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Now that it is tax time, today I got a call from a panicked client who is getting a 1099 on a credit card. Have you received a Form 1099-C Cancellation of Debt after your bankruptcy discharge? Don’t panic! Here’s a quick guide: Why did you get it? Normally, if a creditor cancels a debt … Continued
As the year comes to a close, it’s the perfect time to reflect on your financial goals and the steps you’ve taken towards achieving them. Year- End can serve as a reminder to prioritize your financial well-being. . By setting clear goals, it provides you with a sense of purpose and direction. It helps you … Continued
As the cost of living continues to rise, Americans are increasingly relying on credit cards to cover basic expenses like food and gas. This shift in credit card usage has led to growing concerns as the nation’s credit card debt surpassed $1 trillion. It is not only the increased card usage that is a problem, … Continued
An estimated 23% of Americans have medical debt they cant pay and an estimated 41% are trying to pay off medical debt. Medical debt is the leading cause of individual bankruptcy filings and the stigma behind filing bankruptcy no longer exists as more and more Americans turn to bankruptcy protection to get a fresh start. … Continued
Bankruptcy often does affect your credit score, but let’s face it if you owe debt, it was probably low to begin with. Filing for bankruptcy does provide relief and a fresh start, but it it important to remember it is just a tool to get you that fresh start. That is why at Tomes Law … Continued
Are you looking to boost your savings and achieve your financial goals? One simple and effective way to save money is by setting up automatic transfers from your checking account to a designated savings account. Here’s our Monday Savings Tip: Schedule a recurring transfer to automatically move a portion of your income into your savings … Continued
Struggling with overwhelming credit card bills can be a challenging and stressful situation. Fortunately, filing for Chapter 7 bankruptcy in New Jersey offers individuals a chance to regain financial control. Let’s talk about how our Chapter 7 bankruptcy attorneys were able to help Emily find relief with this option. Emily, like many others, faced a … Continued
In today’s fast-paced world, saving money may seem like a daunting task. However, adopting a simple and effective savings strategy can make a significant difference over time. One key tip to kickstart your savings journey is to start small. Even if you have eliminated your past debt with bankruptcy, stay on track for the future. … Continued
Financial literacy is having an adequate level of knowledge about personal finance (such as saving, budgeting, credit management, investing, taxes, insurance and more) so that you can make informed and effective decisions with your money. Being financially literate means that you have a grasp of the fundamentals of smart spending and saving decisions and that … Continued
A Consumer Reports study found that many consumer credit reports contain inaccuracies. This can lead to problems with loans and higher interest rates. If you find a problem with yours, what should you do? First, file a dispute with each credit bureau Experian, Equifax, and TransUnion. Go straight to the credit bureau, not to your … Continued