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Ever Wonder Where Your Money is Going?

arkovich_law-narrowI read an article today by the Ascent, that among all Americans, the average amount of time spent on financial management per day is 1.8 minutes.

That may include things like defining a goal, budgeting, saving for retirement, managing debt, planning for taxes, planning for emergencies etc.  I guess I’m not surprised.  I plan to have a few posts this month – straight from the horse’s mouth – an attorney’s view from well over 25 years of practice on How Someone Can Reboot.

If you are finding that you are making no headway on your debt, despite a good income, perhaps the time has come to talk with an attorney re: debt management, and yes, even bankruptcy.  A Chapter 13 for instance will allow you to make one payment monthly, and the trustee is responsible for divvying that out to your various creditors.  Makes your life simple.

Most people we talk with about bankruptcy, do not understand how a bankruptcy works.  Most people keep their home, keep their car, their pets etc.  But the stories that we hear from non-bankruptcy folks are scary and intended to keep someone from utilizing bankruptcy as a viable tool to reduce interest, reduce debt and get back into a sustainable situation.

Keep your options open.  Consider everything.  And by all means, don’t take financial advice from a debt collector!!!!!!

TIP #1:  If you are expecting a tax refund this year, rather than applying to reduce one particular debt by 1-2%, instead consider using that to file bankruptcy and reduce nearly all of your debt (home mortgages and car payments generally remain the same, but unsecured debt such as credit cards, sometimes HELOCs, and even student loans can be discharged in full).

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