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December 2012 Archives

Court says liens still attach to prior agreements

When a debtor files for Chapter 7 bankruptcy, a creditor can request a supplemental proceeding if there is a question of the settlement of a debt. An appeals court recently ruled that liens by creditors made after supplemental hearings could be enforced, despite the fact that the issues may be unresolved or there may be error on the part of the creditor.

Student loan debt tops credit card debt for first time

In the past, individuals and families struggling with debt were usually battling high credit card balances and interest rates. For the first time, student loans have taken the position of the number-one unsecured debt owed by Americans. According to the Federal Reserve Bank of New York, more than 11 percent of the $956 billion in current student loans are now in default. Credit card delinquency, on the other hand, has dropped in number for the last four years.The soft job market has led to many college dropouts and graduates being unable to find employment, contributing to the delinquency in paying back borrowed funds. Rising educational costs, in the meantime, force new students to borrow more and more money to finance a college degree. Credit cards, in the meantime, have tightened their requirements and are no longer handed out to college students without proof of income.

Becoming a millionaire after bankruptcy


A surprising number of entrepreneurs have risen from the ashes of Chapter 7 bankruptcy to becoming multimillionaires. This scenario is even more common now with the shifting dotcom and Internet industries and the uncertainty of the stock market and the general economic climate. The fact is that bankruptcy does not have to mean the end of financial hopes and dreams but instead can be a springboard to success.The secret to success after bankruptcy is often doing things differently the second time around. Changing your budget and your spending habits is not easy, but it is possible. Many entrepreneurs have found that when a business fails, it is a signal to investors and others that the business owner was willing to take risks. This can be a highly-prized characteristic in today's flexible market.

Reduce debt: Know the difference between good and bad debt

For individuals who are struggling with debt, the questions surrounding how to pay for necessities and wants can become complicated. However, keeping a few basic rules about debt in mind can help consumers manage their finances more successfully and fend off monetary problems.The most basic rule to remember is that not all debt is the same. "Good debt" could be described as debt that is necessary to achieve a long-term goal and will bring some type of benefit to an individual in the future. An example of good debt is a mortgage. Purchasing a house involves a long-term debt commitment for most people, but it also funds an asset that should continue to rise in value.

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Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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