Personal Finances - Planning For The Future!

If you're hoping to make a big purchase in the future, consider beginning to track your finances today. There are some simple tips to help you improve your financial management skills.

Flexible spending accounts are a wise choice for most people. You won't be taxed for this money; therefore, you are saving more.

Consider adding international investments to your portfolio. No load mutual funds greatly reduce the expense involved in buying individual foreign stocks.

Set up your debit card to pay down your credit card automatically during the last days of the month. This will help keep you from forgetting.

Repair Your Credit Score

Having bad credit can be stressful and annoying. It's one of the main stumbling blocks to a successful life. It can prevent you from leading the life you desire and living your life to its full potential. It's not difficult to get back on track to good credit, so read the rest of this article to learn what you need to do it right.

Check your credit card carefully each month to ensure that there's no incorrect information. Should there be any mistakes, contact the company and talk to them to avoid being reported to the credit companies.

You should keep the balances on your credit cards low to help you fix your credit. By carrying a high balance, your credit score will suffer, even if you make timely payments every month.

You can contact your creditors and request a lower limit. This will stop you from racking up giant credit card bills, and show lenders you are responsible.

Bankruptcy Myths

Myth One: Bankruptcy relief is no longer accessible.

Virtually all of the relief formerly available through bankruptcy survives in today's bankruptcy code. It is a little more involved as well as somewhat more costly, however it still works.

Myth Two: You can't file bankruptcy if you have a career or job.

The new "means test" is supposed to divert some filers that make more than the median income for their state or geographical location to Chapter 13. The only manner to file a Chapter 13  is to HAVE a job. So, this is utterly untrue.

What is Exempt when Filing Bankruptcy?

There are many exemptions on property when filing for bankruptcy.  If you are filing Chapter 7 you can keep all of that property.  There are exemptions under state and federal law, however, federal law is usually more permissive.

Here is a list of the Federal Exemptions:

*Home equity up to $16,500

*Car equity up to $2,575