6 Debts That Can’t Be Discharged by Filing Bankruptcy

There are pros and cons to filing bankruptcy. Sometimes, it's the best option. However, in the best case scenario, it doesn't exactly wipe the slate clean. In other words, you don't necessarily start over at zero debt. There are some debts that can't be discharged. What Does It Mean to Discharge Debt? When you file for bankruptcy, a court discharges some of your debt. This means that you're not responsible for that debt anymore. The people you owed that money to can't ask you for it anymore. Read more [...]

4 Smart Ways You Can Use Debt To Build Wealth

Most of us think of debt as a bad word. I know that I personally struggle with being in debt. Our society tends to frown upon debt. However, debt is just a word. It's neutral. There are actually good kinds of debt and bad kinds of debt. And believe it or not, you can use debt to build wealth. Let's Get Rid of The Charge Around the Word "Debt" Each of us has a money personality and a psychology around money. It's made up of many things from family messages to cultural beliefs to our own internalized Read more [...]

Putting Money in a Roth IRA Even Though I Have Debt

In the past few years, I've worked hard to contribute the maximum amount allowed to my Roth IRA. I have done this in spite of the fact that I have debt to pay off. Am I making the right decision? It feels like it's the right choice for me. What Is a Roth IRA? In case you're not familiar with it, the Roth IRA is a retirement plan. I am self-employed. Therefore, I don't have a 401(k) through my work. As a result, I need to take responsibility for my own retirement planning. The Roth IRA is the Read more [...]

How To Settle Debt With Credit Card Lender

Do you have too much credit card debt? If so, you're not alone. The average American household has well over $5000 of credit card debt. The exact numbers vary by study but $8000 isn't uncommon. Of course, that's cold comfort if you're stuck trying to make payments that you can't afford. Don't worry; you have options. Have you ever tried to settle debt with a credit card lender? It's possible. Here's how. Call Your Credit Lender It all starts with a call to your credit card lender. Note that the Read more [...]

How To Negotiate With Debt Collectors

When it comes to debt, most of us want out. Sometimes it can be hard to handle, and we fall behind. When we fall behind on our debts, they can fall into collections. Collections come with numerous phone calls from collection agencies asking us for money we may not have. Aside from being annoying, it can become overwhelming. When it comes to debt, you can overcome the stress and aggravation by learning how to negotiate with debt collectors. https://www.youtube.com/watch?v=j9sA-UiRnqQ Before Collections In Read more [...]

What Are the Alternatives to Filing Bankruptcy?

If you're overwhelmed by debt then you might think about filing for bankruptcy. This is a viable option for many people. However, it deeply affects you financial life. Therefore, people usually only turn to this option as a last resort. Before you go that route, make sure that you know the alternatives to filing bankruptcy. Find a Way to Pay Down Debt If at all possible, the best of all alternatives to filing bankruptcy is to pay down your debt. Of course, if you're looking at bankruptcy, then Read more [...]

What Can Restart the Clock on an Old Debt?

We live in a world where almost everyone has some sort of debt. Some debt is from going to school or purchasing a home. Other debits include missed payments on credit cards or medical bills. While many people pay on time, sometimes not everyone can. This is especially true for someone who is or was going through a rough financial patch. As these debts age, we have the choice to pay them and bring them current or wait for them to fall off our credit. For those who chose to let it fall, you need to Read more [...]

How to Tithe When in Debt

The church is a powerful institution. We go there to worship, pray, and spiritual healing. It brings together family and community under one roof. The church is a place where the music and the sermon uplift the masses. We give our thanks not only by showing up but without tithes and offerings. Sometimes our financial position has us wondering how to tithe when in debt. Follow along for the answer. Budget When discussing anything debt or financial related, many people will tell you to start Read more [...]

States Where You Can Go To Jail For Debt

If someone asked me whether they could go to jail for debt, my first reaction would be "of course not." However, that's not exactly true. There are certain types of debt that can result in jail time. Moreover, there are loopholes in the law that allow people to go to jail for debt in many US states. Here is what you need to know. You Can Go to Jail For Debt: Taxes and Child Support There are different types of debt. If you owe taxes, commit tax fraud, or otherwise mess with the IRS, then you Read more [...]

How to Dispute a Debt

The journey of saving and financial freedom is often met with debt. Debt comes in many forms. These debts hurt your credit score when they fall into collections. You should check your score regularly for accuracy. Sometimes reported debits can be misrepresented or added to your report in error. Follow along for how to dispute a debt on your report. What Debt Can You Depute Debts you incurred can not be disputed. They can, however, be negotiated down for smaller pay-off amounts. The Read more [...]