then it's time to earn money your way.

Continue reading "How Interest Can Maximize Your Savings Plan" »

So you're finally biting the bullet - you've decided to make a habit of saving.

Congratulations! Making the decision to take action is half the battle. Now you're ready to take on the other half - figuring out what to do with those extra dollars.

On Tuesday, we went over how to let go of your excuses and start saving. Today, let's talk about how to get the most bang for your buck. Usually, that means putting your savings someplace where it will earn the most interest. But if you're a newbie to the savings game, let's forget about interest for a minute and talk about debt.

Continue reading "Getting The Most Benefit From Your New Savings Plan" »

It's the ultimate Catch-22. You know you want to start saving money this year but you're already struggling to pay the bills as it is. Saving feels impossible.

Fortunately, it's not. The truth is, saving money really isn't that difficult once you get going - it's getting started that's the hard part. But I'll let you in on a little tip: it really doesn't matter how much you save at first. The point is to get into a habit, whether you begin by setting aside $100 or $1.

Many times, we tell ourselves that we'll start socking away money once we start making more of it. In reality, when the boss finally rewards you with that raise, you'll probably start finding other uses for the extra cash. But if you vow to save just a little bit of each paycheck today, you'll have more money tomorrow - whether or not you get a boost in income.

Continue reading "Find the Secret to a Savings Plan That Works" »

You've probably heard it before, but switching to cash instead of credit has the potential to save you a lot of money.

Just to name a few benefits, using cash means you don't have to pay interest, there's no risk of overspending since you're limited to the contents of your bank account and you're more likely to be mindful about spending since you actually see the physical money leave your hands.

But even cash can have its drawbacks - in particular, ATM fees. Sure, it's free to take money out of your bank's ATM, but what about those times when you need to make a purchase but your bank is nowhere in sight? Chances are you head to whatever ATM is nearby, and that will cost you dearly. First, withdrawing from another bank's ATM can result in a fee of $3 or more. Then, your own bank will hit you with a penalty for using a competitor's machine. In the end, taking out just $20 can cost you 25% in interest!

Fortunately, just a little extra planning can ensure that paying cash remains a good deal.

Continue reading "Cash Can Save You Money, If You Use the Right ATM" »