As more Baby Boomers enter their retirement years, the Social Security trust fund has begun to run low. And some economists have predicted that payments made from Social Security (including Social Security Disability payments) may be reduced as early as 2016, with an up to 20 percent cut in benefits. What will happen to your Social Security Disability payments when the trust fund runs low? Read on to learn more about how these economic factors can affect your monthly income, as well as steps you can take to help lessen the financial impact on your lifestyle.
People who are struggling with debt often take out loans from family members to help cover some of their expenses. However, if the debt load gets to be too much and they decide to file for bankruptcy, they may not know exactly how to handle loans obtained from their relatives. If you find yourself in this situation, here's some advice on what you should do.
Bankruptcy Law Requirements
When you file for chapter 7 bankruptcy, you are required to list all of your creditors on schedules D, E and F.
The level of debt in America is a huge and growing problem. In fact, current statistics show that the average household has more than $15,000 in outstanding credit card debt, and more than twice that amount in student loan debt. When the mortgage payment, utility bills and expenses for food, medical care, insurance, education and transportation are added in, it becomes easy to see why so many families are struggling with money.