Finance Industry News

Where does my money go?

Before you start looking up bankruptcy information, you really should know where your own money goes.  If you can’t account for your paycheck cent for cent, there is really no way you can unequivocally state that you qualify for bankruptcy.

How do I use my credit cards?

If you use your credit cards for every purchase, even groceries and gum, it does not mean you are going broke.  Using plastic as your first means of payment is not wise, but if you are able to pay off the balance each month or at least meet minimums plus a bit extra, you are not broke.

If you use credit cards because you have no money at al other than credit, you might want to take a more serious look at bankruptcy.

Do I stick to my budget?

Often when finances are out of control, it is just a symptom of a larger problem.  Money is by nature unruly.  Unless you put a written plan down on paper to control it, those dollars will run wild.

Budgeting can be a fix to many financial problems which preempts bankruptcy.

What assets do I stand to lose?

Bankruptcy does not mean you get to discharge your debt and keep your fat savings account.  If you have many assets before going into bankruptcy, you will only retain a very small portion to help you start over when you emerge from the other side.

If you have large retirement accounts, college savings funds, or other savings, the bankruptcy court will order their liquidation to repay as many of your creditors as possible.

How old am I?

Age is actually a huge consideration. If you

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