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It’s officially Fall! Get ready to pull out those warm sweaters & start planning for your holiday expenses!
In order to plan for your holiday expenses, you’ll need to think about Halloween costumes, decorations, and candy for trick or treaters. For Thanksgiving, you may need to purchase plane or bus tickets to see family members, or you may need to be the host this year. For Christmas, you’ll need to buy presents for your loved ones and possibly even save for a family vacation!
These next 3-4 months are the most expensive time of the year, but here are some financial plans & tips that can help you save this Fall!
- Budget for your holiday shopping: Make a list of everyone you are going to buy a present for. Create a budget for each gift & make sure you save a portion of that every paycheck. If you already have a gift idea for a specific person, buy it now so you have it out of the way when it comes to Christmas. You can also wait for the annual sales and buy it on Black Friday or Cyber Monday.
- DIY presents can come in handy: The best gifts come from the heart. Homemade gifts can be the most thoughtful & they can save you a lot of money. Additionally, if you want fun new clothes for each holiday, you can create your own Halloween costume or sew your own Thanksgiving sweater or Ugly Christmas sweater.
- Second-hand shopping: Buying clothing, furniture, and house decor at thrift stores is very popular right now. Using this trend to your advantage can help you save a lot of money. Y2K & 90’s fashion is very popular right now as well as vintage house decor. Thrift stores all across the U.S. are carrying these items right now. Thrift stores are also essential in finding cheap Christmas sweaters, fashionable Fall sweaters & skirts, and clothes that can help you finalize your Halloween costume.
- Prioritize your needs over wants: Keep unnecessary purchases to a minimum. You know you’re going to have to spend more money than usual these next few months, so plan every purchase and DO NOT impulse buy items you don’t need.
The post Your Fall Financial Plans! appeared first on Allmand Law Firm, PLLC.
It’s officially Fall! Get ready to pull out those warm sweaters & start planning for your holiday expenses!
In order to plan for your holiday expenses, you’ll need to think about Halloween costumes, decorations, and candy for trick or treaters. For Thanksgiving, you may need to purchase plane or bus tickets to see family members, or you may need to be the host this year. For Christmas, you’ll need to buy presents for your loved ones and possibly even save for a family vacation!
These next 3-4 months are the most expensive time of the year, but here are some financial plans & tips that can help you save this Fall!
- Budget for your holiday shopping: Make a list of everyone you are going to buy a present for. Create a budget for each gift & make sure you save a portion of that every paycheck. If you already have a gift idea for a specific person, buy it now so you have it out of the way when it comes to Christmas. You can also wait for the annual sales and buy it on Black Friday or Cyber Monday.
- DIY presents can come in handy: The best gifts come from the heart. Homemade gifts can be the most thoughtful & they can save you a lot of money. Additionally, if you want fun new clothes for each holiday, you can create your own Halloween costume or sew your own Thanksgiving sweater or Ugly Christmas sweater.
- Second-hand shopping: Buying clothing, furniture, and house decor at thrift stores is very popular right now. Using this trend to your advantage can help you save a lot of money. Y2K & 90’s fashion is very popular right now as well as vintage house decor. Thrift stores all across the U.S. are carrying these items right now. Thrift stores are also essential in finding cheap Christmas sweaters, fashionable Fall sweaters & skirts, and clothes that can help you finalize your Halloween costume.
- Prioritize your needs over wants: Keep unnecessary purchases to a minimum. You know you’re going to have to spend more money than usual these next few months, so plan every purchase and DO NOT impulse buy items you don’t need.
The post Your Fall Financial Plans! appeared first on Allmand Law Firm, PLLC.
