When many people consider bankruptcy, they often believe that it is akin to the "Get Out of Jail Free" card in Monopoly. While there are many valid reasons to consider declaring personal bankruptcy, it is also important to understand the ramifications of doing so. Those in Kentucky considering this path may want to consider some tips that can assist them in placing themselves in the best financial position prior to seeking bankruptcy protection.
Tips to avoid personal bankruptcy
Real Housewives star's personal bankruptcy case reopened
Many readers in Kentucky may have heard about the legal proceedings and fraud case facing a family who were popular figures on the show The Real Housewives of New Jersey. Joe and Teresa Guidice seemed to have everything going for them – looks, money and celebrity. However, both were convicted of fraud when it was discovered that they had hidden assets when they disclosed their finances during personal bankruptcy proceedings.
Many behind on federal student loan payments
Federal student loans are something that touch on many people's lives here in the United States. Millions of Americans have such loans.
Personal Bankruptcy Liability for Corporate of LLC Debt
When an individual is thinking about going into business they have choices as to how they want to register the company. They could go as sole proprietor or general partnership, or they can incorporate it of make it a LLC. One of the reasons they often choose incorporating it is because they want it to
Teaching Kids About Money
As parents, we tend to focus on education, values, and eating veggies as the important things in our life lessons. However, financial literacy among our younger generations is rapidly declining. A survey conducted by American Consumer Credit Counseling revealed that 91% of Americans believe personal finance should be a required high school course; most likely due to the shocking finding that only 36% of teens know who to balance a checkbook or bank account. With children learning much of their later life habits from watching their parents, it is more important than ever to set an example and actively teach our kids about money.
Millennials Not Seeking Financial Guidance
The age old adage that Mom knows best may not be necessarily true when it comes to financial advice. A recent poll revealed that more young adults seek financial counsel from Dad over Mom. However, it was also determined that 64% of those polled say they don't turn to either parent for financial advice.
Things That Destroy Your Credit Score
Your credit score. You probably rarely think about it and most of us avoid checking it. You may be carrying a moderate to good credit score, but there are a few things that can hurt your credit score that you may not even know about until its too late. Here are some of the most common ways to ruin a good credit score:
The Good and Bad to Filing an Extension for Taxes
The grass is always greener on the other side, the old adage says. Filing for an extension for your taxes may give you more time, but there are always cons to every pro!
