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July 2013 Archives

Your tax burden and bankruptcy

As the after-effects of the Great Recession are still lingering on our personal finances, scores of Americans are still forced to declare personal bankruptcy. People declare bankruptcy for a variety of reasons, including credit card debt, overdue mortgages and medical bills. There is also hope for those who are financially insolvent because of tax debt. A series of reforms in 2005 changed the way that personal bankruptcy was administered, but provisions still exist to help those who may be suffering under large tax burdens. Your Washington, D.C., attorney can help you learn more about how these provisions apply to your individual case, but we will provide a quick overview of the relationship between taxes and bankruptcy.

Use 0 percent interest transfers to your advantage

Are you trying to rebuild your credit through the use of balance transfers on credit cards and other strategic financial moves? Transferring balances from very high-interest cards onto lower-interest cards is generally a wise choice, as long as you can afford to pay off the debt in a reasonable amount of time. When you transfer to a 0 percent card, however, some stipulations prevent you from making new purchases until the initial balance is paid off. What happens if you accidentally purchase something on this new card?

Prioritizing your debt repayment after college

If you are among the millions of recent college graduates who are swimming in debt after leaving school, you may be wondering about the best strategy for repaying your student loans. Even though these debts do not qualify as consumer debt, they can cost you your well-cultivated credit score. In order to rebuild your credit, you may need to prioritize certain debts as you launch into your professional career.

Credit card debt on the rise

New market signs are showing consumer optimism in the nation may be recovering in the wake of the Great Recession. Shoppers decided to break out their credit cards en masse in the month of May, according to new statistics from Washington, D.C., and elsewhere. It is not yet clear whether this move will lead to an increase in required debt relief for overextended buyers.

Deficiency judgment surprises foreclosure victims

Many homeowners who have gone through foreclosure may think their financial woes are over when they lose their homes. Imagine the shock many D.C. area residents face, however, when they realize they may still owe more on the houses they lost. This trend, known as deficiency judgment, requires homeowners to pay the balance between the remaining mortgage amount and the funds fetched when the home went through foreclosure sale.

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