Category Archives: Personal Finance

Experienced DC bankruptcy attorney Kevin Judd provides advice on how to improve your personal finances, pay down debt and find financial freedom.

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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Can I Settle My IRS Debt this Tax Season?

Has tax debt been building up for you? You may find yourself in the same position as thousands of Americans every tax season. Tax debt can build up quickly and paying it off can seem like a daunting task. Taxes are complicated, and paying off your tax debt the right way is crucial to your finances. The IRS is the federal government, and has smart and intrinsic ways to collect tax debt, so avoiding paying your taxes is a bad idea. However, the IRS can be patient, as long as it believes that your tax debt will be paid off one day. The longer you wait, the more debt you will accrue. The IRS accepts monthly installment plans of up to 72 months to repay debt, and the longer it takes for you to pay the more interest and penalties you will have to pay to the IRS.  Keep reading…
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