Medical debt is one of the most common reasons why American’s file for bankruptcy. With the rising cost of medical debt, many are looking to get help or even rid this debt by filing bankruptcy. Filing either a Chapter 7 or Chapter 13 bankruptcy can help you with your medical debt. Here’s how:
Chapter 7 Bankruptcy & Medical Debt: Filing a Chapter 7 bankruptcy will successfully discharge all of your medical debt. There’s no maximum or minimum dollar limit and this is debt that you do not need to pay back. In order to file a Chapter 7, you need to pass a means tests. This test will look at your income & expenses. Keep in mind, you will need to keep paying for your health insurance during and after a Chapter 7 bankruptcy, but your medical debt can be completely discharged after your bankruptcy. You may want to file a Chapter 7 if you are consistent and up to date on all other payments other than your medical debt.
Chapter 13 Bankruptcy & Medical Debt: Filing a Chapter 13 essentially discharges your medical debt, but it will combine your debt & bills and you will still need to pay back some of this debt. Like Chapter 7, you’ll need to see if you qualify for Chapter 13. Chapter 13 is based on your income, debt, bills, equity, assets, etc. Unlike Chapter 7, the debt limit for filing a Chapter 13 is less than $394,725. If your total debt is less than this number, you will be able to have majority of your medical debt dismissed and only pay back a small portion of it.
If you are struggling with medical debt and are interested in filing bankruptcy, but you aren’t sure which you qualify for, call (214) 265-0123 for a free initial consultation with our firm.
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The post Your Medical Debt & Bankruptcy appeared first on Allmand Law Firm, PLLC.
Medical debt is one of the most common reasons why American’s file for bankruptcy. With the rising cost of medical debt, many are looking to get help or even rid this debt by filing bankruptcy. Filing either a Chapter 7 or Chapter 13 bankruptcy can help you with your medical debt. Here’s how:
Chapter 7 Bankruptcy & Medical Debt: Filing a Chapter 7 bankruptcy will successfully discharge all of your medical debt. There’s no maximum or minimum dollar limit and this is debt that you do not need to pay back. In order to file a Chapter 7, you need to pass a means tests. This test will look at your income & expenses. Keep in mind, you will need to keep paying for your health insurance during and after a Chapter 7 bankruptcy, but your medical debt can be completely discharged after your bankruptcy. You may want to file a Chapter 7 if you are consistent and up to date on all other payments other than your medical debt.
Chapter 13 Bankruptcy & Medical Debt: Filing a Chapter 13 essentially discharges your medical debt, but it will combine your debt & bills and you will still need to pay back some of this debt. Like Chapter 7, you’ll need to see if you qualify for Chapter 13. Chapter 13 is based on your income, debt, bills, equity, assets, etc. Unlike Chapter 7, the debt limit for filing a Chapter 13 is less than $394,725. If your total debt is less than this number, you will be able to have majority of your medical debt dismissed and only pay back a small portion of it.
If you are struggling with medical debt and are interested in filing bankruptcy, but you aren’t sure which you qualify for, call (214) 265-0123 for a free initial consultation with our firm.
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The post Your Medical Debt & Bankruptcy appeared first on Allmand Law Firm, PLLC.
That article can be found at Jacobin Magazine at https://www.jacobinmag.com/2021/09/nyc-taxi-cab-medallion-debt-speculati...
Bankruptcy can be considered a taboo subject because of the fears and misconceptions about bankruptcy. But sometimes people need a helping hand, and bankruptcy may be right for them. The good news is these negative stereotypes about bankruptcy are usually not true. We’ll discuss some common misconceptions of bankrutpcy and the truth regarding these misconceptions. You’ll be suprised at how forgiving the bankruptcy process can be!
1. Bankruptcy Permanently Kills Your Credit: Bankruptcy will never completely kill your credit. A bankruptcy remains on your credit report for 7-10 years, so you can expect limited access during those years, but it is not permanent. Most people even receive credit card offers right after their successful bankruptcy discharge. Usually, a year after a successful bankruptcy discharge, your credit will even go up. This is based on multiple factors. These factors are capacity, payment history, and your debt to income ratio. After bankruptcy, all three of these factors are improved. As soon as you go and get a new credit card, you now have a large capacity, all your late payments have been wiped off your credit, and your debt to income ratio is much improved.
