Budgeting Tips For 2011

Here are eight ways to cut your monthly expenses…

1) Sell household items you don’t use/want/need.

2) Once a month, do a walkaround of your home and car, to spot needed repairs that could become costly ones if gone unnoticed.

3) Comparison shop – always, always, always compare prices, online and in stores. Learn which stores have the lowest prices on different types of merchandise.

4) Cook meals at home more often – s0me analysts estimate this habit could save you upwards of $1500.00 yearly!

5) Exercise and eat well to cut down on medical expenses.

6) Use coupons when possible.

7) Be sure to communicate about the household bills and budget with your partner or spouse once a week. Sit down once a week and do a written budget.

8) Negotiate your bills once a year. This works well for insurance, cable, cell phone, utilities, etc. If you can’t get a better deal from your current provider, switch.

A funny story from the world of credit…

Okay, since here at DFW/Denton/Lewisville Bankruptcy we’re always addressing serious topics, I decided to keep it light today.

There’s a story buzzing around the internet that a 3 year-old recently got an American Express Gold Card application in the mail. Also, there are many report of dogs and cats getting credit card offers. If that’s the case, why is it so hard for qualified folks to get the applications??

Cities Filing Bankruptcy

The CEO of JP Morgan has recently stated that municipality bankruptcies (cities filing bankrutpcy) are on a rise. This is yet another effect of the recession – with income on the decline and foreclosures on the rise, cities are losing precious tax revenue and having to cut necessary services.

Analysts are looking to these cities as being most likely to file bankruptcy next…Detroit, and Harrisburg, PA.

Contact us at the Wright Firm for any questions  you may have about the recession and its impact on your personal finances….972-353-4600.

What exactly is Chapter 13 Bankruptcy?

As Dallas Bankruptcy Attorneys many individuals ask us, what exactly is Chapter 13 Bankruptcy?  Chapter 13 is really a proceeding within the Federal Bankruptcy laws where a person turns his debts, in concert with a plan for repaying them, over to the Bankruptcy Court.

The debtor (you) will make regular installment payments to a person known as the Chapter 13 Trustee. The Trustee gathers the installment payments and pays required creditors in the manner prescribed in the Plan. When the Plan is in place, the court puts into effect an Automatic Stay which prevents collection efforts from all creditors.
Chapter 13 bankruptcy usually provides a solution for people who have faced short-term financial difficulties like job loss, illness, or large unforeseen expenses. Chapter 13 may work for you if you have encountered an unexpected crisis that has caused you to get behind on bills, but still have regular income and can make regular monthly payments. Chapter 13 might be what you need to obtain the space to get yourself together again financially.
Chapter 13 includes the Automatic Stay, with the ability to get caught up overdue payments over a period of three to five years after filing bankruptcy while keeping current payments current. Many people looking to stop foreclosure or avoid repossession select Chapter 13 for this reason.
Could Chapter 13 bankruptcy aid you? We at The Wright Firm highly recommend you speak to a local bankruptcy attorney to evaluate your alternatives. You can reach the attorneys at The Wright Firm, L.L.P. at 972-353-4600 or www.thewrightlawyers.com

Is The Economy Recovering?

According to the American Bankruptcy Institute, consumer bankruptcy filings were down 13% in November from October.  Credit card use by consumers is also at an all-time low compared to recent years, but spending is up, which signifies that consumers are finally able to start saving money. I’d like to hear everyone’s opinions on whether you think the economy is recovering…..