The simple truth is that getting out of debt is only the first step. That is how you get to the starting point. Staying out of debt and moving forward to financial independence is the bigger challenge. And that’s where the big rewards await. What does a debt-free life look like? Here’s a mental picture […]

People who have become disciplined and paid off their existing debt have made it to the starting line. Do they continue to progress or did they mistake the starting line for the finish line? How many of them grabbed the prize and went back to their old ways of living and thinking? Many people have […]

A. Some people get out of debt and, after doing so, they toss aside the principles that served them so well in getting out of debt. They handled debt-recovery very well, but failed to kick into debt-prevention mode. They got to the starting line and then they quit. In this whole matter of personal money […]

The Federal Bankruptcy Code provides consumers with two forms of debtor relief. Chapter 7 of the code is the straight bankruptcy provision and provides for liquidation (conversion into cash) of the debtor’s assets. With bankruptcy under Chapter 7, you give up the property you put up for collateral when using credit, unless the debts are […]

Chapter 7 Bankruptcy allows a person overburdened with debts to make a fresh start by discharging most of the claims against him or her. The granting of a discharge after the filing of a bankruptcy petition in federal court releases or discharges you from the legal responsibility of your debts once the petition is approved. […]