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August 2014 Archives

Lack of retirement savings compounds financial challenges

Major financial issues often originate from a series of minor difficulties that quickly escalate out of control. In fact, many Miami residents currently considering their debt relief options may concede that their debt became unmanageable before they had the opportunity to properly address it. Personal savings is often the first thing that people rely on to cover their expenses, and retirement savings may be the thing that takes one of the largest hits as a result.

Bankruptcy exemptions 101

While it is true that personal bankruptcy is intended to account for substantial amounts of debt, the process is not designed to compromise the financial security and/or personal integrity of filers. As a result, Florida state and federal guidelines regarding bankruptcy exemptions are in place to allow for the reasonable comfort and independence of people that file for Chapter 7 bankruptcy.

Certain IRA accounts may be considered exempt in FL bankruptcy cases

During hard economic times, some Florida residents are compelled to declare bankruptcy as a way to gain financial freedom from uncontrollable debt. As part of the bankruptcy process, people are required to list their assets and property as well as their debt. The trustee assigned to the case has the ability to reclaim certain property items from the debtor and distribute the funds to the creditors. However, not all property is eligible for seizure.

Preventing personal bankruptcy begins at a young age

Parenting involves striking the fragile balance between teaching children effective life strategies and allowing them to make some mistakes in order to learn by experience. In fact, sometimes the most effective way to learn a lesson is to fail. Unfortunately, however, some mistakes are more difficult to bounce back from than others. The state of Florida is responding to evidence that people’s financial futures can depend largely on early education by considering legislation and teaching practices.

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