April is National Financial Literacy Month

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April is National Financial Literacy Month. Do you know your credit score or what’s in your credit report? Does your family have a budget—and stick to it? Writes Michelle Singletary in her column The Color of Money for The Washington Post, it seems like many  Americans don’t know too much about the state of their finances. According to the National Foundation for Credit Counseling (NFCC), Singletary reports, it “turns out people don’t know a lot about budgeting, saving, credit reports and credit scores — important areas needed to be successful money managers.” A recent financial literacy survey from the NFCC reports, “Sixty-one percent of U.S. adults, the highest percentage in six years, admit to not having a budget. Forty-one percent of survey participants gave themselves low or failing grades based on their knowledge of personal finance.” Susan C. Keating, president and chief executive of the foundation, avers, “’This year’s survey once again confirms what we already know: the need for financial education is great. Without a solid foundation on which to base everyday financial decisions, Americans are on a slippery slope as they begin to rebuild their financial lives following the Great Recession.’” Jill Schlesinger, a certified financial planner, who writes the blog “Jill on Money”, is quoted in Singletary’s column, saying, “Despite millions being spent on financial education projects, people are not that much wiser about the subject.” Her opinions come, in part, from information she gleaned from Helaine Olen’s book, “Pound Foolish: Exposing the Dark Side of the Personal Finance Industry”. The Consumer Financial Protection Bureau ascertained that, despite spending about $670 million annually on financial education by nonprofit, corporate, and government organizations, or roughly $2 per American, our friends and neighbors have not learned much about their personal finances, reports Kelly Holland of CNBC. Holland opines, “But financial services firms also spend $17 billion annually on marketing consumer financial products, the bureau found — an amount equivalent to $54 per American. With that kind of disparity, the simple educational messages may simply get drowned out by marketing pitches offering quick profits and improbable returns.” Singletary asks, “… could it also be that it just takes time to educate people about what has increasingly become a complicated financial life?” Annamaria Lusardi, professor at the George Washington University School of Business, concedes that’s part of the issue. “’We don’t give financial education lessons and people run back to their offices and change their financial behaviors. That’s not how it works.’” The trained and caring professionals at Client First Bankruptcy think that financial education for everyone sounds like a great idea. If you are considering filing Chapter 7 or Chapter 13 bankruptcy due to extreme financial distress, please call us right away. The Client First Bankruptcy attorneys are among the most knowledgeable consumer bankruptcy attorneys in the U.S., representing thousands of clients in consumer bankruptcy matters. Call us toll-free at 800-383-6004 Monday thru Friday from 8:30 a.m.-6:00 p.m. Central Time. For vital information on filing your personal Chapter 7 or Chapter 13 bankruptcy anytime, log onto our easy-to-navigate, interactive website at www.clientfirstbankruptcy.com.

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Chapter 7 Bankruptcy Sticks to the Roof of Your Mouth

Written by CFB Blogger. Posted in Blog

Sunland Inc., the largest organic peanut butter processor in the United States, has recently closed its doors and filed for Chapter 7 bankruptcy. The goober processing facility, located in eastern New Mexico near the city of Portales, was involved in a nationwide outbreak of salmonella poisoning in 2012. The bankruptcy filing shows that Sunland has an estimated $10 million to $50 million in assets, $50 million to $100 million in liabilities and 1,000 to 5,000 creditors. At the time of the closure, the company employed some 100 workers. According to articles from the Amarillo Globe-News and The Associate Press, the Food and Drug Administration shuttered the plant in September 2012 after its products were linked to 41 salmonella cases in 20 states. Most of those were linked to natural peanut butter the company made for Trader Joe’s.  Sunland recalled over 100 tree-nut and peanut butter products following the outbreak. The plant also processed peanut butter for such retailers as Costco and Kroger, as well as nut butter products marketed under its own name. Sunland had reopened in May but reportedly suffered severe deleterious financial ramifications from the eight-month closure and lawsuits resulting from the salmonella outbreak. Portales Mayor Sharon King called Sunland’s closing a “very sad day for our community”, acknowledging that Sunland had been in business for decades. If you are contemplating filing Chapter 7 or Chapter 13 personal bankruptcy, call the Client First Bankruptcy experts. Our experienced bankruptcy attorneys are available for mini-phone consultations Monday through Friday from 8:30 a.m. to 6:00 p.m. (Central Time) to answer your financial debt questions. The skilled Client First Bankruptcy lawyers have years of experience in all aspects of Chapter 7 and Chapter 13 bankruptcy relief.  We have helped thousands of clients eliminate their debt, including reducing principal balances on underwater second mortgages.  With Client First Bankruptcy’s flexible payment plans, we will work within your budget. Log onto www.clientfirstbankruptcy.com for important bankruptcy info and call us toll-free at 800-383-6004. We’re on your side; let us show you how we can help.

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