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Balance Transfer to Chase FreedomSM Cash Visa Chase FreedomSM Cash Visa®


Chase FreedomSM Cash Visa
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 Issuer: Chase Manhattan Bank
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The quick and dirty definition of bankruptcy is when a person who is unable to pay their debt goes to court seeking relief. If you are the petitioner, the court must determine if your debts are truly beyond your ability to pay. Then, depending on your case, either the court discharges the bulk of your debt or sets up a payment schedule that is in your best interests but does not entirely absolve you of the responsibility of paying your creditors.

While that might be a simplified explanation of bankruptcy, it is one of the most complicated consumer legal issues you might encounter. Part of the complexity is due to the regulations, the fact that there are different types of bankruptcy petitions, and the process to administer the petition within the court system.

The other aspect that cannot be ignored is the negative stigma attached to bankruptcy. You have not owned up to your debt, you are trying to cheat your creditors out of money, etc. It is true that some people are looking for an easy way out to not pay their bills, but the fact of the matter is that bankruptcy is a legitimate legal proceeding to reorganize your debt.

In order to decide whether bankruptcy is the right course of action, the first thing you need to do is separate the emotional response from the financial response. Then go consult with a lawyer. Bankruptcy law changed significantly last year, and your first and best source of information is always going to be someone who is aware of the legal ramifications and, in fact, whether or not bankruptcy is the best financial choice in your situation.

Credit Cards

Unless your credit cards are paid off in full before you file, chances are you will not be able to use them again after you file (and even then, the creditor may cancel the credit card.) This is not a call to action to charge up your cards the month before you file. For one, the courts may recognize that as bad faith and order you to pay those recent charges in full instead of discharging them. Two, the act of bankruptcy is intended to give you the means to show more financial responsibility and charging your cards to the max is rarely a sign of responsible spending.

However, your credit card companies will stop collection calls on your delinquent credit card accounts, and your attorney can handle all the contact with credit agencies. This is one of the most powerful benefits of a bankruptcy: the “automatic stay.” This means that all attempts to collect all debts by all entities must immediately cease.

Other Types of Debt

If you have foreclosures or garnishments, the collection actions on those will stop as well. Secured debt, i.e. mortgages and car payments, cannot be eliminated through bankruptcy. The debtor has the choice of catching up on arrears and continuing to make payments, surrendering the collateral and owing nothing, or “redeeming” the collateral with a lump sum payment of the balance due or current value, whichever is less. If reading that is already overwhelming, just know that secured debt is still your debt after you file.

In the immediate future, your credit will take a severe hit, so the likelihood that are you are extended credit after you file is slim. That does not extend indefinitely into the future. The point of bankruptcy is also to give you a chance to rebuild your credit, and sooner than you expect, you might be eligible for some forms of credit. Although something large like a mortgage on a home will probably be five years or more away.

You should also be aware that there are certain types of debt that will not be wiped clean no matter your situation. You will almost always owe on student loan payments, even in bankruptcy, as well as back taxes from the last few years. Child support and alimony are two other types of debt that you will continue to owe.

Public Disclosure of Debt

If embarrassment is your main concern, then you should know that most court proceedings are public record, can be researched by just about anyone, and in some cases, the information about your claim will show up in newspapers. Public disclosure is part of the legal process, and it should not stop of you from declaring bankruptcy if it is a sound financial decision.

A report of bankruptcy does stay on your credit report for ten years. It stays that long to discourage people who are only filing to get out of obligations they never intended to pay to begin with. Though it is possible to file multiple bankruptcies in a lifetime, for most individuals, one time should be sufficient to get you back on track financially.

The Next Step

The two most common petitions for individuals are Chapter 7 bankruptcy and Chapter 13. This is where a conversation with a lawyer is critical so that you can understand the differences between the two and get information on your eligibility for Chapter 7. The 2005 Bankruptcy Reform made it more difficult for individuals to qualify for Chapter 7 bankruptcy.

In general, Chapter 7 discharges the bulk of your debt (the exceptions were mentioned earlier) and Chapter 13 is essentially a court ordered payment plan to handle your debt. There is a court supplied formula that determines what the monthly payment should be in Chapter 13. It is based on the income and expenses of the debtor. If the plan is approved, after 60 months of steady payments whatever remains unpaid is discharged.

If you are overwhelmed by your debt, then the best thing to do is think carefully about the ramifications of filing for bankruptcy. First, separate the financial and emotional issues, and have a conversation about each separately. It is important to talk to someone who is familiar with bankruptcy law, and advisable to seek out a lawyer in any case to address the financial implications.


