Dept Management
Key takeaways A debt management plan (DMP) makes it easier to manage your unsecured debts as you’ll likely get a more affordable monthly payment. If the credit counselor successfully negotiates a DMP with your creditors, you can avoid collection calls, save on interest expenses and get out of debt sooner. Debt…
Fifty-nine percent of Americans are uncomfortable with the amount of money they have stashed in an emergency fund. When people need cash quickly in a difficult situation, they may turn to resources like payday loan apps. These digital cash advance platforms offer a quick and easy way to borrow money,…
Key takeaways The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial hardship. If you miss a payment or think you could be late in the…
Key takeaways You can defer Chapter 13 bankruptcy payments if you encounter unexpected financial hardships. Other options for adjusting Chapter 13 bankruptcy payments include asking for a hardship discharge, changing to Chapter 7 bankruptcy or dismissing and refiling your case. To be sure you’re taking appropriate action for your…
Key takeaways Most debt eventually disappears from your credit reports, but some debts stay on your reports for longer than others. Some of the debt on your credit reports demonstrates longevity, which can be positive for your credit score. Removing debt from your credit reports is almost impossible unless the…
Key takeaways Strategies such as the debt snowball and avalanche methods help provide a systematic framework for prioritizing which debts to pay off first. Borrowing or accessing funds at a lower interest rate than what you’re currently paying can also be a good way to eliminate unwanted account balances. Consider…
Key takeaways A comprehensive debt payoff plan organizes your payments into a structured, consistent routine based on your needs and budget. Several good strategies such as the debt snowball and debt avalanche can help prioritize which balances to pay off first and systematically knock them out one by one. Tracking…
Key takeaways A reaffirmation agreement allows you to retain a specific asset (commonly a house or car) during bankruptcy in exchange for agreeing to pay the outstanding debt. If you request a reaffirmation agreement, you must submit a statement of intent to the court and contact the lender to establish…
Key takeaways There are several kinds of bankruptcy as established by the United States Courts. The kind of bankruptcy filing available to you will depend on what kind of debtor you are — an individual, business or another kind of entity. Chapter 7 and Chapter 13 are the most commonly…
Key takeaways In a Chapter 7 bankruptcy, creditors can seize certain assets to repay the debts you owe. However, exceptions allow debtors to retain some of their assets (or at least part of the asset’s value). Chapter 13 bankruptcy is more about restructuring debts than forfeiting assets. Under Chapter 13…
