Common Bankruptcy Myths And Misunderstandings -

Technology has made so many aspects of human life simpler such as how we communicate, do business, travel, learn, and so on. Innovation has yielded various improvements in how we go about personal lives. An example is the use of software applications to improve the quality of life.

For this guide, we will be looking at apps that have been developed to make the management of personal finance more streamlined. Hopefully, you will find what you are looking for here.

Tracking Your Personal Expenses: 5 Best Apps

Mint

Mint is a popular first-rate product that is seen as the best app for tracking personal expenses. Among many other functionalities, one of its special features is credit score protection which is an important aspect of personal finance.

Clarity Money

These days, there are so many services that require subscriptions. If you want to manage your list, then this tool is highly recommended. Subscriptions can be cancelled easily from this app, so users are able remove services that are not relevant to them anymore. This way, they will avoid wastage and save some money. Clarity Money also provides analyses on spending behavior among other advanced tasks.

Prism

Prism helps users to streamline the process of settling their bills. The app is connected to so many services, so there is a high possibility that you will see all the service providers that you pay to. It also handles automatic bill tracking and reminds you about payment deadlines. Bills can be paid via the app from just one account.

EveryDollar

EveryDollar is a choice app for the strict spender who is serious about budgeting. It also has a feature through which you can contact personal finance professionals for advice and other services.

Spendee

This tool is known for its shared expenses feature that involves managing a mutually conceived financial setup—apart from your personal expenses. These mutually conceived expenses are usually for you and your loved ones. For example, family expenses. Spendee also aids in budget planning, budget tracking, bill payment scheduling, and so on.

Choosing an App for Tracking Personal Expenses

It may be hard to choose from the 5 apps that have been described in this guide. However, your decision can be based on other criteria such as built-in functionalities, ease of use, speed, cost, ratings, etc.

In terms of cost, it is common for such apps to have free versions and paid versions. However, the free versions will offer fewer functionalities than their paid versions. Paid versions are usually referred to as premium packages. You may have to pay for monthly or annual subscriptions in order to use them.

There are some apps that do not have paid versions. They are 100% free! So, if you are all about affordability, you can simply look for these tools on online stores for a free installation. Some apps are compatible with both Android and iOS, or either of the two. They can work on your smart devices—be it a smartphone or a tablet.…

Myths and misunderstandings surrounding bankruptcy cause confusion to what may already be a seriously stressful situation. One of the reasons why bankruptcy seems so scary and stressful is because of all the misconceptions that are widespread about it.

Many people can hardly spate truths from hardcore exaggeration when it comes to topics about bankruptcy. Changes in laws and misinterpreted stories often cause myths to develop and spread quickly.

Harmful bankruptcy myths prevent people from relieving their debts. Popular misconceptions about this necessary process include:

Bankruptcy will kill your credit forever– when you file for bankruptcy, your credit will be affected, and you may not get access to it for a long time. Moreover, your bankruptcy report will remain on your history for the next seven to ten years. However, this is not to say that the effects are permanent. Your credit will be far from doomed with the proper time. You are likely to receive credit offers within weeks of your debt discharge.
You can spend as much as you want right before a bankruptcy filing and get away with it– because credit card debts are erased with a Chapter 7 filing, people believe that you can spend as much money as you want a few days to file for bankruptcy and will not have to pay for it. This is a common myth that you should not fall victim to. Courts have concluded that raking up charges right before you file for bankruptcy is a fraud. Moreover, a debt incurred as a result of fraud cannot be discharged.
You will lose everything in bankruptcy– people think that filing for bankruptcy will leave them on the street with nothing but the clothes on their back. This is far from reality. In reality, even with a Chapter 7 bankruptcy, you will only lose a fair amount of things. Unnecessary luxurious items are sold to help clear debts, and people get to keep their houses in the right circumstances.
You can only file for bankruptcy once– it happens, you may find yourself in a difficult financial situation more than once in your lifetime. However, many people believe that you have only one chance to file; after that, you are done. This is not true. According to law, you can file Chapter 7 bankruptcy once every eight years. Since Chapter 13 bankruptcies take three years to complete, you can register for a new Chapter 13 immediately after your previous reorganization ends.
Only evil, irresponsible people file for bankruptcy– this is the biggest misconception about bankruptcy. The stigma that comes with his process is based on the belief that you are careless or a thief who could not pay their bills. However, this is not true. There are thousands of bankruptcy cases each year, and many of these people are competent, honest individuals who find themselves in bad situations. Moreover, reasons such as overspending on luxury items are not at the top of why people go bankrupt. Legitimate issues such as medical bills, job loss, and divorce are the top causes of bankruptcy.

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Top Apps for Keeping a Tab on Your Personal Expenses