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Ashley Morgan, a debt and bankruptcy lawyer and owner at Ashley F Morgan Law, echoes the difficulty facing workers, especially in a volatile housing market. “Cost of living has been steadily on the rise. Saving for retirement is difficult for many with living costs rising and retirement costs being stagnant,” she told Newsweek.

“If you’re under full retirement age, Social Security deducts $1 from your benefits for every $2 you earn above a certain limit,” said Ashley Morgan, attorney, tax resolution expert and founder of Ashley F Morgan Law. “In 2025, that limit is $23,400.” In short: Working while claiming can create a lose-lose situation unless you’re strategic. Even self-employment […]

“A written contract defines the terms of the agreement and can protect both parties,” Morgan noted. “While oral contracts are still valid and enforceable, if you do not have a written agreement, there can be a disagreement about what is actually agreed upon.”

“If someone calls you for a payment, unless it is someone you know or a call you expected, you shouldn’t pay over the phone with a credit card,” she says. If you receive a call or text from someone claiming to be from your credit card company, tell them you’ll call back, Morgan says. Then, call […]

Experts recommend reviewing your budget and finding ways to maximize your disposable income by increasing your income or reducing your expenses. “Sometimes there is nothing you can cut, but it never hurts to check. For example, can you find a cheaper cell phone bill or car insurance?” Ashley Morgan, debt and bankruptcy lawyer and owner of Ashley F. […]

“You should do everything possible to be living within your means right now and trying to save each month,” Morgan said. “With a recession, you never know what to expect. As businesses are making less money, they have less ability to pay their employees and often need to downsize. “You are going to want to […]

Debt and bankruptcy attorney Ashley Morgan of Ashley F. Morgan Law warns that car lenders can repossess your vehicle after one missed payment — though most wait until you’re 90 days behind. With mortgages, falling behind can trigger foreclosure proceedings, putting your home at risk. The financial damage doesn’t stop at losing your property.

“Lenders benefit from BNPL being on a consumer’s credit since they get a better idea of a consumer’s monthly debt payments,” said Ashley Morgan, a debt and bankruptcy lawyer at Virginia-based Ashley F. Morgan Law, in a statement to NTD. “Since a BNPL account allows consumers to pay over time, a lender better understands how […]

“A super common reason for a mini audit or a paper review is the IRS receiving a tax document that is not accounted for on your return,” says Ashley Morgan, attorney at Ashley F Morgan Law, PC. That’s because the IRS cross references what was reported to your tax ID after the return is filed and […]

There is no hiding from the IRS. Companies that sent you 1099 forms also sent the IRS the same information. This means the IRS knows that you received income, but taxes were not withheld. So, if you didn’t pay your estimated payments, get ready to deal with a potentially large tax debt, says Ashley Morgan, […]

“A withdrawal is a taxable event, so you do not pay back the balance, but it is reported on your taxes. The hardship withdrawal is subject to interest and penalties. There is a 10% penalty, unless you qualify for an exception,” says Ashley Morgan, debt and bankruptcy attorney at Ashley F Morgan Law, PC.

“When dealing with uncertainty, preparation is key,” said Ashley Morgan, a debt and bankruptcy attorney in northern Virginia and founder of Ashley F. Morgan Law. Your best defense against any increase in costs or changes to the economy is to ensure you are cutting your costs where possible and saving money. Start finding domestic replacements for […]

Ashley Morgan of Ashley F. Morgan Law … warned about the consequences of making only the minimum payment while spending more than the minimum payment each month. “If you are using any cash on hand just to make minimum payments on the card, but then turn around and use that card for the same amount (or […]

There are also some tax drawbacks with debt settlement, says Ashley Morgan, debt and bankruptcy attorney at Ashley F. Morgan Law, PC. “The IRS considers any amount of debt forgiven as income, so you’ll be taxed on it. Your creditor will issue a 1099-C for the forgiven portion, and you’ll need to include the amount […]

Paying off a car can prevent people from putting money in savings. Ashley Morgan, bankruptcy and debt lawyer and owner of Ashley F. Morgan Law, PC, recommended saving at least part of the money that would have gone toward the car payment. Not only will it help in case of emergency, but it will pay for […]

“At closing for a HELOC, either the closing company pays off the unsecured debt or the borrower draws from the HELOC shortly after closing to pay off other debts,” says Ashley Morgan, attorney and owner at Ashley F. Morgan Law, PC. When the draw period ends and the repayment period of a HELOC begins, the homeowner has a set […]

Debt and bankruptcy attorney Ashley Morgan of Ashley F. Morgan Law warns that car lenders can repossess your vehicle after one missed payment — though most wait until you’re 90 days behind. With mortgages, falling behind can trigger foreclosure proceedings, putting your home at risk.

“As soon as you file, the court usually issues the automatic stay, which stops all collection activity while the bankruptcy case is pending,” said Ashley Morgan, a bankruptcy attorney at Ashley F. Morgan Law in northern Virginia. “The automatic stay stops legal proceedings like lawsuits and garnishments. The automatic stay also stops collection activity for all debts, […]

“The good news: Paying off the charge-off shows future lenders that you take responsibility for your debts. It might also stop further collection activities and potential legal actions. That says, debt attorney Ashley Morgan shares a pro tip: “The longer it has been since a charge-off, the less impact it has. If the first missed payment was […]

“Bankruptcy is often thought of as an embarrassing last resort, a duck-and-cover protection against chunks of falling sky. But it’s more helpful to think of bankruptcy as a legal tool to employ when you or your business cannot repay outstanding debts or obligations.”

