by Silvana Jimenez | May 16, 2016 | Blog
Calculate what your income is. Your income will determine if you qualify for Chapter 7 or Chapter 13 bankruptcy. Income qualifications vary from one state to another, however, so it’s important to check the requirements for your state. Ensure your debts will be erased if you file for bankruptcy. Debts can be secured or unsecured, and some types of secured debts won’t go away when you file. What is Chapter 7 bankruptcy? Chapter 7 erases any unsecured debt, which includes medical bills as well as credit card debt. Your income has to be below a certain level for you to qualify for this type of bankruptcy and this level varies from one state to another. The downside of filing for Chapter 7 is that your assets will be sold to pay your creditors back. Your creditors will not be paid back if there are no assets to sell. What is Chapter 13 bankruptcy? Chapter 13 bankruptcy includes setting up a restructuration plan, usually with monthly payments. Filing for this type of bankruptcy means that you’ll have pay at least a portion of your debt. The main advantage of Chapter 13 is that your assets won’t be sold. However, you’ll have to prove that your income allows you to keep up with the repayment plan after subtracting your living expenses. Your secured debts also have to be below a certain level in order to qualify for Chapter 13. What kind of assets could you lose if you file under Chapter...
by helen | May 12, 2016 | Blog
Should you loan money to friend or family member? It’s a complicated subject. While it’s natural to want to help the people in your life, loaning money has the potential to destroy relationships. Refusing to lend money can be hard on a relationship, too. There are no easy answers. Think carefully before loaning money to family and friends: 1. Only loan what you can afford to lose. The grim reality is that you might never see your money again. You can minimize the pain of default by only loaning what you can afford to lose. read...
by Silvana Jimenez | May 11, 2016 | Blog
A lack of preparation for financial emergencies. Everyone needs an emergency fund. While the lack of an emergency fund is common within every age group, millennials are especially likely to not have any money set aside for emergencies. Strive to set aside 3-6 months of living expenses and you’ll be prepared for most financial emergencies. Failing to take advantage of 401(k) matching. If your employer offers 401(k) matching, take advantage of it. Not only will your money work for you, but your employer is giving you the same amount as what you’re investing. Considering future growth, your employer could be handing you a fortune – for...
by Silvana Jimenez | May 11, 2016 | Blog
Many people handle money well at work, but horribly at home. There’s a different mindset when you’re expected to act like a professional. What if you handled your personal finances with the same professionalism a CFO takes care of business? Discipline and professionalism can add a lot to your personal financial future. Just because no one is watching you doesn’t mean you can be irresponsible with your finances at home. Act like a CFO and take control of your money: 1. Live by your budget. Even the wealthiest companies have budgets that each department and manager are expected to follow. As your own personal CFO, you should prepare a monthly budget and chart any discrepancies. Then make the necessary budget adjustments. • If you don’t have a budget, creating one is the first order of...
by Silvana Jimenez | May 11, 2016 | Blog
Meet Jeanette Sandoval, KDA client concierge and the person who greets customers with a smile as they come in through the door. She has been with the company one awesome year contributing to KDA standards for excellence with her professionalism and work ethic. There’s more to her than being the first person you see when you enter the office. Here is the full interview where you can learn a few more things about Jeanette. When did you join Karla Dennis and Associates? January 13, 2015 What’s the best thing about your job? That I learn something new every single day. read...
