Practical guidance on debt, bankruptcy, and the financial decisions that matter most. Written by OVLG attorneys.
Debt is an important financial tool, made available to people, to help them counter immediate expenses and expand their opportunities.Sounds total got up, cock and bull case?!Well, we consumers have proved it so!It is us to blame for the bad name, that debts carry.The enormous debate surrounding good debt and bad debt has been around the corner for a long long time.It ...
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Are you someone who is drowning in huge debt? Do you feel like getting out of debt will take the whole life? Are you fed up by making the minimum monthly payments of the sticky debt for a long time?If all the answers are "Yes", then you are not following the right way to get out of debt. You need to take some extreme action to get out of debt. Many people have already ...
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Some people assume that paying off their debt will solve all their money problems. They think that after paying off debt, their credit health will improve overnight. But, unfortunately it is not the fact.Paying off all your debts help your credit score to flourish, but it may not always happen in every case.At first, you have to understand the factors that can improve ...
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In plain and simple words, the IRS treats forgiven debts as your income. To be definite, the IRS considers ‘cancellation of debts’ quite the same as your weekly or monthly paycheck! And, there is a good reason why the IRS treats forgiven debts as your income.Read on, to understand why.When you borrow money from a lender, you’re legally responsible for repaying ...
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Retirement savings is priceless. No matter what the amount is.This money you have saved by working day and night for the past 30 or 40 years. I consider it to be no joke!But the game is not yet over. The war never ends for the warrior.Now that you have a decent amount of money stashed in your vaults, you must know how to protect your retirement savings.Losers and ...
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What should you do with your old debt? There is no short answer to this question. You have to understand some important things related to paying off an old debt.When is your debt no longer collectible?According to the Fair Credit Reporting Act (FCRA), past due credit card bill, payday loan, car loan, or any kind of personal loan debt, will stay on your credit report ...
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Tax refund for us is a big expectation while filing our taxes at the end of the tax year. Whatever we can pull back from the vaults of IRS, makes us a bit happy.But only a few of us actually know how to put the tax refund money to some good use.First, you need to understand that the tax return doesn’t grow on interests. So whatever amount you get back is a part of ...
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Did you accumulate a lot of credit card debts last year for paying your medical expenses? You are not alone; many Americans are falling into debt trouble due to uncontrollable medical bills. Why are people falling into medical debt? First of all medical costs are rising sky high and deliberately taking the toll on a personal budget. Secondly, if the medical issues ...
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