Living a debt free life is something we all dream about. But for many of us, it can feel like it’s just not in the cards.
Yes it is possible to be debt-free. Let us help you see the light at the end of the tunnel. Also be sure to check out our complete guide to getting out of debt.
As anyone who has ever tried to start a business, or has encountered significant unanticipated expenses, or had to endure a gap in employment before starting a dream job can attest, savings are the lynchpin of financial independence.
There is a comfort in certainty, and unfortunately we don’t live in a very certain world.
According to the survey made on the Americans, It Was discovered that one in eight Americans don’t think they could ever pay off what they owe.
Americans struggling with substantial mortgage debt that exceeds the value of their home have several options, including a short sale, foreclosure, or mortgage restructuring. Traditionally, any of these options that results in forgiving or discharging some of the debt on their primary home results in a form 1099-C, Cancellation of Debt, from the lender.
The IRS considers most forms of cancelled debts, including mortgage debt, as income for the recipient. This can mean a tax bill of thousands of dollars, even if you lost the home in foreclosure.
The Mortgage Forgiveness Debt Relief Act of 2007 was passed at the height of the foreclosure crisis, gives homeowners tax relief from this forgiven debt. Here’s what you need to know about the Mortgage Forgiveness Debt Act.
Public transport doesn’t meet the transportation needs of many Americans and an increasing number of people are deciding to own cars.
The easiest way to pay for a car is by cash or check but not many people can afford to pull out $20,000 to buy a car and drive it off the lot. Hence, most car buyers need to take up one form of auto loan or another.
Accidents happen to the best of us. Some are relatively painless, others are incredibly painful — not just in the emotional or physical sense but in the financial sense as well.
Take car accidents, for example. Even a minor fender bender can set your finances back months or even years.
How are you supposed to get back on track after an accident wipes out your emergency fund, increases your insurance, and leaves you holding what will likely be a substantial bill?
There are around 1,000,000 bankruptcies every year in the US.
Obviously, it’s a problem. A problem that can be avoided, but if you’re past the avoiding stage, it may be your best option.
Let’s dive in and discuss the different types of bankruptcy, when to file, when not to file, and the effects of filing.