Working with your minor child to open a savings account and manage his or her money is a good thing, but what happens to that account if you ever have to file bankruptcy? The good news is that your child's account is probably exempt and can't be seized by the bankruptcy trustee to pay off debts. As with anything related to bankruptcy, the details do matter, though, so it's important to consult with your bankruptcy attorney to understand if your child's accounts are safe.
Student loan debt crisis drives solutions
Whether or not you believe there is a major student loan debt crisis in the country -- and people are, in fact, divided in that belief -- you can't deny that a number of agencies have stepped forward with solutions for debtors. Both public and private sector organizations have developed solutions that let individuals manage their student loan debt in keeping with personal budgets. While those solutions do go a long way to helping individuals reduce their debt, they aren't always all-encompassing.
Can you get a loan for a car after bankruptcy?
One of the first things people tell you when you think about filing for bankruptcy is that it will wreck your credit for the future. While it's true that bankruptcy does have a negative impact on your credit report and it can linger on that report for up to 10 years, it's not true that your entire financial life is ruined for those 10 years. In fact, that's one reason for contacting a lawyer and filing bankruptcy: to rescue a financial situation that is already ruined or fast on its way to ruin.
Bankruptcy can be a comprehensive solution
Bankruptcy is certainly no one's first solution to a money problem, and we don't think it should be. If you actually have enough income that you can budget your way to catching up on debt and expenses, then a little willpower can go a long way in helping create a more stable financial future. But all the willpower in the world won't help if you simply don't have enough income to keep the ship from sinking or if you're facing critical debt situations because of loss of job or a medical emergency.