2. Bankruptcy Discharges All Debt: This is not true. Chapter 7 bankruptcy can discharge most unsecured debts like personal loans, utility bills, credit card charges, and medical bills. Chapter 7 may be able to even discharge secured debts under certain circumstances. Debts that can not be discharged in bankruptcy are child support, spousal support, student loans, and more.
3. I Can Incur Debt Right Before I File For Bankruptcy: You can not. 90 days before you file for bankruptcy, you are presumed to be insolvent. This means you are presumed to be unable to pay all debts owed. If you are maxing out credit cards right before filing for bankruptcy, this can cause major problems when you finally go to file. This is because it will look like you intend to defraud your creditors.
4. You’ll Lose Everything In Bankruptcy: This is far from the truth. Most property in a bankruptcy is exempt. In a bankruptcy, your home, vehicle, and clothes are exempt. Usually, creditors are not interested in the items that aren’t exempt like your air fryer or flat screen tv. So most likely, you’ll be able to keep majority of the items you own.
5. Bankruptcy Filers Are Financially Irresponsible: This is false. No one who filed for bankruptcy wanted to go through a global pandemic. No one intended to lose their jobs. No one intended to become severely ill and rack up thousands in medical bills. Filing bankruptcy should never be a shameful situation. Bad things happen to everyone and not everyone has the funds to pay for everything.
For more bankruptcy myths debunked, click here!
The post Bankruptcy Misconceptions & Truths appeared first on Allmand Law Firm, PLLC.
Bankruptcy can be considered a taboo subject because of the fears and misconceptions about bankruptcy. But sometimes people need a helping hand, and bankruptcy may be right for them. The good news is these negative stereotypes about bankruptcy are usually not true. We’ll discuss some common misconceptions of bankrutpcy and the truth regarding these misconceptions. You’ll be suprised at how forgiving the bankruptcy process can be!
1. Bankruptcy Permanently Kills Your Credit: Bankruptcy will never completely kill your credit. A bankruptcy remains on your credit report for 7-10 years, so you can expect limited access during those years, but it is not permanent. Most people even receive credit card offers right after their successful bankruptcy discharge. Usually, a year after a successful bankruptcy discharge, your credit will even go up. This is based on multiple factors. These factors are capacity, payment history, and your debt to income ratio. After bankruptcy, all three of these factors are improved. As soon as you go and get a new credit card, you now have a large capacity, all your late payments have been wiped off your credit, and your debt to income ratio is much improved.
2. Bankruptcy Discharges All Debt: This is not true. Chapter 7 bankruptcy can discharge most unsecured debts like personal loans, utility bills, credit card charges, and medical bills. Chapter 7 may be able to even discharge secured debts under certain circumstances. Debts that can not be discharged in bankruptcy are child support, spousal support, student loans, and more.
3. I Can Incur Debt Right Before I File For Bankruptcy: You can not. 90 days before you file for bankruptcy, you are presumed to be insolvent. This means you are presumed to be unable to pay all debts owed. If you are maxing out credit cards right before filing for bankruptcy, this can cause major problems when you finally go to file. This is because it will look like you intend to defraud your creditors.
4. You’ll Lose Everything In Bankruptcy: This is far from the truth. Most property in a bankruptcy is exempt. In a bankruptcy, your home, vehicle, and clothes are exempt. Usually, creditors are not interested in the items that aren’t exempt like your air fryer or flat screen tv. So most likely, you’ll be able to keep majority of the items you own.
5. Bankruptcy Filers Are Financially Irresponsible: This is false. No one who filed for bankruptcy wanted to go through a global pandemic. No one intended to lose their jobs. No one intended to become severely ill and rack up thousands in medical bills. Filing bankruptcy should never be a shameful situation. Bad things happen to everyone and not everyone has the funds to pay for everything.
For more bankruptcy myths debunked, click here!
The post Bankruptcy Misconceptions & Truths appeared first on Allmand Law Firm, PLLC.
Updated daily, this blog will keep you informed on the latest bankruptcy news! 
Learn more about how Bankruptcy works and what you need to know.