Our Legal Blog

You Have the Tools to Rebuild Your Credit

You Have the Tools to Rebuild Your Credit

Maybe you’re the type of person who obsesses over their credit score. Or maybe the mention of the term causes you to space out from boredom. Regardless of how much you care about your score, it exists, and it’s a key part of how you’re evaluated by financial institutions. You’ve likely heard about the impact of bankruptcy on your score and how long it takes to rebuild it. But fear not; the time it takes to right the ship passes more quickly than you might expect. It’s also not as difficult as you’ve imagined. Here […]

Are Budgeting Apps Right for You?

Are Budgeting Apps Right for You?

Debt is part of American life — but it doesn’t have to be. Alarming Federal Reserve statistics highlighted by USA Today indicate that the average American household owes $137,063, but only brings in an annual $59,039. The silver lining? reports that 58 percent of Americans maintain savings account balances that exceed their credit card debt. In 2018, many are shifting their focus to automated budgeting, assisted by modern software and apps. These technological tools help users keep abreast of both urgent financial concerns and the big picture. The Benefits of Budgeting Apps Struggling to keep track […]

New Bankruptcy Bar Date Drops from 120 Days to 70 Days 

New Bankruptcy Bar Date Drops from 120 Days to 70 Days

Dogged by numerous creditors? Unable to afford the lease payments on your business space? When the battle to remain solvent becomes too tough, an option of last resort for individuals and business owners is filing for bankruptcy. It can be a tough sell for many. We have it drilled into us that bankruptcy is a moral failing, the result of careless money management. It may surprise you to know, then, that medical expenses are the number one reason Americans file for personal bankruptcy, and most of those individuals have some form of health insurance. By some estimates, […]

Do You Know How Much You Will Need for Retirement?

One of the hardest questions we all must answer – financial or otherwise – is “How much money will I need to set aside in order to comfortably retire?” Tailoring one’s unique answer can be a bit of a challenge, so we’ve come up with some general guidelines which might help your answer reveal itself. In finding a specific “retirement goal” for their clients, many financial advisors find themselves analytically placing the cart before the horse. It’s not hard taking what someone is spending today and projecting how much they need in order to sustain […]

Beware of Tax Scams During This Year’s IRS Filing Period

Beware of tax scams.

We often hear about various tax-related scams involving swindlers who impersonate the IRS. It may come as a voice on a telephone saying you owe money. Or it might be during an online session that asks you to “click a link.” And part of the scam is that you will do something the scammers want you to do without thinking — give them money. These crooks are getting smarter, absorbing technology into their various tax-related schemes. And this being the heart of the tax return season right now, we all should be more aware. The […]

Getting Your House in Order – How to Rebuild Your Credit Score

If you have accumulated more debt than you can reasonably afford to pay, filing for bankruptcy is often the best option. When you file for bankruptcy, you are able to get out from under the debt and ensure a better financial future for yourself and your family. However, the bankruptcy will have a negative effect on your credit score. Fortunately, you can take steps to rebuild your credit after bankruptcy. Create a budget. Before you start seeking to increase your credit score, spend time creating a budget that will ensure that you are able to […]

Personal Bankruptcy: A Pragmatic Move for Overcoming Debt

7 Things All Debtors Should Do

It’s a pretty safe bet that no one wants to declare bankruptcy. It’s a stressful decision for sure, and one that’s often accompanied with concerns about how the move will be perceived by others. But the truth is, bankruptcy is simply a legal proceeding – there’s nothing “shameful” about it. In fact, depending on your own circumstances, it could be one of the wisest financial decisions you can make. When Bankruptcy Can Be a Smart Move First, if you’re considering bankruptcy, don’t let anyone make you feel bad. It’s your financial future, not theirs – and if you’re in […]

Simplify Your Life by Planning Ahead

Regardless of your stage of life, planning wisely for you and your family brings much-needed peace of mind. Whether you’re considering the educational needs of your children or making end-of-life arrangements, knowing that your affairs are in order makes life more enjoyable and makes the lives of your loved ones much easier. Here are a few things to consider when planning for the future… Little Bundle, Big Bills – According to the U.S. Department of Agriculture, a middle-income family can expect to pay more than $233,000 over the first 18 years of a child’s life, […]

Are my Bank’s Values My Own?

While there are many considerations to take into account before choosing a bank or investing your money, there is one that is often overlooked by consumers: Where is the bank going to invest my money? How Banks Make Money Despite what many people think, your money isn’t stored in an empty vault waiting for you to take it out. Banks loan money for projects and to increase their own revenues. An article by Stephen D. Simpson on Investopedia puts it simply: “…banks basically make money by lending money at rates higher than the cost of […]

KY Schools Should Consider Teaching More Financial Literacy 

Debt Avalanche vs. Debt Snowball - Two Methods to Prioritize Debts

Financial literacy is an important skill that helps consumers understand their personal finances, plan for the future and maximize their success. Financial literacy can also help consumers avoid serious problems, such as large amounts of debt they can’t afford to pay. Unfortunately, according to recent studies, many people leave high school without the skills they need to manage their personal finances effectively. About the Study Each year, Champlain College’s Center for Financial Literacy conducts a study to determine the level of financial literacy among high school students graduating in all 50 states. Each state receives a grade […]