On behalf of Boyle, Autry & Murphy posted in Credit Card Debt on Friday, May 18, 2012
With poor economic times upon us, it's no wonder that more and more recent college graduates are finding themselves in debt. So in Pennsylvania, it's not surprising to hear that only about half of all graduates are working full-time as well as starting with lower pay than expected. On top of all of this, most of them are dealing with piles of credit card debt and student loans.
In a survey by Rutgers University of people who graduated between 2006 and 2011 found that nearly 12 percent of recent graduates are currently under or unemployed while the rest still work as students or as military volunteers. Additionally, reports say that female graduates are making around $2,000 less than male graduates. Over a third of all graduates say that they took lower paying jobs than anticipated or jobs that would advance them along a career path. Some of the most recent recession-period graduates are earning around $3,000 less annually compared to earlier graduates.
On behalf of Boyle, Autry & Murphy posted in Chapter 7 on Tuesday, May 8, 2012
Residents of Pennsylvania may be familiar with the woman dubbed "Octomom," famed for birthing octuplets. Octomom recently announced that she filed for Chapter 7 bankruptcy, stating that she needed of a fresh start.
Reportedly, the mother's home is in foreclosure. Many residents of Pennsylvania may feel trapped as their home is pending foreclosure and they may feel unsure where to turn. It is an extremely unsettling feeling when you are faced with foreclosure, especially when, most often, circumstances leading up to bankruptcy and financial difficulties are outside one's control.
On behalf of Boyle, Autry & Murphy posted in Personal Bankruptcy on Wednesday, May 2, 2012
With student debt surpassing credit card debt and totaling in around $1 trillion, thousands of Americans, including those in Pennsylvania, are faced with the mounting burden of debt. Such burdensome debt can force some into personal bankruptcy.
"I owe about five years worth of my salary right now," reports one woman that holds two degrees but still receives support from her parents, drives an old car and lives with roommates due to financial constraints.
On behalf of Boyle, Autry & Murphy posted in Chapter 7 on Friday, April 20, 2012
Hearing of a former-professional athlete filing for bankruptcy has become common place. Warran Sapp is the latest in the long trail of stars that mismanaged their millions. Often, it is a tale of lavish and extravagant lifestyles that simply are not sustainable when the cash flow stops. Sapp is no exception in his filing a Chapter 7 bankruptcy. With over $7,000 in sneakers and a $1,200 lion skin rug contributing to his debt of close to $7 million -- he fits the profile of a star filing for bankruptcy.
The profile that he doesn't fit is that of the typical Pennsylvania consumer that files for bankruptcy. 78 percent of NFL players succumb to bankruptcy within two years post-retirement. This figure and the mass media's reporting of it warp our perception of what it means to file for bankruptcy.
On behalf of Boyle, Autry & Murphy posted in Credit Card Debt on Thursday, April 12, 2012
Many individuals in Pennsylvania are feeling the crunch in the wake of the recent recession. Often, individuals tight on cash may be inclined to turn to credit cards and rack up costly credit card debt. When using credit cards, it is imperative to employ smart habits to protect your credit. There are a few habits that will quickly wreak havoc on an individual's credit.
The first habit to avoid is paying late. There is both an immediate and lasting impact on delaying a credit card payment. Immediately, the late payer will incur as much as $25 in late fees in addition to interest. Beyond the immediate infliction, a late payment could affect a card holder's credit score because 35 percent of a credit score is comprised of timeliness as it relates to payments. Additionally, interest rates could sky rocket with each delayed payment.
On behalf of Boyle, Autry & Murphy posted in Personal Bankruptcy on Friday, April 6, 2012
There is a lot of stigma surrounding personal bankruptcy. People considering filing may fear that in the wake of filing personal bankruptcy, possibly in the form of Chapter 13 or Chapter 7, they will be denied future right to basic financial services like using credit cards and checking accounts.
There are several variables to address in this thinking. Often filing for bankruptcy may leave the filer feeling isolated and insecure. This shouldn't be the case. According the statistics for the most recent numbers on Americans filing for bankruptcy, 1.4 million individuals filed for bankruptcy in the last year, and this includes residents of Pennsylvania. The first thought process to debunk in bankruptcy is the thinking that the filer is the only person struggling with this.
On behalf of Boyle, Autry & Murphy posted in debt relief on Friday, March 30, 2012
In the wake of the recession, millions of Americans, including residents of Pennsylvania, are finding themselves face-to-face with debt. As Americans struggle to manage their debt, one study has shown an inversion in the bill paying habits of Americans.
Where prior to the recession consumers placed the highest priority on paying their mortgage, this is no longer the case. Presently, consumers are most concerned with maintaining present on their car payments, followed by credit card payments and only then, after the car and credit card, are consumers focusing on their mortgage.
On behalf of Boyle, Autry & Murphy posted in Personal Bankruptcy on Friday, March 23, 2012
One man is seeking to overturn the insurance requirement of Obama's health insurance rule, which would require the majority of people to maintain health insurance by the year 2014. According to court records, the man filed personal bankruptcy when he accrued over $120,000 in credit card debt. This man is not the only that has filed for bankruptcy and is seeking to overturn the health insurance rule which is set for review in the coming week.
However, the government is arguing that medical debt is often a leading cause of people filing for personal bankruptcy. These individuals, while it is their right to fight to overturn the law, are taking a risk that they will not be struck with a costly and debilitating illness. Very few people can afford to pay out-of-pocket for a catastrophic injury or illness that can have the potential to cost hundreds of thousands of dollars. In fact, it is reported that about 60 percent of personal bankruptcies are filed as a result of health-care expenses.
On behalf of Boyle, Autry & Murphy posted in Chapter 13 on Friday, March 16, 2012
In Pennsylvania, Chapter 13 bankruptcy is sometimes referred to as wage-earner bankruptcy because filing for Chapter 13 bankruptcy means that the individual is formulating a plan to repay creditors.
One county councilman has voluntarily filed for chapter 13 bankruptcy after stating that his assets are somewhere in the range of $500,000 to $1 million, while he owes a maximum possibility of $10 million to creditors.
On behalf of Boyle, Autry & Murphy posted in debt relief on Friday, March 9, 2012
Debt is a large burden to bear for the individual that is likely a hard worker but due to circumstances is simply financially overwhelmed. Consumers may have large amounts of debt and the first step toward debt relief in Pennsylvania may be for consumers to become aware of their rights.
Debt collectors can be intimidating and make you feel poorly about yourself. A consumer in Pennsylvania may not have to tolerate this if they are aware of their rights.
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