… million Social Security recipients, many facing foreclosure and bankruptcy, will not receive a cost of living increase for the first time since cost of living increases were adopted in 1975. Why?  Supposedly the prices of critical consumer goods are falling. But I guess they haven’t noticed that many are still struggling with non-consumer goods such as housing during this foreclosure crisis. But I digress.

Cost of living increases for Social Security are based on inflation, which is …

Tags: Cost of living Health care Medicare Social Security

Permalink: /economy/no-cost-of-living-increase-for-50-million-social-security-recipients/

The cost of medical insurance has continued to rise, burdening both employers and workers. But as the economy worsens many experts are predicting that the cost of coverage could increase as much as 30 percent each year with many employers passing on the increased cost of health insurance to workers.  Many workers, especially those who are living on tight budgets, will choose to drop their coverage …

Permalink: /medical_bills/will-the-rising-cost-of-medical-insurance-cause-more-bankruptcies/

… a “reluctant” option due to an unearned stigma and many beliefs about repaying debt regardless of the cost to the individual and the family’s well-being.  Although it is important to repay debts, many senior citizens are clearly in financial crisis and cannot pull through without the assistance of bankruptcy relief.

For those senior citizens struggling financially, you should probably consider bankruptcy if:

You are facing foreclosure.

You have large credit card debts.

Credit …

Permalink: /chapter_7_bankruptcy/seniors-living-on-fixed-income-consider-bankruptcy-options/

As more Americans fall behind on their debt payments because of a job loss or reduced income, many are turning to the equity in their homes to their debts hoping that they can avoid bankruptcy.  But cashing out the equity in your home to repay debt may be a huge mistake here’s why:

When you cash out equity in your home to pay debt, you put your home at risk for foreclosure.  If you can’t repay that equity loan, the lender could …

… from your unemployment benefits check you could end up being liable for hundreds, if not thousands of dollars in taxes.  Here’s what you need to know about reducing your tax liability and/or deferring payment as an unemployed person:

If you are searching for a job, gather all of your job search related receipts. You may be able to deduct expenses for items such as parking fees, resume services and even long distance phone calls and travel expenses related to searching for …

Tags: Standard of living tax Unemployment

… on their student loans at an alarming rate.

The article said:

“In Texas, 9.3 percent of borrowers defaulted on their federal student loans last year – the highest rate in nearly a decade. Only Arizona had a higher rate, 9.8 percent. The national average was 6.7 percent, based on the data released this week.”

Many Texans are graduating from college are unable to find jobs or if they find a job it may not pay enough to cover their everyday living expenses plus the cost of …

Tags: Student Loans Supreme Court of the United States Texas

… get this straight; you are not personally responsible for the credit card bills (or other debts) of your deceased relatives. As more debtors default on their credit card loans some “creative” bill collectors are seeking out the relatives of deceased debtors and asking that they pay on their dearly departed’s credit card debt. Sometimes these requests are framed in a way to give the impression that the relative is obligated to pay the debt and sometimes their emotions are manipulated to …

Permalink: /dallas_bankruptcy/debts-of-the-dead-are-not-the-responsibility-of-the-living/

… steps will definitely go a long way toward improving your financial (and emotional) state of being.

1.  Make a realistic budget–and stick to it!  You may have to re-evaluate and revise it from time to time, especially any time your financial situation changes, for better or worse.

2. Avoid impulse shopping.  If you see something you absolutely must have, but didn’t plan to buy, don’t give in to temptation then and there.  Instead, take a night or two to think it over. …

… OR financial background, and yet they have a huge responsibility for your financial future.

Of course you want to “take responsibility” of your debts and pay what you rightfully owe.  That is noble and often the ethical choice.

If you file bankruptcy, you are not absolving yourself of the responsibilities you have to your creditors.  You are simply protecting your assets and your family.  Your relatively minor setback should not cost you the home you have been living in ten …

A survey released by Tamara Draut, vice president of policy and programs at Demos and co-author of The Plastic Safety Net: How Households are Coping in a Fragile Economy, revealed that 37 percent of low-income and middle-income households use their credit cards for basic living expenses such as housing, groceries and utilities on a regular basis.

Tamara Draut said: “Wages have stagnated while medical and housing costs have sky¬rocketed, and …

… rate that outpaces other groups.

The article said:

“People age 65 and up carried an average of $10,235 credit card debt in 2008, according to a study released Tuesday by Demos, a public policy research group. That’s an increase of 26% since the organization’s last survey of low- and middle-income borrowers in 2005. The average debt for all borrowers in the survey rose just 3%, to $9,827, during that same time period.”

The rising cost of health care and the dependence on credit …

… legal OR financial background, and yet they have a huge responsibility for your financial future.

Of course you want to “take responsibility” of your debts and pay what you rightfully owe. That is noble and often the ethical choice.

If you file bankruptcy, you are not absolving yourself of the responsibilities you have to your creditors. You are simply protecting your assets and your family. Your relatively minor set back should not cost you the home you have been living in ten years. …