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Filing for bankruptcy is a big financial decision. It is typically people who are overwhelmed by their unsecured debt and can’t possibly repay it who file for bankruptcy in their financial distress, as bankruptcy filing can offer a lifeline to people drowning in debt. Unfortunately, not all debtors qualify for bankruptcy protection.

Before you gather the paperwork or consult with an attorney or law firm, take a look at your financial situation and credit card debt because your financial situation could disqualify you from this debt-relief option.

Think of the bankruptcy process like applying for a new job: your financial history, recent actions, and current situation determine whether you are eligible to file for bankruptcy. Just as a job application requires honesty and proper documentation, bankruptcy demands transparency and sticking to specific rules to help you make a fresh financial start.

Here is a breakdown of what can disqualify you from a bankruptcy petition.

You may think getting out of debt on a low income seems impossible. However, you would be surprised to learn that debt relief is achievable with the right personal finance strategy and dedication.

It’s obviously easier to get rid of debt on a comfortable income. Even with a low income, though, it may take you longer to control your debts and lower your overall debt level, but it is possible. There are several effective approaches to debt-free life, even when extra money is tight.

Let’s take a look at a debt-reduction plan even for a low-income person.

Nobody likes calls from debt collectors. They are stressful, especially if you are overwhelmed by your debts. So, what’s the best way to deal with them?

The first thing to do is to remain calm and confident. To get yourself out of debt, you need to negotiate with the debt collection agency and regain control of your financial situation. Debt comes in many forms: credit card debt, medical bills, student loans, auto loans, or any other type of debt. What they have in common is that they can all seriously hurt your credit status.

If your debts are increasing and debt collectors have started calling you, you need to organize your negotiation tactic and reach debt relief. The better you are at negotiating, the more successful you will be in recovering from your debts.

First responders dedicate their lives to protecting our communities, always putting others first. There comes a time when they need our attention and support, though, as first responders can face financial and money challenges while serving others.

From long shifts to emotional stress, these dedicated professionals – including police officers, firefighters, EMTs, and paramedics – deserve specialized support in managing their financial well-being. Their hectic days, emotional stress and difficult work conditions can often challenge their finances and how they respond to their financial obligations.

Life can easily get out of hand. Unemployment, an unexpected medical problem, a sudden increase in your cost of living, or family issues can seriously affect your finances. When things get tough, you may not be able to afford to pay all your monthly obligations. When loan installments or bills go unpaid, that is when they go to collections.

Being on a tight budget does not mean that you have to learn to live with debt. Find out what you can do to reduce and eliminate debt on a tight budget.

The 2020 global pandemic locked up economies and limited the use of cash. As the circumstances forced more people to use plastic, fraudsters found more opportunities to steal identities and commit credit card fraud.

Regardless of your lifestyle, as you go from childhood to adulthood and then grow older, you encounter several milestones that define your life. You may get married, start a family, buy a home, buy a car, start a business, etc. These major life events have one thing in common: they all cost money.

Close to half a million people fall victim to credit card fraud in the US every year. Learn what credit card fraud is and how you can guard against it.

You stick your credit card into an ATM to grab some cash on your way home from a trip. Unbeknownst to you, someone has installed a barely noticeable electronic device over the card slot of the machine, called a “skimmer.” A few days later, you begin to notice fraudulent charges on your accounts. Someone has stolen your identity by committing credit card fraud.