Kelly Rutherford, known for her role on Gossip Girl, has been in a complicated battle for custody with her ex. Currently, he has primary custody and is not allowed in the United States after his visa was revoked. Her children live in another country with him, and Kelly has to spend lots of money to visit them when she can. She has been in a four year legal battle trying to get her kids back to this country.
]]> Kelly has spent everything she has earned and has saved in the battle for her children. She has been petitioning to get them back. She claims she is left with nothing and personal bankruptcy is her next option. Bankruptcy may indeed be her best option before her finances fall any further behind.Owning up to debt and realizing it is a problem early on can save money in the long run. Iowa residents and others may seek debt relief when faced with financial difficulty. The stress of debt may take a toll on many, but taking the right steps to become debt free will eventually cause one to be stress free. Those considering personal bankruptcy may want to consider seeking knowledgeable parties, versed in bankruptcy law, to assist in the process of filing. People may find it less stressful to not have to endure the process alone.
Source: New York Daily News, "'Gossip Girl' star Kelly Rutherford: I'm on the 'brink of bankruptcy' fighting for my children," Chiderah Monde, April 30, 2013
]]>The original bankruptcy documentation was filed on March 12 and affected over 200 employees in the short time that the filing was being processed. According to the company, great efforts are being taken to resolve its workforce concerns. Lowell Potiker, the manager of HSP-EPI Acquisitions, reportedly purchased Entertainment Publications for just over $17 million. Potiker believes that the company and its Entertainment Book are relevant and important to today's consumer.
]]> Entertainment Publications works with a discount network of close to 70,000 retailers, merchants and advertisers from around the company's community and across the country, which may solidify Potiker's belief in the company's importance. Entertainment Publications' recent filing may serve as an example of how Iowa consumers can benefit from bankruptcy. The turnaround may not be as quick as it was for Entertainment Publications, but this story underscores how bankruptcy varies from case to case and is not always a lengthy, grueling process.With an ever-changing economy, it sometimes gets challenging to keep one's head above water. Consumers and businesses alike can fall victim to debt and financial hardship. Iowa residents who have accrued a large amount of debt may benefit from Chapter 7 bankruptcy protection. Exploring all viable options may be the best way to shed light on what the best resolution is for each particular situation.
Source: The Oakland Press, "Troy-based Entertainment Publications back in business," Paul Kanpe, April 28, 2013
]]>Janice Dickinson is one of many celebrities that have filed for bankruptcy protection. She is known to many as the world's first supermodel. Dickinson has appeared on a variety of reality television shows. Despite her long time celebrity status, she has acknowledged that her financial obligations currently exceed her ability to pay.
]]> Dickinson admits she has had some financial challenges and she feels terribly for her debt. She ensures she is doing her best to pay everyone she owes back. Dickinson owes nearly $1 million to the government, plastic surgeons and a dermatologist. Of that estimate she owes about $500,000 in state and federal taxes due over the last decade.As Iowa readers know, even the rich and famous have financial difficulties. Personal bankruptcy is nothing to be ashamed of because people from all walks of life fall on difficult times and experience hardships. Bankruptcy is simply a step in the right direction to becoming debt free and it eases the stress that comes along with these financial obligations. Ignoring debt normally increases the amount due, which in turn creates an even bigger financial mess for the individual. Learning about what is best for your financial situation is a good first step.
Source: Los Angeles Times, "Former supermodel Janice Dickinson files for bankruptcy," Nardine Saad, April 23, 2013
]]>The Great Recession was a difficult period for many people in Iowa and beyond. Despite the difficulties, during that time many people examined their spending habits and made positive changes. In 2008, revolving debt rose to more than $1 trillion. Today, revolving debt is about $850 billion.
]]> However, not everyone was able to make drastic changes to improve their finances. Some people still have large amounts of credit card debt.People use their credit cards on a daily basis. People often pay for basic necessities with their credit cards. Despite the widespread use of credit cards, people with credit card debt may feel shameful.
"Credit card debt, you know, does have a stigma," an economics professor pointed out. "It implies a lack of self-control."
A survey by CreditCards.com shows that people are more willing to talk about politics and religion to strangers than credit card debt. In fact, 50 percent of people said they would be willing to talk about politics. Sixty percent said they would talk about religion. However, only 12 percent said they would be comfortable talking about credit card debt.