“When outstanding tax debt becomes overwhelming, you should weigh all of your options. There are two main types of bankruptcy you can use to discharge tax debt, but it’s important to work with legal and financial professionals to determine the best course of action for your specific situation.”

“At least 18 states have delivered stimulus checks to qualifying residents or plan to through the remainder of the year to offset the impact of rising costs.”

“Judgments used to appear on credit reports under the public records section, but this is no longer the case. “Legal proceedings do not show up on regular credit reports. Lawsuits, tax liens, evictions, etc. stopped showing up on credit reports years ago,” says Ashley Morgan, a debt and bankruptcy attorney in northern Virginia.”

“A recent GOBankingRates survey showed that roughly half the population has no emergency fund and many more have next to nothing socked away in savings for a rainy day.”

“Debt collectors are heroes or villains, depending on your point of view. If you own a business and are owed money, hiring a debt collector can help you get it back. If you are the person who owes money, you may be avoiding that confrontation from a debt collector.”

“A study from GOBankingRates revealed that more than one in four people — 28%, to be exact — expect to receive a refund of $2,000 or more. With gas prices at record highs and inflation forcing just about everyone to dig deeper for just about everything, that’s a welcome chunk of change, for sure.”

“In 2021, the average tax refund jumped to $2,775 from $2,495 the year before, an increase of more than 11% over 2020. But for some lucky taxpayers, refund time comes with a supersized payout that’s even bigger than average. But the size of your check isn’t decided by luck, and when it comes to refunds, […]

“According to data from the New York Federal Reserve, Americans between the ages of 50 and 70 account for $376 billion in credit card debt. Compare that to younger Americans between the ages of 30 and 50 who have a combined credit card debt total of $348 billion.”

“While it’s possible to get a mortgage after declaring bankruptcy, that doesn’t mean it’s easy. Going through a bankruptcy means admitting that you’re unable to pay your bills and either restructuring or discharging your current debts. That can mean a big drop in your credit score and a big negative point on your credit report. […]

“IF YOU’RE behind on any debts, the last thing you want to worry about is having a court mandate that part of your earnings be withheld and sent directly to the creditor or person to whom you owe money until your debt is resolved. But there’s a silver lining: If your wages are about to […]

“In March, Fortune reported that severe delinquency rates reached their highest level in 17 years. It’s part of a one-two punch fueled by high inflation and the Fed’s action to tame it, coupled with lingering side effects from the pandemic’s impact on the auto industry. The end result is buyers borrowing more money for longer […]

“If you’re like most people, you’ve realized Chapter 7 bankruptcy is not the end of the road but the start of a long and positive journey. After discharging your debts in court, you have the unique opportunity to reestablish your credit without an overwhelming financial burden weighing you down.”

“The U.S. Department of Justice issued new guidance regarding student loan bankruptcy in cooperation with the U.S. Department of Education in November of last year.”

“We know, everyone already harps on millennials. So, we hate to give bashers any more ammo, but… millennial credit scores aren’t great. They’re not good, either. They’re actually just “fair,” according to data from Experian, a consumer credit reporting agency.“

“Your credit score has more than likely taken a hit after filing for bankruptcy, and now it’s time to rebuild. Here are nine ways to build your credit back up, post-bankruptcy.”

“If you’re looking for a bankruptcy lawyer, there are a variety of resources available to help you find the right one for your particular situation.“

“When Clara*, 32, realized her debt was getting out of control, she chose to do something that is both a valid recourse for people in her position and also a totally stigmatized one: She filed for bankruptcy. “I’d been feeling the effects of not being able to pay all of my monthly obligations — that […]

“You just filed for bankruptcy and your credit card providers closed your accounts. Not you don’t have access to credit at all. An with bankruptcy filing on your credit report, you’ll struggle to convince banks or credit unions to send you replacement cards.“

“IGNORING DEBT collection calls usually doesn’t make them go away. Ignore your credit card debt long enough, and your credit card company may sell your account to a collection agency or sue you in civil court for the balance. While it’s best to try to work with your credit card company before a lawsuit is filed, […]

“FILING FOR BANKRUPTCY can feel like the ultimate catastrophe. Some of your assets may be wiped out, your credit score takes a major blow and lenders no longer want your business. So if you need to get credit cards after bankruptcy, a few challenges stand in your way.”

“Bad credit can happen to good people. A low credit score doesn’t mean you’re any less intelligent or important than someone with good credit. But it does often make life harder, whether you want to borrow money, rent an apartment or open a cellphone account.”

“Bankruptcy can give you a fresh financial start, but it can also hurt your credit — and that can make it difficult to get a mortgage. Here’s what is involved in getting a mortgage after bankruptcy, and how to increase your chances of qualifying for a loan.”

“GETTING A DEBT settlement offer may feel like a lifeline if you’re drowning in unpaid bills. But if you settle for less than what you owe – perhaps much less – there are serious downsides, too. You may need to make an immediate payment in full and could face tax consequences. That’s why experts often recommend […]

“For clearance holders, a sudden downturn can mean more than a bad year. Unpaid bills can kill a livelihood. ‘During security clearance background checks, debt is looked at for a variety of reasons…’”

“Politicians love to make sweeping promises when it comes to forgiving all student loan debt, but their claims aren’t necessarily rooted in reality. In fact, the most recent proposals for student loan debt forgiveness would only wipe away a portion of debt for millions who qualify.”