  • Transfer your balance to Chase FreedomSM Cash Visa®

  • Everyone knows the importance of setting aside savings. Whether it's for retirement, emergency funds or saving for the family vacation, it is something that we should all be doing. Yet sometimes this isn't as easy as we would like and at the end of the month our money is spent without setting anything aside. The financial services industry has become aware of this and has created tools to help us save. If you have difficulty saving, these tools may be your best way to ensure you have savings for whatever comes.

    Direct Deposit

    Of all the tools to help you save, direct deposit has been around the longest. Direct deposit is when your employer deposits your paycheck directly to your checking, savings, retirement or brokerage accounts. Many times an employer can deposit your check to more than one account. If this is the case, to help you with your savings, you could split your check up by how it will be used. Spending money could go into your checking account, investment money into your brokerage account, retirement into an IRA or 401(k) and a percentage into a savings account. This way you don't have to actually move the money into savings, investments or retirement yourself, it is done for you automatically at the beginning of the month. Setting up direct deposit is usually just a matter of completing a form at your workplace. For many people, money that goes directly into savings is forgotten and therefore less easily spent.

    Automatic Investments

    When direct deposit isn't an option or you just want another choice, automatic investments is a good way to help you save. With this, your paycheck goes into one account and then you setup times during the month when money is taken from this main account and put into other accounts such as IRA's, investment accounts and/or savings accounts. This is something you schedule in advance and takes place on a monthly basis. This way, you don't have to remind yourself to do it. This is very similar to direct deposit but where your bank or financial institution is doing the work for you instead of your employer.

    This could also be used if your direct deposit limits you to one account or only allows you to split up your check by percentages. If this is the case, you can direct deposit your paycheck into the account where you have setup automatic investments and then have dollar amounts go into different savings accounts. This is helpful for depositing into accounts like IRA's where you can only invest a certain dollar amount each year and you don't want to go over your limit.

    Tax Return Money

    When tax season comes, consider saving your tax returns instead of spending them. This is an especially good idea for those who have a difficult time saving on their own. You can deposit your tax return directly into a savings account and start yourself a little nest egg. If you worry about your ability to keep it in that savings account, consider putting a lot of it into an account where you cannot get it out easily, such as an IRA, a CD or an investment with redemption fees when you take it out too quickly.

    If you don't have any issues with keeping your savings intact, instead of determining where your tax return money should go, you should instead determine why it is not coming to you in the first place. The IRS website has a calculator that will estimate your federal taxes and tell you what exemptions are appropriate so you can break even on your taxes each year. Doing this will give you more money each paycheck which enables you to start saving immediately instead of waiting for tax time. This also allows you to earn interest on that money for a longer period of time.

    Investment/Savings Credit Cards

    Credit cards that actually help you save money? For people who use a credit card for convenience and rewards and not for the ability to carry a balance, this is a great opportunity. Recently, a few cards have come to the market that offer investment or savings points when you make purchases. Fidelity Investments, Motley Fool and American Express are some of the first companies to offer these types of Credit Cards. The way they work is for every dollar in purchases, you earn points to put toward investments or savings that you choose. Once there are enough points to reach a threshold (determined by the card), the points are redeemed as cash and deposited to an investment account, retirement account or savings account that you have designated ahead of time.

    Workplace Savings Plans

    Many employers now offer workplace savings plans. These come in many shapes and forms, not just 401(k)'s but 403(b)'s, 457 plans, Roth 401(k) plans, etc. To contribute to a workplace savings plan, money has to come from your paycheck since they are employer sponsored plans. Your employer asks you to indicate what percentage of your paycheck should be deposited to your retirement savings account. Once this is done, that percentage will come out of your paycheck each time and go directly into your retirement account. It is difficult and sometimes impossible to retrieve money from your retirement account while working for that employer so this is a great savings tool for those who have a hard time setting aside money. Workplace savings also is good as it lowers your overall tax burden for the year, giving you even more savings.

    Automatic Increases

    The last way to help increase your savings is to use an automatic increase program on your workplace savings plan. Not all employers offer this; contact your human resources or benefits department to see if it is an option. These programs facilitate saving for retirement by automatically increasing your retirement savings each year. You generally choose what percent you want to increase the savings by as well as the date. When the chosen date comes, a larger percentage of your paycheck starts going into your workplace savings account. You can have it take effect right after annual salary increases each year making it less noticeable in your take-home pay.

    If saving money isn't one of your stronger qualities, these savings programs can help. Savings is the best way to avoid financial ruin. Having money set aside for an emergency, job loss, car and home repairs, or any unexpected expenses prevents you from having to take loans to cover these problems. In addition to liquid savings, retirement savings and college savings are long-term goals that often get overlooked or procrastinated. Taking advantage of one or several options from above is the first step in creating a healthy financial future for you and your family.