People may feel alone in their debt struggles. However, many people have faced financial difficulties in the past, and many people in Iowa and beyond are currently experiencing financial hardships.
Rather than continuing to feel shameful about credit card debt, Iowa residents may wish to explore their debt relief options. For some, bankruptcy is a good option.
Source: CNBC, "To Politics and Religion, Add a Taboo on Credit Card Debt," Allison Linn, April 25, 2013
]]>Many older Americans have to use credit cards to pay for basic necessities such as mortgage payments and groceries. A lot of people 50 and older pay for their prescriptions and other medical costs with their credit cards. In addition, many people offer financial assistance to family members. Surprisingly, many older Americans are also dealing with student-loan debt.
]]> People may think it is wise to pay off debt with retirement savings. However, people are advised against doing that. People who wipe out their retirement accounts may end up relying on family members later on in life to cover medical and living expenses.No matter your age, people who are struggling with credit card debt would be wise to explore potential debt relief options. One of those options may be to pursue a bankruptcy filing. Bankruptcy may help people clear their debts for good.
To determine whether or not bankruptcy is a good option, people would likely benefit from speaking with an experienced bankruptcy attorney. An attorney can outline the various bankruptcy options available to people and help determine how they should proceed forward. With the right help, people can finally live debt-free.
Source: PennLive.com, "Credit card debt escalates among elderly helping family," Linda Rhodes, April 16, 2013
]]>Dealing with credit card can be quite stressful. The couple wanted to do what they could to cut down their credit card debt as much as possible. One of them began working overtime while the other made commission off of EBay sales. They also did odd jobs like selling eggs to make some extra cash.
]]> Most importantly, the couple cut back on their spending habits. They only spent money on the essentials such as medical costs, utilities, gas and groceries. In less than six months, the couple had eliminated close to $8,000 in credit card debt.While this couple's story is inspiring, some people in Iowa and beyond may be doing all they can to eliminate debt but making little progress. That may be especially true of people with particularly high amounts of debt. As people in Council Bluffs know, there may be a point when debt amounts become unmanageable.
When people feel that their debt situation is out of control, a bankruptcy filing may be the best alternative. Because bankruptcy is often viewed in a negative light people may do all that they can to avoid it. However, doing that could lead to even larger debt problems. To learn all of the facts about bankruptcy and its effect on a person's credit score, Council Bluff residents and others elsewhere would be best served speaking with an experienced bankruptcy attorney.
Source: Yahoo! Finance, "First Person: We Paid Down $8,000 of Credit Card Debt in 6 Months," C. Jeanne Heida, April 8, 2013
]]>The Labor Department released its jobless numbers for the month of March recently, and the numbers proved to be rather disappointing. Employers only added 88,000 jobs during the month. In February, close to 270,000 jobs were added.
]]> The business sector and the health care industry saw the largest gains during the month of March. Despite that, employers added much fewer jobs than economists expected."The general tenor of the report underscores what our overall data have been indicating - a growing but not accelerating economy," one economist said.
The unemployment rate has declined and now sits at 7.6 percent. However, many people have simply given up looking for a job. In addition, millions of people with part-time jobs continue to look for full-time work. The unemployment rate does not take that into consideration.
The shaky economy continues to have a major impact on people's lives and their bank accounts. People who have given up looking for a job may be dipping into their retirement accounts. Others who are only able to find part-time work may be having trouble coming up with enough money to pay their monthly bills and find themselves sinking deeper into debt.
People in those situations may feel helpless. However, they could find relief through personal bankruptcy. Living with high amounts of debt can be extremely difficult. However, there are options available to people to eliminate that debt once and for all.
Source: The New York Times, "U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%," Catherine Rampell, April5, 2013
]]>Council Bluffs residents are likely familiar with singer Dionne Warwick. Despite her fame, the singer has run into some financial troubles. She reportedly owes around $7 million to the Internal Revenue Service and about $3 million to the state of California. She recently filed for Chapter 7 bankruptcy.
