Many Americans Struggle With Financial Issues

While the economy is still improving slowly, many consumers across the country are still struggling with their money problems, and even those in the most financially capable states still have some problems.

Despite improving economic conditions, over half of Americans still live paycheck-to-paycheck, according to a new poll on financial capability released by FINRA Investor Education Foundation. Fifty-five percent of consumers reported that their household spending is equal to or greater than its income. Further, 60 percent said they do not have enough money saved up in case of a fiscal emergency.

The poll also found that Americans could only answer three out of five questions about fundamental financial principles correctly, the report said. Young people were less likely to be financially capable than older consumers.

“This study highlights how important improving financial education is for Americans, especially during times of financial insecurity,” said FINRA Foundation Chairman Rick Ketchum. “Wh Read more…

Business Partnership and Personal and Small Business Bankruptcy in Indiana

As an attorney handling small business bankruptcy in Indiana, I see many different situations.  Indiana is a big state for small business (more than 500,000 small businesses operate here). What I and the other bankruptcy attorneys in Indiana who work in the four Mark Zuckerberg bankruptcy law offices are finding is this: many of these businesses are either sole proprietorships or partnerships rather than corporations or LLC’s.

And, the thing about that is, when filing small business bankruptcy in Indiana is being considered, a few truths tend to quickly become self-evident:

• Business loans and lines of credit have been backed by the personal assets of either the sole owner or one or more of the partners.
• Personal money has been put into the business by either the sold proprietor or by partners.
• Money has been withdrawn or borrowed from the business for the personal use of the sole proprietor or by one or more partners.

So now, I learn from the business owner who’s come to see me for Indiana bankruptcy help, we have a “situation:

One business partner wants to file personal bankruptcy in Indiana. A Read more…

Credit Card Applications – Helpful Ideas For Getting Approved

These days it seems as if credit card applications can be found just about everywhere on the world wide web these days. They are often easy to get hold of, but it might not in reality be easy to obtain authorization for a card. There are plenty of explanations why a credit application may be refused. For this reason, it’s important that you fully grasp the elements that will decide if you’ll be authorized or turned down.

Make sure that you complete your application thoroughly and honestly. The authorization procedure will verify your information and when it is found to be incorrect you could be automatically turned down. Supplying incorrect details concerning yourself along with your credit history could very well make you look untrustworthy, which is most definitely not the quality you’ll want to give to a creditor that you want a personal credit line hailing from.

When ever credit card applications are turned in, the company has the capacity to check if the person submitting an application has been declined credit in the recent past. Banki

Read more…

How much for your dog?

I always tell my clients that there are 3 rules in bankruptcy – disclose, disclose, disclose. In exchange for getting rid of all (with few exceptions) of your debts, you agree to complete disclosure of your financial world. This includes not only your debts but all of your assets too.

Let’s talk about 3 common mistakes people make when listing assets.

1. Overvaluing. In law school, one of my professor used to say – what’s priceless to you may be worthless to everybody else, which is a very difficult thing to value. For example, your pet(s). I know your dog may fetch your newspaper in the morning, cuddle with you when you watch TV, and you wouldn’t sell him at any price, but chances are, your dog is worth $0. Unless you have a show dog, or he stars on his own TV show, he’s worth $0. (Please don’t take this to mean I dislike dogs. I love dogs.) Read more…

Federal Reserve Bond Purchases Will Help Push Mortgage Rate Drops

The Federal Reserve’s second round of quantitative easing – the spending of more than $600 billion – will impact interest rates on mortgages and other long-term loans, pushing rates down by a fraction of a percentage point, according to a report from The Wall Street Journal. However, the impact on an individual consumer could be minimal.

Most of the consumers across the country who are able to refinance their mortgages have had the opportunity to do so for months, as rates have hovered at or near record lows, the report said. However, many homeowners have opted not to refinance. According to one study, even before the Fed made its first round of bond buying, the national average on mortgage rates was a full point lower than what 56 percent of all consumers were currently paying.

Economists at Goldman Sachs estimate that the bond buying will keep interest rates about 0.15 percent below where they normally would be, the report said. Becau Read more…

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