    Everyone knows the importance of setting aside savings. Whether it's for retirement, emergency funds or saving for the family vacation, it is something that we should all be doing. Yet sometimes this isn't as easy as we would like and at the end of the month our money is spent without setting anything aside. The financial services industry has become aware of this and has created tools to help us save. If you have difficulty saving, these tools may be your best way to ensure you have savings for whatever comes.

    Direct Deposit

    Of all the tools to help you save, direct deposit has been around the longest. Direct deposit is when your employer deposits your paycheck directly to your checking, savings, retirement or brokerage accounts. Many times an employer can deposit your check to more than one account. If this is the case, to help you with your savings, you could split your check up by how it will be used. Spending money could go into your checking account, investment money into your brokerage account, retirement into an IRA or 401(k) and a percentage into a savings account. This way you don't have to actually move the money into savings, investments or retirement yourself, it is done for you automatically at the beginning of the month. Setting up direct deposit is usually just a matter of completing a form at your workplace. For many people, money that goes directly into savings is forgotten and therefore less easily spent.

    Automatic Investments

    When direct deposit isn't an option or you just want another choice, automatic investments is a good way to help you save. With this, your paycheck goes into one account and then you setup times during the month when money is taken from this main account and put into other accounts such as IRA's, investment accounts and/or savings accounts. This is something you schedule in advance and takes place on a monthly basis. This way, you don't have to remind yourself to do it. This is very similar to direct deposit but where your bank or financial institution is doing the work for you instead of your employer.

    This could also be used if your direct deposit limits you to one account or only allows you to split up your check by percentages. If this is the case, you can direct deposit your paycheck into the account where you have setup automatic investments and then have dollar amounts go into different savings accounts. This is helpful for depositing into accounts like IRA's where you can only invest a certain dollar amount each year and you don't want to go over your limit.

    Tax Return Money

    When tax season comes, consider saving your tax returns instead of spending them. This is an especially good idea for those who have a difficult time saving on their own. You can deposit your tax return directly into a savings account and start yourself a little nest egg. If you worry about your ability to keep it in that savings account, consider putting a lot of it into an account where you cannot get it out easily, such as an IRA, a CD or an investment with redemption fees when you take it out too quickly.

    If you don't have any issues with keeping your savings intact, instead of determining where your tax return money should go, you should instead determine why it is not coming to you in the first place. The IRS website has a calculator that will estimate your federal taxes and tell you what exemptions are appropriate so you can break even on your taxes each year. Doing this will give you more money each paycheck which enables you to start saving immediately instead of waiting for tax time. This also allows you to earn interest on that money for a longer period of time.

    Investment/Savings Credit Cards

    Credit cards that actually help you save money? For people who use a credit card for convenience and rewards and not for the ability to carry a balance, this is a great opportunity. Recently, a few cards have come to the market that offer investment or savings points when you make purchases. Fidelity Investments, Motley Fool and American Express are some of the first companies to offer these types of Credit Cards. The way they work is for every dollar in purchases, you earn points to put toward investments or savings that you choose. Once there are enough points to reach a threshold (determined by the card), the points are redeemed as cash and deposited to an investment account, retirement account or savings account that you have designated ahead of time.

    Workplace Savings Plans

    Many employers now offer workplace savings plans. These come in many shapes and forms, not just 401(k)'s but 403(b)'s, 457 plans, Roth 401(k) plans, etc. To contribute to a workplace savings plan, money has to come from your paycheck since they are employer sponsored plans. Your employer asks you to indicate what percentage of your paycheck should be deposited to your retirement savings account. Once this is done, that percentage will come out of your paycheck each time and go directly into your retirement account. It is difficult and sometimes impossible to retrieve money from your retirement account while working for that employer so this is a great savings tool for those who have a hard time setting aside money. Workplace savings also is good as it lowers your overall tax burden for the year, giving you even more savings.

    Automatic Increases

    The last way to help increase your savings is to use an automatic increase program on your workplace savings plan. Not all employers offer this; contact your human resources or benefits department to see if it is an option. These programs facilitate saving for retirement by automatically increasing your retirement savings each year. You generally choose what percent you want to increase the savings by as well as the date. When the chosen date comes, a larger percentage of your paycheck starts going into your workplace savings account. You can have it take effect right after annual salary increases each year making it less noticeable in your take-home pay.

    If saving money isn't one of your stronger qualities, these savings programs can help. Savings is the best way to avoid financial ruin. Having money set aside for an emergency, job loss, car and home repairs, or any unexpected expenses prevents you from having to take loans to cover these problems. In addition to liquid savings, retirement savings and college savings are long-term goals that often get overlooked or procrastinated. Taking advantage of one or several options from above is the first step in creating a healthy financial future for you and your family.

  • Raise your credit score with a help of Credit-Rocket! Read the Chase credit card reviews
  • Tired of high charges? Find the best database for credit cards! Read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.