]]> The singer reportedly receives around $21,000 a month in income. However, her monthly expenses total nearly that much as well, making it difficult to settle any debts.The singer has reportedly tried to negotiate with the IRS. However, she has repeatedly been denied. She is now hoping to receive debt relief through bankruptcy.
Iowa residents know how difficult it can be dealing with large amounts of debt. Each day that the debt remains can be stressful. People in Iowa and beyond should not feel alone in their struggles. In recent years, many people have experienced financial hardships. This recent story shows that even the rich and famous can land in financial trouble.
Unfortunately, debt will not disappear on its own, and choosing to ignore it may create even bigger problems. However, action can be taken to eliminate debt. Learning about the various debt relief options that exist is often a good place to start.
Source: abc7chicago.com, "Dionne Warwick Bankrupt: Singer files Chapter 7 petition," Associated Press, March 26, 2013
]]>For instance, Iowa residents who are paying off a car loan may think it is wise to transfer the remaining loan to a credit card, especially if they see offers for zero percent interest rates for a period of time. Those with only small amounts left to pay off may benefit from this move. However, most should steer clear of this.
]]> That's because transferring a large car loan to a credit card can impact a person's credit score. Revolving debt, such as credit card debt, is more risky and thus often negatively impacts credit scores.In addition, people who do not pay off the loan during the zero percent interest rate period can be faced with extremely high interest rates, making it even harder to pay off the debt.
Trying to manage high amounts of debt can be stressful. People may be willing to do just about anything to get out of debt. Rather than making risky moves, however, people may find that bankruptcy is their best option. Although some people view bankruptcy in a negative light, it can help people clear their debts once and for all.
However, the decision to file for bankruptcy is one that should be made thoughtfully. People should also be sure they fully understand the process and choose the best option for their specific situation. Speaking with an experienced bankruptcy attorney is usually a good first step.
Source: New York Times, "The Risks of Transferring a Car Loan to a Credit Card," Ann Carrins, March 18, 2013
]]>Nearly three years ago, student loan debt exceeded credit card debt for the very first time. Student loan debt has reached close to $1 trillion since then.
]]> Unfortunately, high amounts of student loan debt could delay some people's ability to buy a home. A lot of lenders will consider a person's debt-to-income ratio in order to qualify for a mortgage. People may have to wait until their incomes reach a certain point before they can even consider purchasing a home.Student loan debt is also affecting more than just young people. Parents or grandparents who have co-signed a loan are ultimately responsible for the payments. Millions of older Americans have student loan debt that they are dealing with. About $150 billion in student loans has to be paid back by people who are over the age of 50.
People who are struggling to pay off student loans should know that the debt often cannot be discharged through bankruptcy. However, Iowa residents struggling with other forms of debt in addition to student loans shouldn't feel that they are in a hopeless situation. People may be able to discharge other debts, such as credit card debt, through bankruptcy, allowing them to put more of their income towards student loans.
It can be very stressful as people are trying to work through their debt situation, but people in Iowa and beyond shouldn't feel helpless. After all, there are legal options for people to pursue to effectively end their money troubles.
Source: MSN Money, "3 little-known student loan facts," March 14, 2013
•· Our firm helps people who are facing financial difficulties. Check out our Council Bluffs bankruptcy page for more information.
]]>Many people have been forced to use their credit cards more often during these tough economic times. Unfortunately, credit card debt can quickly become unmanageable.
]]> Although some people view bankruptcy in a negative light, it may be the best solution for some people, especially those with high amounts of credit card debt. A bankruptcy filing allows people to discharge their debts, freeing them from the stress that comes with high amounts of debt.The economy has shown some improvements. However, many people are struggling to pay their monthly bills. It appears that a lot of people are not able to put any money in savings.
A survey by Bankrate.com shows that a quarter of Americans have more credit card debt than money in a savings account. One reason for this is that the cost of living continues to rise. However, incomes are not increasing at the same rate.
There are few people who have never had to deal with financial difficulties at one point or another. Those in Council Bluffs who have dealt with high amounts of debt in the past or who are dealing with it currently know how overwhelming it can feel. Rather than enduring the stress that comes with high amounts of debt, people would be wise to explore what options they have available to them to rid them of their debts for good.
Source: CBS Philly, "3 On Your Side: Americans & Savings," Jim Donovan, Feb. 26, 2013
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