How Cashless Purchases Can Lead to Big Financial Trouble

If you find yourself in financial trouble, just take a look in your wallet.  You will most likely find no cash at all; instead, most people’s wallets are filled with reloadable store cards, debit cards and credit cards.  Our financial information is even stored on our smartphones, which are used to make purchases.  Technology makes purchasing items incredibly easy, but tracking those purchases is not so easy.  If you are not consciously keeping track of your spending, you will quickly find yourself spending more than you earn.

In the past, when people paid for everything in cash, we knew exactly what we were spending and sticking to a budget was much easier.  Impulse buying was not nearly as prevalent, because if you didn’t have the cash, you just did without.  But with all of our virtual spending today, more people are finding themselves in financial trouble without even knowing how they got there.

Once you are in a hole, it can be incredibly hard to dig out.  But you can do it!  It may be old-fashioned, but try using cash for as many of your daily purchases as you can.  Small steps, such as paying for your morning coffee and muffin with cash instead of a credit card, will help you regain control of your budget.  Or set up envelopes – one for rent, one for groceries, another for entertainment, etc. and set aside money each month in each category.  But be careful!  Once your entertainment money is gone for the month, don’t take from other envelopes.  That would defeat the purpose of budgeting.

If you are already in financial trouble and are having trouble finding a way out, the attorneys and staff at Mountain View Law Group are here to help you!  We can discuss options with you, including whether filing bankruptcy is right for you.  Our attorneys have years of experience in preparing bankruptcy cases, which means that we have a high level of familiarity with the Bankruptcy Code, rules and regulations and can guide you and represent you throughout this process.

Kimberly Stevens, Attorney for Mountain View Law Group, bankruptcy lawyers in Ogden, Utah

Contact us today at 801-393-5555.

Can I keep my house if I file bankruptcy?

You’ve worked hard to buy a house and to provide a home for your children.  However, life happens – maybe you’ve had your hours reduced at work, or an illness has caused large medical bills.  Now the bank is breathing down your neck.  Bankruptcy can be useful in helping you get back on track and keep your house.  Of course, it does depend on your specific situation but filing for bankruptcy does not mean that you will automatically lose all of your property.  In a chapter 7 case, you can keep all property which the law says is “exempt” from the claims of creditors.  In determining whether property is exempt, you need to consider the value of the property and any loans you may have against the property.

If you are current on your mortgage payments, and you are also able to keep making the loan payments, Chapter 7 may be an option for you to wipe out your other, unsecured debts so that you can focus on your home.  If you are behind on your mortgage payments, Chapter 13 may be able to help you stop a foreclosure and catch up on the back payments over a period of time

If you are considering bankruptcy, but are worried about how it will affect your home, please contact me at 801-393-5555 for a free initial consultation.