Emergency Cash Reserve

Emergency Cash Reserve

Setting aside money to meet unexpected expenses provides a financial safety net and allows you to take advantage of financial opportunities as they arise. Most experts recommend an emergency fund equal to 3 to 6 months living expenses; however, you do not need to set aside this total amount in a low-yielding passbook, certificate of deposit, or money market account. The amount of your emergency fund depends upon your age, health, job outlook, and personal financial situation …

Household Recordkeeping

A vital aspect of successful financial management is record-keeping. An effective record-keeping system should be convenient to use and not too complicated to maintain.

Financial records have become a vital part of life. They are a key to your credit standing, are essential to help you save money on taxes, and also are a continuing indication of your financial progress. If you have systematic plan for keeping track of important papers you can save hours of anxious searching, help preserve …

Bankruptcy

 

What is Bankruptcy?

Bankruptcy is a proceeding in a federal court in which a debtor who owes more than his or her assets can receive debt relief by transferring his or her assets to a trustee or agreeing to reorganization of assets and liabilities. Usually, at least two years must elapse from the discharge of the bankruptcy before lenders will consider making a loan to someone who has declared bankruptcy.

When is Bankruptcy an Answer?

Bankruptcy may be an answer …