Becoming familiar with your spending habits, debt ratio, and understanding how lenders view your financial snapshot may very well be your best defense against future bankruptcy or foreclosure action. It all begins with fiscal responsibility, supported by a sound credit report, but how many Americans actually request and review their credit report on an annual basis?
Bankruptcy, as defined by LendingTree, LLC, the nation’s leading online lender exchange, is a complicated situation that can open the door to a personal or business “do-over” without the burden of insurmountable debt but not without possible financial consequences.
It may be easy to briefly define bankruptcy but for those facing the reality, the situation can raise numerous questions, especially when it involves your Roth IRA.
There are several myths and old wive’s tales floating around about bankruptcy. Many people accept them as truth, and that scares them off from finding the relief that comes from filing bankruptcy. Here are some of the most common myths about bankruptcy, and the truths behind them.
The number of Illinois bankruptcies has been consistently increasing for the last several years. According to the American Bankruptcy Institute (ABI), in 2007 there were just over 41,000 bankruptcies in Illinois, and by 2010 there were over 82,000 Illinois bankruptcy filings.