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Debt Collectors and the Courts

Kentucky Credit Couseling Lawyer

There’s a reason they call it drowning in debt. Owing money can feel like never-ending waves of responsibility, alternating between hope that the tide is turning in your favor and despair that you are going under. Financial obligations can overwhelm any of us. Many well-intentioned Americans struggle with credit card debt, mortgages, medical bills, student loans, and more, often just one paycheck away from having to make tough choices. Of course, creditors are entitled to their money, but it sometimes seems as if they are throwing you an anchor when they could be tossing you […]

What Happens to Debt After You Die?

Kentucky Debt Relief Lawyer

An alarmingly large number of Americans spend much of their adult lives in debt. Driven by mortgages, car loans, student loans, and credit cards, it’s been estimated that 80 percent of us are in debt. At least banks and creditors can’t follow us beyond the grave, right? Unfortunately, that depends. When people die, their estate goes into probate. Part of that process involves their assets being used to pay their debts. Life insurance policies, pension plans, 401(k) plans, and other similar holdings are typically not considered part of the estate if a designated beneficiary is […]

Protecting Your Credit When You Marry into Debt

Estate Planning

Blooming flowers and baseball season share this time of the year with many blushing brides. May and June are peak months for weddings, and while it’s wonderful to focus on celebrating your love, it’s also important to take a step back to examine your post-nuptial financial picture. Although it can be difficult to talk about finances, they are a big part of the life that you are committing to share, and it can strengthen your relationship to make a plan as a team for dealing with any issues. Debt brought into marriage is a problem […]

Bankruptcies on the Rise Among Baby Boomers

Kentucky Bankruptcy Attorney

MC Hammer. Cyndi Lauper. Meat Loaf. Willie Nelson. Marvin Gaye. Toni Braxton. Tom Petty. Mike Tyson. Kim Basinger. These unique personalities are talented musicians who also share the distinction of being Baby Boomers that have filed for bankruptcy protection. And they are being joined daily by many less famous people of their generation. While the amount of debt owed is often significantly less than the millions owed by these celebrities, bankruptcy filings are rising for those born between 1946 and 1964. Now between 52 and 70 years old, there are about 75 million boomers representing […]

Mortgage Shopping in Today’s World

KY Mortage Rate Lawyer

Buying a home is neither easy nor cheap. At one time a great investment, the “American dream” of home ownership became a bit of a nightmare during the subprime mortgage crisis of 2008. The mortgage market has been moving in a favorable direction since then, with interest rates falling, banks lending, and consumer confidence increasing. Technically, mortgages are the written agreements that govern home loans between banks/lenders and consumers/borrowers. Of course, the banks are lending the money for a profit, so it’s important to make sure you shop around for the best deal. For 2013, […]

When the Only Two Things that are Certain in Life Finally Come Together: A Decedent’s Final Tax Return

Kentucky Bankruptcy Attorney

The first time a wage earner makes enough money to trigger the income tax filing requirement usually results in a fairly simple return. In contrast, a taxpayer’s final return filed after his or her death is quite complicated. When a taxpayer dies, a legal entity called an estate is automatically created to make sure that all of the decedent’s income is accounted for. A decedent’s surviving spouse or personal representative should promptly notify all payers of income about the death and, in turn, they should stop using the decedent’s social security number. Instead, the estate […]

Tax Time Again

KY Bankruptcy Lawyer

In between National Pecan Day on April 14 and National Wear Your Pajamas to Work Day two days later, it’s possible that you might not have a chance to also adequately prepare for Income Tax Day. Luckily, you get bonus time this year, due to the Emancipation Day holiday. Annually held on April 16 to mark the anniversary of the signing of the law that ended slavery in Washington, D.C., Emancipation Day is being observed on Friday, April 15, which bumps Tax Day to Monday, April 18. Basic Info If your adjusted gross income is […]

Financial Power of Attorney Dos and Don’ts

KY Financial Power of Attorney

No one enjoys the idea of losing their independence and having to rely on someone else. However, when used properly, a power of attorney can ensure that a trusted person is handling your financial affairs when you’re not mentally or physically capable of doing so yourself. Powers of attorney are highly customizable and can be drafted to address individual situations. Initially an inexpensive way for someone without a lot of money to do some estate planning, a power of attorney has evolved into a fairly standard document. If you’ve been entrusted by someone else to act […]

Rising Interest Rates and What It Means for You

KY Financial Lawyer

Bank runs and the banking panics that result are the stuff of fiscal nightmares. In fact, addressing the financial crises that can stem from bank runs was one of the main reasons that Congress created the Federal Reserve System over 100 years ago. Often simply referred to as the “Feds,” this agency is the central banking system of the United States whose main duties include maximizing employment, stabilizing prices, and moderating interest rates. When the Feds raise or lower interest rates, it generates a chain reaction that trickles down to every consumer. To lower interest […]

January is Financial Wellness Month

KY Financial Lawyer

Lose weight. Quit smoking. Get organized. Save money. Manage debt. These are some of the most popular New Year’s resolutions – and some of the most commonly broken. It is thought that the custom of making resolutions started with the ancient Babylonians who made promises to the gods in hopes of being rewarded with good favor in the upcoming year. Paying their debts was a frequent promise. Not much has changed in 4,000 years, with statistics suggesting that 34 percent of the resolutions made for 2015 were money-related. To aide you on your financial fresh […]