How to Avoid the Worst Outcomes

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foreclosure and bankruptcy

The struggle to live free of debt can be incredibly challenging. Sometimes, you just might not manage a few things. Your credit score can suffer. You could miss a few payments. Because everything is connected by money, your home and future could be threatened by poor debt choices. Let us help you avoid the two worst possible financial outcomes: foreclosure and bankruptcy. Foreclosure Avoidance A foreclosure happens when someone doesn’t pay the lender for their property. Usually, a person will miss a few payments and the bank will decide to foreclose on the property. This means the bank will repossess […] Read more »

How to Deal with Personal Debt and get Your Finances in Order

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Debt is something that can cause many sleepless nights, if it gets out of hand. Ideally, you should learn how to manage your finances, by checking out the best personal finance blogs, and seeking professional advice if necessary. This can help you to keep your finances in order and avoid having issues with debt. However, many Americans struggle with financial literacy and find themselves in situations that they cannot handle. In fact, debt is a common factor in the lives of many people in the US. The average American has around $38,000 of personal debt. This is aside from any […] Read more »

Teens And Money: Developing Good Financial Decision Making Skills

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Sometimes we don’t realize just how much of adult interaction kids soak in. I’ve written in the past how sometimes teens can surprise us with great financial decisions, and I had another such situation occur over the weekend I just had to share with you. My daughter and some friends planned to travel an hour and a half to an amusement park to celebrate a birthday. They were first meeting at the mall to have lunch and then hitting the road from there. Just as I got to the gym for a workout, I received a text from my daughter. […] Read more »

Knowing when to throw in the towel is an art: bankruptcy and liquidation are a hard choice

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Today’s post comes a brand new member of the TeamEOD writing team – please help me give a warm welcome to Maria who hails from The Money Principle!   I have a lot of admiration for Maria, as she has an absolutely INCREDIBLE debt payoff story. She’ll be appearing here from time to time, and I can’t wait to read Maria’s take on saving money and debt.  Take it away, Maria! Our readers over on The Money Principle (and some others) know that slightly over four years ago we were in debt; heck we were in a lot of debt. We […] Read more »

Debt Collectors Harassing You?- Here’s What You Can Do

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Dealing with overdue debt stinks. Dealing with a debt collector harassing you can be just plain scary. When you have debt that’s gone bad and been placed in a collection agency, it very easy to avoid the situation or even completely ignore it when you feel like there is no way you’ll be able to pay it. That’s why some debt collectors will resort to whatever it takes get your attention, even if it’s illegal.   Some Debt Collectors Do Crazy Things Most debt collection agencies are very professional and do their best to follow the rules on debt collection […] Read more »

“You Know You’re Broke If… “- 50 Ways to Know if You’re Light in the Wallet

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You Know You're Broke If...

If you’re broke, well, you probably know you’re broke.  Most of the time nobody has to tell you.  Even so, today I thought it would be fun to inform those who may be a little unsure by taking a look at the lighter side of being light in the wallet. So I made a list of 50 ways you know you’re broke. Because sometimes talking about money can be boring and you just gotta have a little fun!   You Know You’re Broke If… …Your latte’ bill is as vente’ as your car payment. …You comfort yourself by saying “Mo’ […] Read more »

Financial Literacy Month – Avoid Bankruptcy Using the Pro-Rata Plan

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The Pro-Rata Method can keep creditors off your back and help you avoid future judgments, or the execution of a judgment because you are declaring hardship and essentially asking for an alternative plan until you can afford to make the original monthly payments for all of your debt. It is in the creditor’s best interest to accept this plan because it’s better for them to receive something rather than the nothing they’ll receive if you filed bankruptcy. You borrowed the money though and you want to pay it back, you just need a little wiggle room until you can get back on your feet. WATCH THIS VIDEO! Read more »

Bankruptcy – A Solution, A Cop-out, Or An Enabler?

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Have you ever considered filing bankruptcy to resolve your financial crisis? I know I have, but was so very glad that someone who cared about me decided to speak up. Determining yourself to be financially incapable is nothing to take lightly, but it seems that these days, filing for bankruptcy is no different than having your teeth cleaned. I refer to filing for bankruptcy as the equivalent of taking the morning after pill to prevent unwanted pregnancy, and here’s why. The fact of the matter is that in both cases, someone wakes up one day and suddenly realizes “Hey, I […] Read more »

Bankruptcy – The Morning After Pill of Personal Finance

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Is Bankruptcy The Answer? I was on the Financial Peace University Forums today and happened to notice the word bankruptcy being thrown around as an option. This isn’t a rant as much as it is an argument as to why you should avoid bankruptcy completely. I realize that this is a very touchy subject for people so my intention is not to make a judgment, but instead to express an alternate view. I would like to remind everyone that I was very close to filing bankruptcy myself at one or more times in my life and am very glad that […] Read more »