Blog about Filing Bankruptcy in Washington DC and Maryland

How to Save for Retirement as a Millennial

Millennials, people reaching young adulthood in the 21st century, are reportedly not saving as much for their retirement as previous generations. A recent study conducted by surveymonkey.com, found that 44 percent of millennial aged women spent more on coffee than they put aside for savings. Many millennials are strapped with student loan and credit card debt payments, are choosing to start saving later in life for marriage and raising kids, and may have not received proper education in managing finances. Other surveys suggest that millennials focus on short-term goals rather than long term, and take jobs at startups or small businesses as independent contractors that do not offer retirement plans. Keep reading for some tips on how to start a savings account as a young adult. 3 Tips for Saving for Retirement as a Millennial Start budgeting: Most millennials have little or no savings to start with. Start managing how…
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Should I Pick Chapter 7 or Chapter 13 Bankruptcy?

If you are ready to declare bankruptcy to start settling your debts, deciding which kind of bankruptcy to file for can be a challenging decision. When filing for bankruptcy for an individual, you can either decide on Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 7 bankruptcy: This is the most common type of consumer bankruptcy. When you file, you receive an “automatic stay” which stops creditors from trying to collect more debt from you. Chapter 7 bankruptcy is a faster acting plan, designed to eliminate dischargeable debt like credit card debt and medical bills. After these debts are gone, room is made to pay off non-dischargeable debts, like student loans and child support payments. It is favorable to those who earn less than the median income in their region. In Chapter 7 bankruptcy, creditors will attempt to sell your “non-exempt” property. A Washington, D.C. bankruptcy attorney can help you…
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How to Build Up Credit After Bankruptcy

Bankruptcy has the reputation of ruining your credit score and may seem like the end of the road to many. It does stay on your credit score for up to ten years, but building credit afterwards can help you look better when applying for apartments and even jobs. Bankruptcy is often a way for people with debt problems to turn their financial habits around and start building a positive credit score again. There are ways to obtain credit after bankruptcy, and ways to start spending responsibly. Obtaining Post-Bankruptcy Credit Bankruptcy should eliminate a large portion of your debt (if not all of it). If this has occurred, lenders may extend credit card or loan offers your way. It is important to remember to start small when you consider taking on debt again. In some cases, getting a secured credit card, which you pay for in advance, may be your best…
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