How Does Your Credit Score Affect You?

Credit card debt | Bankruptcy Lawyer | Louisville, KY | Wallace Spalding Law OfficeWhen it comes to your finances, your credit score is the most important number you have.

Your credit score is a rating assigned to your credit history. Your credit history shows your payment history, the number of credit accounts you have and the balance on each, any collection actions taken against you, any applications you’ve made for credit, any bankruptcies, and other information. [Read more…]

Why You Shouldn’t Pay the Minimum Payment on Credit Card Debt

Credit card bill | Bankruptcy Attorney | Louisville, KY | Wallace Spalding Law OfficeWhen you’re strapped for cash, and you have a credit card payment coming up, it can be tempting to just pay the minimum required payment on the bill.

But you should always try to pay more than the minimum required payment. Here’s why:

Credit cards work by lending you the money you need now and allowing you to pay it back over time. [Read more…]

Tax Relief Companies: Don’t Fall for the Scam

Taxes & Bankruptcy | Louisville, KY LawyerTax day—April 15—was just a few weeks ago, and most of you are probably just now finding out, or have already found out—the outcome of your tax return. Are you getting a return? Or do you owe the IRS money?

If you owe the IRS money but don’t have a way to pay it, you might be scared and overwhelmed. You’ve likely seen the news stories about the IRS going after delinquent taxpayers, and you don’t want to be one of them. [Read more…]

March for Babies Comes to Louisville

March for Babies | Louisville, KY | Bankruptcy LawyerThis month, the March of Dimes will hold a March for Babies in Louisville to raise donations and awareness.

Originally started by former president FDR to fight polio, the March of Dimes is an organization that works to help families have healthy babies. The organization provides support for pregnant mothers, offers grief counseling for families who have lost children, and researches the causes of premature birth and birth defects. [Read more…]

Why You Need a Budget

Balancing Budgets | Bankruptcy Lawyer | Louisville, KY | Wallace Spalding Law OfficePersonal finance educators agree that keeping a budget is the foundation for a viable financial plan, and therefore the foundation that will keep families far from filing bankruptcy.

Unfortunately, a recent poll revealed that only 32 percent of Americans create a budget to track cash inflow and outflow every month. [Read more…]

Quiznos Facing Bankruptcy

Quiznos Bankruptcy | Louisville, KY Lawyer | Wallace Spalding Law OfficeIn the current economy, even some of the most well-known businesses are suffering. Quiznos Subs, for example, is headed toward bankruptcy. 

The chain eatery is preparing to file for bankruptcy court protection in the coming weeks as it faces unhappy franchisees and a $570 million debt load, according to a recent news article. [Read more…]

Another American Debt Explosion

American Debt Explosion | Louisville, KY | Wallace Spalding Law OfficeConsumers are taking out their credit cards more often, and consumer debt is on the rise once more. According to the Federal Reserve Bank of New York’s Household Debt and Credit Report, consumers took on $241 billion in new debt in the last quarter of 2013.

That’s the largest increase since 2007, according to an article from CNN Money. [Read more…]

Louisville Waterfront Walking Tour

Louisville, KY Waterfront | Bankruptcy Attorney | Wallace Spalding Law OfficeAs spring arrives and the weather warms up, Louisville residents are going outside in droves. And who can blame them? The city of Louisville has a wealth of exciting activities and events for everyone, including those who enjoy the great outdoors.

This month, you and your family can get outside and see the best of Louisville during a unique walking tour. [Read more…]

How Did BAPCPA Change Bankruptcy?

Prior to 2007, if a person needed to file for bankruptcy relief, he or she almost certainly qualified for Chapter 7 relief. Back then, debtors could qualify for Chapter 7 without having to prove whether they could—at least potentially—repay a portion of their consumer debts. In 2007, Congress passed the landmark Bankruptcy Abuse Prevention and Consumer Protection Act, more commonly known as BAPCPA (codified at 11 U.S.C.S. § 707(b)). The Act marked a change in the tide of personal bankruptcy filings, and made it much more burdensome for the consumer to get approval for a Chapter 7 discharge. Now, every person filing for a Chapter 7, 11, or 13 must first measure their income through the means test, which compares the state’s median income against the income of the person filing for bankruptcy. [Read more…]

Actor Paul Walker’s Estate Plan: The Revocable Living Trust

Actor Paul Walker was a popular movie star known for his leading role in the movie franchise The Fast and the Furious, which had to do with the dangers and joys of high-speed racing. At the relatively young age of 40, the actor died on November 30, 2013, following a fiery car crash involving one of the fastest cars on the American highway. The Porsche Carrera GT, driven by Walker’s friend Roger Rodas, was destroyed upon impact after reaching speeds of over 100 mph. Despite the parallels between Walker’s appreciation of leading a high-adrenaline life in his work and away from the cameras, it appears that Walker regarded his estate plan with a much more conservative bent. Over a decade before his untimely passing, he created a pour-over will, laying out a roadmap to successfully passing on his estate. [Read more…]