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JenOni

Archives for August 2013

Finance 101 for Women Part 2: Consultation with Financial Planner

Aug 16, 2013

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I met with Darrell Washington in 2008 to get information on handling finances. Unfortunately I did not follow through with a plan and found myself ill-prepared for divorce and raising two kids on one salary.

In light of my mounting debt, I literally feel like I am drowning without a life raft.  After briefly reviewing my debt we talked about bankruptcy.   Chapter 7 relieves you of unsecured debt, the exception are student loans which are non-discharge able in bankruptcy.  First step is meeting with a bankruptcy attorney, who will review your qualifications.  I found out the following are written off divorce attorney costs, healthcare bills, unsecured debt, mortgage.   After meeting with attorney there is a creditors meeting in which they(creditors) do not show up for so you meet with a trustee.  The process is typically completed within 91 days. Home ownership is achievable within 24months unless there is a foreclosure and if so it is attainable within 36  months.

Some misnomers I uncovered today is filing for bankruptcy has no impact on divorce filing. Unemployment is not a reason to pursue a bankruptcy filing.   Basically Chapter 7 wipes the slate clean and allows you to start over.   It actually boosts your credit score.  while unemployed that was the opportune moment to file.  The less you have builds a better case.   Filing Chapter 7 is a way to cease creditors from further action.  Chapter 13 establishes a payment plan for repaying your creditors.   Darrell’s explanation for me on Chapter 13 is why make arrangements to pay creditors when your are struggling to pay current bills.   Chapter 13 works best if the consumer is expecting a significant payout so the debt can be cleared in the near future.  One caution with Chapter 13 if any payments are missed your case can be dismissed.  In my case this is definitely not an option.  The schedule F outlines what being discharged in bankruptcy.

After filing bankruptcy, Darrell will normally contract with clients to begin the process of credit restoration and debt rehabilitation.  I was very anxious discussing opening up any credit accounts.  It was impression is that I should live a cash only lifestyle.  Darrell said no that is not the route to take.  He said everything in this country is about “pay”.

He broke down that some companies use your credit profile to establish credit worthiness I.e. insurance, utility companies, etc.  There are 10 matrices for credit and each industry uses a different matrix.  News Flash, a credit report only shows your willingness to pay debt. However, creditors want to know your ability to pay debt.  Based on your income, and net income not gross how much debt can you manage.

Student loans if you are in forbearance make an attempt to make a payment each month toward the interest.   When a forbearance  is approved, it takes 90 days for review and they will charge late fees within those 90 days.  Department of Education in conjunction with a number of collection agencies uncovered 16% of debt was related to student loans.   Under the Obama administration as a way to assist consumers with rehabilitation of credit for student loans there are payment arrangements as low as $5 per month.   If you find yourself overwhelmed with student loans make payment arrangements NEVER default on this loan.  I need to retract if within your lifespan there is no earning potential to repay there is possibility of discharging this debt.

Take Aways
1. Never use your savings to pay off debt i.e. 401 k
2. You will never accumulate enough wealth to meet the cost of debt
3. Never fall in love with a house(or stuff)fall in love with the deal
4. Credit is necessary, managing is the key

You can contact Darrell Washington at The Washington Consulting Group 1-800-597-0663/610-668-3832  http://www.creditminded.com/

Filed Under: Single Mom Chronicles, Uncategorized Tagged With: #bankruptcy, #credit, #washingtonconsulting, debt, financial planner

Pinterest Wednesday: Quotes I Love

Aug 14, 2013

Filed Under: Uncategorized Tagged With: #pinterest wednesday, #quotesIlove

Pinterest Wednesday: Quotes I Love

Aug 7, 2013

Filed Under: Uncategorized Tagged With: #pinterestwednesday, #quotesIlove

eMeals Back to School

Aug 6, 2013

Healthy-Snack-Guide

What does back to school mean at your house?   I know for me I need organization and some semblance of a schedules.   The start of the school year brings homework, projects, days off and evenings filled with hustle and bustle.    My last thought is what to make for dinner, how great would it be to have a weekly meal plan emailed with a shopping list and recipes?  Well with eMeals you can get this and be on your way to more organized meal planning.

If you sign up now for a new eMeals plan, you can receive a 15% discount using the code SCHOOL15.

Also you will receive a FREE 31 days of snacks calendar with any new eMeals plan.

As an added bonus, I have included two recipes for you to enjoy.  The pictures alone will have you running to pick up the ingredients.

Nutella-Grahams

Nutella Grahams: Dip graham crackers in chocolate hazelnut spread and sprinkle lightly with wheat germ. Serve with milk for a little calcium and extra dairy for the day!

snack_trkysandwich

Designer Turkey Sandwich: Create a unique turkey sandwich with cinnamon raisin bread, deli turkey slices, cream cheese and strawberry preserves.

Also attached is a Back to School file that includes back to school checklist, printable lunch notes and a 1 week free trial of an eMeals lunch plan.

Back-to-School-Survival-Kit

Filed Under: Uncategorized Tagged With: #backtoschool, #snacks, @emeals, recipes

TI & Tiny:Family Hustle

Aug 5, 2013

If you didn’t know this is one of my favorite reality shows.  I love the family dynamics of their blended family and parenting style of both TI & Tiny.    For all the reality shows on now, this one gives me more of a realistic picture of parenting celebrity or not.    It shows the challenges of being parents and managing to raise grounded kids.    There is no separation of parenting all of the kids are loved equally and unconditionally.   If I could have my kids learn anything from a celebrity family, it would be the Harris’.     Family Hustle returns tonight at 9EST/8CT.

 

 

Filed Under: Uncategorized Tagged With: #entertainment, #FamilyHustle, TI, Tiny, VH1

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Interests include fitness, nutrition, yummy food and dessert recipes, wellness, and innovative technology. Read More…

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