A lot of people wrongly assume that Chapter 7 bankruptcy is somehow inherently better than Chapter 13. After all, Chapter 7 has the advantage of clearing out your unsecured debt very quickly. Chapter 13 takes longer and reorganizes your debts rather than clearing them out entirely. Sometimes clients will come to our office expecting to …
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Struggling with catastrophic debt and budget shortfalls, Memphis has hired a consulting firm to help the city determine a stronger financial plan. According to The Commercial Appeal, the city will pay the firm Public Financial Management 300,000 to present a five-year financial plan and strategy for the city. That strategy, city leaders hope, will help …
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When you’re considering bankruptcy, a spousal relationship can affect everything. Married couples don’t always agree on financial issues; but often their finances are also intertwined, for better or worse. If you think bankruptcy might be a good option for you or your household, but your spouse isn’t supportive of it, you have a few options. …
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Memphis has approved a new budget. Again. In general, every major city works off a fiscal year, meaning they have to update their budget annually. Memphis begins working from their new version on July 1, but with the city in bad financial shape and no real consensus on how to deal with taxes or social …
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There’s no minimum debt to filing for bankruptcy in Memphis or nationwide. Bankruptcy does come with certain fees, however, so in theory a debt could be too small to be worth it. In general, the lack of minimum debt protects people from being judged on an objective basis. People’s finances can vary according to each …
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Recently CNN reported many Americans are too financially devastated to afford bankruptcy. The article cites rising attorney fees and filing costs following the passage of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act. But the article does offer some hope to people wanting to get out of debt: Brewer, of the National Association of …
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If you are struggling with debts you can’t pay and are contemplating bankruptcy, it might help to remember you are not alone. Economies all over the world face instability. Consider Kodak. They’ve declared bankruptcy and on Wednesday had to remove their name from the theater used for the Academy Awards just 10 days before the …
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Happy New Year! When you wished away 2011 this past weekend, did you sigh with a little relief that the year was over? You’re not alone. A lot of people seem to feel that this past year was particularly trying, especially financially. Unstable stock markets, housing trends, and cost of living expenses meant a tough …
In recent weeks, banks like Bank of America have announced new fees, including charging for debit card use. The charges generally affect those people who don’t keep large balances in their accounts. In other words, the fees hit lower-income individuals the hardest. In response to these changes, a lot of people have begun talking about …
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The Institute for Financial Literacy recently uncovered a new, fast-growing group of bankruptcy clients: college graduates. According to The Washington Post, the Institute’s report reflects changes in consumer debt. Bankruptcy clients are increasingly more educated and seemingly well-off. They have bachelor’s degrees and live in affluent neighborhoods, but with the crushing costs of student debt …
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