Why Some Needto File for Personal BankruptcyBankruptcy is something that I haven’t dealt with, and I hope never will. Even though I’m in a lot of debt, I’m able to handle it. Because I can make payments on it, I see my debt getting lower. Unfortunately, everyone isn’t in that position. Some are dealing with an overwhelming financial situation. Bankruptcy may be the only option. If you tried different methods to eliminate your debt and failed or if your wages are about to be garnished you might need to file bankruptcy. If you’re going to file bankruptcy, you should do it as soon as possible. The longer you wait to file, the more debt you will incur. If you believe that your options are slim, file for bankruptcy as soon as possible.

When you are filing for bankruptcy, be sure you have all of your financial information at hand. That includes bills, vehicle information, and income from full and part-time jobs. If you plan on hiring a lawyer, don’t be afraid to speak up. They are representing you in the bankruptcy court. So ask questions if you don’t understand anything.

You should learn as much as you can before you file for bankruptcy. It will make the process easier. You should also stop making any payments towards debts that will be discharged during the bankruptcy process. The thing is since you won’t be liable for those debts in the future; there is no reason to keep making payments toward them. It’s best to save that cash for other things.

You should find a bankruptcy attorney that is a part of the NACBA (The National Association of Consumer Bankruptcy Attorneys). Lawyers that are a part of the organization are well respected in the industry. They will take care of you. They will make sure that you will get the nest legal advice out there.

Another thing that you should do is keep your debts to a minimum. If you are planning on filing for bankruptcy, don’t run up your debts. Judges and creditors will check your recent history. If they see that you are trying to cheat the system, you might not be able to wipe those debts away.

There are two kinds of bankruptcy that an individual can file. Chapter 7 can keep the filer from paying debts entirely. That option is generally for those that have debts so high or income so small that they cannot afford a payment plan. Chapter 13 lets the filer get a repayment plan so that they can repay all of their debt between three and five years.

With personal bankruptcy, make sure that you know that your credit may not be messed up for ten years. There are lenders out there who understand that there are some good people with poor credit out there. They look to help them renew it.

If you are contemplating bankruptcy think long and hard before you do. Be honest with the courts and work on getting back on financial track.

Have you filed bankruptcy before?

BudgetMany people are looking to save money in all aspects of their lives. That includes the entertainment category. In the past, I’ve written about frugal date ideas. Today, I want to go over a few ways that you can have fun even if you are on a budget.

Local Activities

The first way to have fun on a budget is to check out your local events. Check out your local newspaper, radio station, and city website so you can figure out what is going on in your community. You might be surprised to find out that a lot of events are going on in your town. During different times of the year, there are festivals, fairs, community yard sales, and other interesting things going on. If you don’t find anything, you can consider organizing a community event for other couples who are in similar situations.

Movies at Home

Instead of going to the movie theaters all the time you can watch movies at home. In the past, it used to take movies months before they were released on DVD. That may still be the case for some titles, but for most of them, you can find them online within days of their theatrical release. You also have options such as Netflix and the Amazon Firestick. Neither of those options is too expensive. Since you’re watching the movies at home, you don’t have to worry about paying for movie snacks. That right there could save you between $10-$15. You can get some popcorn or snacks from the store beforehand.

Televised Sports

If you are a sports fan, you can save money by watching the games at home instead of going to them. This can save you a couple of hundred dollars depending on who’s playing. For example, tickets to watch teams like the Cleveland Cavaliers and the Denver Broncos are more expensive because they are the current champions in their prospective sports. You can invite other couples and friends over to watch games like The Super Bowl or the National Championship. You could ask them to bring an item such as chips or drinks. My friends and I have done this before in the past. It has always been a fun and entertaining time. You do have to make sure that you have enough space and that your TV is big enough for everyone to see the game.

As you can see, there are several ways for you to have fun on a budget. Participating in local activities, watching movies at home and watching sporting events at home with friends are just a few of the ways that you can have fun. I know a lot of people that have done these before to save money. They can be a lot of fun especially having people over to watch the games. If you want to have fun, but don’t want to go broke doing it, I’d suggest doing one of these.

What are some ways that you have fun on a budget? Have you done any of the ideas on this list?

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Disease Called Debt

money habitsMany people have a hard time with their money for some reason. They struggle for numerous reasons. Maybe they weren’t educated correctly about it when they were kids, or they might have the yolo mentality. Whatever the case is, that needs to stop. If you or your significant other has bad money habits today is the day that they need to change. Below are a few bad habits that you have to change to become better with money.

Not tracking your spending

One of the worst money habits you can have is not to track your spending. How could you expect to know when your money is going if you’re not tracking it? There are several easy ways for you to track your money. Some of them include saving your receipts, using a program like Personal Capital or Mint, or doing it the old-fashioned way and use a balance register. I like Mint because it allows me to see what I’m spending. That way if I’m spending too much in one category, I can try to change some things and spend less.

Randomly Investing

The next bad money habit is randomly investing. By saying invest randomly, I mean investing your money into something without really knowing what you’re doing. That is a very quick way to go broke. If you take some time to learn about individual investments such as the stock market, it can become a good long-term investment strategy. If you are still you and the market does go south, you’ll have plenty of years to make it up.

Using your credit card too much

A lot of people use their credit cards irresponsibly. At one point I was in that club. I can remember using it to get numerous shots at the bar for my friends and I. I did that several times. There is nothing wrong with using your card for things like that. The problem occurs when you don’t have the money to pay those purchases off each month. That was me. I was only paying the minimum on the credit card for years. I now pay more than that, but I know that a lot of people still struggle out there. I suggest that people only use their credit cards on things that they can truly afford. It may take some discipline in the beginning, but it has to happen.

Not saving anything

The last habit that I want to discuss is not saving any money. In my opinion, this is the worst bad money habit out there. Too many people don’t save any money. If there is an emergency, they are forced to use their credit cards. This cycle has to be broken. Everyone needs to save some money from each paycheck. Saving at least $100 would be ideal, but everyone isn’t fortunate to do that. You may have to start with $20. The goal is to get in the habit of saving. The more you practice, the better you will get at it.

What bad money habits have you changed?

Auto Insurance Tips That Can Pay Off

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Searching for dependable auto insurance can be tough. It could be confusing in the beginning. Some people just sign up for the first insurance company that they see. That’s not the smartest thing to do because you could be overpaying for it. Keep reading to find out tips that can help you choose the right […]

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How to Make Money as an Amateur Photographer

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Getting Started With Penny Stocks

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Hello, Dinks. Becoming a good investor in stocks takes some time. The jargon may not be easy for everyone, but if you can grasp it, the reward can be worth it. There are different types of stocks that you can trade. Today, I want to discuss penny stocks. Penny stocks are low-priced stocks. They are traded […]

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Fighting Credit Card Debt

July 8, 2016

Many people in this country have it. You or your partner may have some. Heck, I have some of it. What am I talking about? I’m talking about good ole credit card debt. My credit card debt is currently under $3000. I’m happy because for several years it was over $4000. The amount is getting […]

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Getting Back on Track Financially

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Hello, Dinks. I hope you all are having a great summer so far. Mine is going pretty well, so I can’t complain. My finances are alright, and I ‘m actively paying down my debt. A couple of summers ago that wasn’t the case. I was struggling badly. I had two part-time jobs, and I was […]

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Finding a Good Corporate Finance Solicitor

July 6, 2016

So your business is doing well, so well that running its finances is stepping beyond your knowledge and ability, but you want to avoid making errors would be, at best costly, and at worst not legal. Your best bet at this point would be to look for the services of a corporate finance solicitor, who […]

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