Yearly Archives: 2017

Setting Financial Goals for the New Year

The New Year is upon us, Washington D.C.! As everyone decides on what their New Year’s resolution is going to be, consider taking a long look at your finances. Some of the major financial goals people focus on at the beginning of a new year are personal finances, saving and investing. If you are seeking financial independence, you should follow these tips to ring in the new year the right way. It starts with assessing where you are currently. Before you can commit to any new goals, you need to figure out what your baseline is. Look at your savings, debts and investments. While this may seem like a stressful thing to do at the beginning of a new year, it is important to do so that you can set realistic financial goals for 2018. Budgeting is key! Now that you have an idea of where you currently stand, you…
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What Should I Do Before Filing for Bankruptcy?

There is a lot to consider if you are thinking about filing for bankruptcy. The first determination you should make is that bankruptcy is the best way for you to deal with your financial problems. Bankruptcy is an incredibly valuable tool to help you dig yourself out of a financial hole, but every case is different. As such, you will want to go through your finances with someone who is familiar with the field of bankruptcy – your attorney. Before you file, there are some things you have to do first. Within the 180 days prior to your bankruptcy filing, you must receive budget and credit counseling from an approved credit counseling agency. During this counseling, you and your counselor will go over all possible options for your finances and budgeting. Once you complete the counseling, you will receive a certificate stating that you received the counseling. You need this…
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Am I Eligible for Chapter 7 Bankruptcy?

How do you know if you are eligible to file for Chapter 7 bankruptcy? There are a few criteria you must fit, including a specific income amount, your results from a “means test,” whether you have recently filed for bankruptcy and whether a court believes you are lying to creditors. Here’s a short breakdown of the ways that your specific financial situation can prevent you from filing for Chapter 7: Income: If you have enough to repay your debts in a timely fashion, you are not eligible for Chapter 7 bankruptcy. Instead, Chapter 13 bankruptcy would be your route forward. The rule that determines eligibility is one that measures your current monthly income against the median income for a family of your size in your state. If your income is less than or equal to the median, you are likely eligible for Chapter 7. If your income is more than…
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