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Posts tagged "Bankruptcy"

Many parents still paying off presents from last year

Everyone likes to be generous during the holidays. Whether it is buying big-ticket items that the kids cannot live without, flying home to see grandparents, or perhaps even giving to the local homeless shelter, spending makes us feel better. Some will even use it as a motivational factor where you tell yourself to do a little more overtime in the coming year or pick up a side-hustle.

Gibson Guitars is back from bankruptcy

People and businesses who file for bankruptcy go through some of the most difficult times in their lives. We work with them so that they can see that there is a light at the end of tunnel. With this in mind, nearly all of us here in the “Live Music Capitol of the World” will be happy to hear that Gibson Guitars is coming back from Chapter 11 Bankruptcy. Many of us have enjoyed playing their products and even more of us have seen and heard the iconic company’s many great models played by favorite musicians. The Chapter 11 filing enables a business entity to restructure its debt and create a workable plan for paying back debt while still staying in business.

Buying a car? Do not let the dealer scam you.

Buying a car is likely to be one of your biggest loans, perhaps second in size to a mortgage. Those who are financially savvy will often come into a dealership with cash or a prearranged loan. While they are in business to sell cars, financial experts say that unscrupulous dealerships often come up with other ways to make additional money off customers.

Bankruptcy filer fights back against student loans

The Federal Reserve estimates that Americans owe $1.5 trillion in student loans. This crippling debt is forcing many working folks to file bankruptcy. One reason may be because those with federal loans (such as those through Sally Mae) get offers for additional loans that can help pay for living expenses while in school. 

Your personal debt can pass to spouse when you die

The loss of a spouse often leads to a time of great difficulty. This challenge is greatly increased if your spouse had an accrued a large amount of debt. In community property states like Texas, this means there is a distinct possibility that you will assume that debt, or that your property will be vulnerable to his or her creditors. Typically speaking, the couple assumes the debt if they are married regardless of name on the account. 

What recovery from bankruptcy can look like

There is a definite stigma to filing bankruptcy that causes many to avoid it, even when it is their best option. This legal debt relief tool provides a lifeline for those drowning in credit card debt, unexpected medical bills or unfortunate professional choices. While it does affect your credit rating in the short term, bankruptcy does not follow those who file for the rest of their lives.

American families still struggling to make ends meet

The state of the economy is a concern for most Americans, particularly if they are worried about their financial future. The good news is that unemployment has dropped below 4 percent for the first time since 2000. The bad news is that, despite the thin labor pool, the jobs just aren't paying enough.

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William T. Peckham
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