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    Archive for April, 2013

    Tips to Improving Your Finances in 2013

    Posted on: April 25th, 2013 by WebAdmin
    Staying vigilant when it comes to your financial situation is one of the best ways to get control over your debt; here are some tips on how to improve your finances in 2013.

    Staying vigilant when it comes to your financial situation is one of the best ways to get control over your debt; here are some tips on how to improve your finances in 2013.

    Staying vigilant when it comes to your financial situation is one of the best ways to try to get control over your debt, build your savings and ultimately improve your financial standing. Here are some tips on what you can do to improve your finances in 2013:

    • Organize your finances – While this means that you should have a clear understanding of what you are spending each month in terms of your debts and cost of living, it also means that you should be organized in terms of what expenses are vital versus unnecessary or frivolous. If you can pinpoint how much you spend on unnecessary or “luxury” items (like fancy meals out, trips to the coffeehouse, etc.), then you can more easily reign in such purchases when you need to tighten your financial belt.
    • Don’t spend more than you can afford to – Although this may seem like a relatively simply axiom of good financial habits, it can be difficult to practice, especially when there is something you really want to purchase. However, sticking to this rule of thumb and only buying things that you can afford to purchase is a great way to avoid accumulating massive amounts of debt.
    • Shop around for a bank – With so many banking options these days, you do not have to settle for a bank that charges you ridiculous fees for basic services. Shopping around for a bank that won’t charge such fees, provides low-interest rate loans and has other options beneficial to you is a great way to hold onto the money you have worked so hard to earn.
    • Making saving a monthly habit – Building your savings is essential to improving your credit score and your financial standing, as well as to provide you with a cushion in case of the proverbial “rainy day.” Being diligent about adding money to your savings account on a monthly basis will help you slowly compile a healthy savings; in fact, think of this as another bill that you have to pay monthly so that you consistently add to your savings.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    Facts versus Misconceptions about Bankruptcy (Part 2)

    Posted on: April 23rd, 2013 by WebAdmin
    If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails.

    If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails.

    As a continuation of Facts versus Misconceptions about Bankruptcy (Part 1), here are some additional bankruptcy myths that have been cleared up so that you have a realistic expectation of the process and outcomes associated with a bankruptcy case. Taking the time to review the facts and misconceptions about bankruptcy will be crucial to helping you understand what it takes to achieve a financial fresh start through bankruptcy. Additional common misconceptions about bankruptcy include the following:

    1. Myth: Filing for bankruptcy makes it appear that I’m not financially responsible.

      Fact: This is false. Many people file for bankruptcy for a number of different reasons, some of the most common of which include that they are going through a divorce, they have been unable to find a job for a long period of time (a case that many Americans face in the current economic downturn), and/or they get seriously hurt and become inundated with expensive medical bills. None of these situations means that borrowers filing for bankruptcy are not financially responsible, and bankruptcy is a viable solution anyone burdened by debt to achieve a financial fresh start.

    2. Myth: After a bankruptcy, it will be impossible for me to rebuild my credit.

      Fact: Although it will take some work to rebuild your credit after filing for bankruptcy, the good news is that you can boost your credit rating and be eligible for some loans in as little as one year after filing for bankruptcy, as long as you are diligent about rebuilding your credit. One thing you can do to rebuild your credit after bankruptcy is to take out a secured credit card with a small limit and regularly pay off this card (however, do not take out a credit card if you will not be able to make all payments on it on time – this will only further hurt your credit score).

    3. Myth: If I’m planning on filing for bankruptcy, I can run out and spend a bunch of money on my credit cards right before filing because all of the debt will be discharged anyways.

      Fact: Wrong. Jacking up credit purchases immediately before filing for bankruptcy can be viewed as committing bankruptcy fraud, a serious federal crime that could land you in prison for years.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    Facts versus Misconceptions about Bankruptcy (Part 1)

    Posted on: April 21st, 2013 by WebAdmin
    If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails.

    If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails.

    Those going through bankruptcy for the first time (or those who are filing again when their previous bankruptcy was years ago) will likely not know what to expect in terms of the process or the specific outcomes, especially considering all of the misconceptions about bankruptcy that are out there. If you are getting ready to file for bankruptcy, take some time to review these facts about bankruptcy so that you are fully aware of what bankruptcy entails and how it can give you a financial fresh start.

    Common myths about bankruptcy include the following:

    1.   Myth: A bankruptcy will be a blight on my credit report for the rest of my life.

    Fact: Although filing for bankruptcy will appear on your credit report for up to 10 years, in many cases, credit bureaus can remove a bankruptcy from your credit report after about 7 years. During this time, other efforts you make to improve your credit can help boost your credit score and improve your overall financial standing.
    2. Myth: Filing for bankruptcy will eliminate all of my current debts.

    Fact: While a bankruptcy can discharge nearly all of your unsecured debts (meaning debts, such as credit card debt or medical bills, that is not backed by collateral), it will not result in a discharge of some other debt – specifically, student loan debts and any court-ordered payments, like child support, restitution, court fees and/or spousal support payments.

    3. Myth: My spouse will have to file for bankruptcy if I choose to file.

    Fact: This is simply not true. If you are married, you or your spouse can file for bankruptcy without the other spouse having to do so. However, because these cases can be far more complicated (particularly when it comes to assets owned by you and your spouse), it will be important to work with an experienced bankruptcy attorney to ensure your case is handled properly.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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