6 Types Of Debts You Can’t Kick Out In Bankruptcy

Please welcome Stacy Barbee from Oak View Law Group for today’s guest post on debts you can’t discharge in bankruptcy.

“Today, certain people file for bankruptcy, business and individuals, and it no longer has the stigma it once had. Now it’s almost considered wise, a way to regroup and come back again.” – David Dinkins, former mayor of New York City

 

Bankruptcy, a popular debt solution, allows you to pay most debts and make a fresh financial start. But, there are a few kinds of debts that aren’t dischargeable. This means you can’t get rid of a few kinds of debts in bankruptcy. If you’re planning to file bankruptcy (especially without getting any help from an attorney), then it’s important to know about the debts that aren’t dischargeable. Otherwise, you might apply for bankruptcy unnecessarily and end up wasting time and money.

There are many types of debt that can be discharged through bankruptcy, but before you consider filing, you should know which types cannot be discharged.

Debts That Can’t Be Discharged

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The Best and the Worst of Being Financially Successful

Being highly motivated to take control of one’s personal finances is a good thing. I think we can all agree to that. The idea of making a practice of the right choices and decisions to provide well for yourself and your family—of being financially successful—is really an ingrained idea in our minds once we are old enough to understand the concept. Again I say good for those who do just that.

Being financially successful is an admirable goal, but how you achieve it counts for more than the goal itself. Here's the best and worst of it.

 

It isn’t easy to put your nose to the grindstone and work so hard that at times you think that you may have given up too much. It may be at that time that the thought of being financially independent or wildly wealthy gets you through your second thoughts about the sacrifices you might be making to become financially successful. Continue reading

Budgeting: The Ups and Downs and All Arounds

January 1st is over, so unfortunately it’s right back to reality. While the celebrating was fun and well deserved after a long year, it is back to basics at our house. What is most basic for us, and for that matter anyone else, is budgeting.

When budgeting, you have to deal with the annuals ups and downs the affect your income and expenses. Check out our budgetary changes for this coming year.

We hashed out our budget plan for 2017 in December, and we are set now to dig in and make this year a winner in what really is a war. Why do I say that? Just look at some of the stats and you’ll quickly see that for a huge number of us, our finances and economic wellbeing has suffered from a lack of personal income growth and increases in many of the basic costs of living. Continue reading

Financial Security for Women: Closing the Gender Wage Gap #WMWeek17

This week, January 1-7 2017, is National Women’s Money Week #WMWeek17 and there is no better time to learn about, discuss, and attempt to correct the disadvantages that women face in the world of personal finance and in their own financial future. I think we are all quite familiar with what is known as the gender wage gap, the fact that women earn less than 80% of what men do. Equal pay for equal work is an ongoing struggle that is making just small inroads at best. You may be surprised to learn that the wage gap itself is just the tip of the financial iceberg that hinders women and their abilities, and potential for financial security and independence. The vast majority of adults in poverty in America today are women.

 For National Women's Money Week, we take a look at the gender wage gap, what causes it, and more importantly what can be done to close it.

What causes the gender wage gap?

There are several reasons why women, even in the 21st century, are facing roadblocks to financial security and there is more to it than systemic sexism and discrimination (which certainly play a large role). Let’s look at a few issues first that are influencing women and their continued lack of financial equality in the workforce which hinders their overall financial wellbeing: Continue reading

Our 5 Big Personal Finance Goals for 2017

I have to admit, there are a lot of times when I write about personal finance that I tend to leave out the “personal” parts. I talk about things that others should be doing and I just skip over what my wife and I should be doing about our own finances. Well, the fact is that I’d like to tell you that I’m just so darn good at this that I don’t need to improve, but I can’t lie! We have a lot of areas we can and want to change. There, I said it. Improvement only begins when you are being real and honest about your situation. Remember that please.

It's important to review your financial progress for the year, and make new goals for the coming year. Here are 5 of our personal finance goals for 2017.

Every year at this time, Suzanne and I sit down and talk about the upcoming year, and the financial goals we want to set for ourselves. It’s something we have been doing since we first married 10 years ago and it’s one of the big reasons that we’ve been pretty good with our money issues. I have always believed that planning ahead is the first step in achieving your goals and with finances, it is essential. Continue reading

Credit: How to Improve Your Credit Score and Rating

Here’s a simple fact. Your credit score is one of the most valuable assets that you possess. If you are the one in 10 million that rolls around in cash and that doesn’t ever or won’t ever need to have credit, congratulations! But while the 1% bathes in their pile of cash, the rest of us need to watch our credit. You see, to be real, you can never take for granted your credit score. It is always a big part of your life even when you don’t think it is. I’ll explain.

