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October 2012 Archives

Debt settlement often a scam

In times of perceived financial desperation, many people look for answers in the debt-settlement agencies advertised on television and the Internet. These companies claim that they can stop the harassing phone calls, alleviate financial problems and get your credit back on track. What they do not mention, however, is the fact that few debt settlement programs provide lasting debt relief.

Divorce and bankruptcy: Do I still have to pay?

When divorce and bankruptcy mix, sometimes confusing situations can result. Debt relief advisers say they encounter situations where one spouse is ordered to continue paying on a debt even when the other person declares bankruptcy. Are you still compelled to continue paying on a debt that your spouse has discharged through personal bankruptcy proceedings?

Football coach claims $40M in debts

Amended documents in a bankruptcy suit filed by a former college football coach show that the man is now claiming more than $40 million in debts. There has been a significant increase in the reported debt since his September filing, which claimed he had only about $26 million in liabilities along with about $1 million in assets. The man's Chapter 7 bankruptcy filing was amended in early October.

Early IRA access to avoid bankruptcy?

In the current economy, many older people are finding themselves out of work with few job prospects on the horizon. They may want to stay in their family homes and maintain their standards of living, but they might not be old enough to legitimately tap into their retirement funds for debt relief. Financial advisers have some important information for those in their late 50s who may be struggling to get back on their feet after a layoff.

College students: Keep your credit score high

As more Americans decide to take the life path leading to higher education, more individuals are also finding themselves in need of debt relief assistance because of student loans. During this time of year, students are heading back to hit the books at institutions of higher learning, but they should remember to evaluate their financial health even as they push for good grades.

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