Credit can affect your interest rates, insurance costs, rental prospects, and even your job. Learn how to improve your credit score and maintain it.

To begin, your credit score is like your transcripts from school. It is a history, a report of your responsibility and track record of how you handle your finances just like your transcripts indicate your skills at academic endeavors. If you don’t have one, it is like applying for work and having no high school or college diploma. And if you do have one, it will follow you around either like a weight around your neck or like a life preserver to help make things safer and easier. A potential employer or landlord might check yours and it all has to do with what you have done, do, and will do! Continue reading

Dangerous Financial Assumptions That Can Wreck Your Future

Have you ever seen the old TV show “The Odd Couple”? You know the original that starred Jack Klugman as “Oscar” and the brilliant Tony Randall as “Felix”. You can learn a lot of things on TV you know, especially when it come from the genius of someone like Neil Simon and his iconic comedy. Back in the day, my favorite and most memorable episode of the show featured Felix explaining in a courtroom scene how you should never “assume” anything and on a chalkboard he draws the memorable line that: “when you assume, you make an ass of u and me!”

Some financial assumptions are necessary to plan your future, but others can be dangerous and even wreck all your preparations and work.

As funny as that line is, making assumptions about things doesn’t always cause a chuckle. When you make assumptions about your finances, for example, you often find that what you assumed would happen just doesn’t happen at all. Assumptions about your retirement plan may be shot to pieces because you assumed your plan made years ago would be just fine! When it comes to finances, rather than assume anything you should be planning for the worst and hoping for the best. You want to be able to react and adjust to what you don’t really know, don’t you? Continue reading

It’s Time for Your Year End Financial Review

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While we may all have holidays on our minds, the end of the year is rapidly approaching. That means you should probably make some plans for New Year’s, but we’re not quite done with 2016 yet! After all, you probably had some financial goals set in the beginning of the year, and it’s time to perform a year end review.  Not only is it important to track where you’ve been, but it will help set you up to start 2017 off right.

We're reaching the end of 2016, so it's time for the year end review of your finances. Not only does this hold you accountable, but it sets you up for 2017.

Your Year End Financial Review

Your year end review should cover all your money issues for the year. Here are some categories to help you get started. Continue reading

Do You Suffer From Acute Financial Stress?

This is a great time of the year for most of us: getting together with our family and friends and enjoying the holidays that we have looked forward to all year long. Who doesn’t love the holiday season with the food, parties and spiritual joy we all can share? And look to the beginning of a new year when we can plan for improvements just up ahead! But I say most of us enjoy it because there are some who don’t quite see it that way.

The holidays are prime time to be worried about money, but if you suffer from Acute Financial Stress, you may need some help in dealing with your troubles.

Acute Financial Stress

According to a study done by Payoff, about 23% of all Americans and an even higher percentage of millennials suffer from what is known as AFS, Acute Financial Stress. This “disease” is caused by one’s reaction to financial stress which of course the holidays’ emphasis on spending and shopping can trigger. This and so many other financial issues can turn someone’s life completely upside down and even lead to a physical and/or mental debilitation resulting in things like heart disease and mental health problems. It has been compared with PTSD (Post Traumatic Stress Disorder) as to its reach and severity among Americans today. Continue reading

Follow Your Passion and Make Some Money Too

You hear it said frequently, “Follow your passion and the money will follow”. After all, if you work, wouldn’t it be really great to do something you love? I’ve always envied and been a bit jealous of the people who do that. You know, either they have some sort of talent or an ability that lets them not only make a living but even become wealthy. They wind up doing something in life that they would actually “pay” someone else to let them do. I’m talking about artists, entertainers, athletes, and others who have some sort of a gift and that gift fires their soul to be what and who they are.

The advice to "follow your passion" isn't always possible, or when it is, it doesn't always provide the income needed. Here's my story of mixing the two.

Unfortunately, I’m not one of those people who were born with a gift that would have enabled me to be the rare and special person that I was just talking about. Yes, I know we are all special in our own way, but in so many ways I’m just an ordinary guy, one who worked hard and if anything was rewarded based on the merits of that work. I’m proud of that, but if I have to confess, I never felt 100% fulfilled in my career. I always felt that I missed out on something. The feeling that these others must feel, that passion about what they love to do as they follow their dreams. Continue reading