Bankruptcy may be a taboo subject in personal finance, but it can be a necessary option for those facing overwhelming debt. Attorney Mitchell Dickson and bankruptcy specialist Nicole Duhon demystify the bankruptcy process and help listeners understand who should consider this path.

• Chapter 7 bankruptcy involves the liquidation of assets and is typically for those with lower incomes needing a fresh start
• Chapter 13 creates a 3-5 year repayment plan allowing individuals to keep homes and vehicles while paying what they can afford
• Most bankruptcies result from traumatic life events like divorce, death, medical issues, or disabilities – not financial irresponsibility
• Making only minimum payments on credit cards for years or falling behind on mortgages/car payments are red flags that bankruptcy might be appropriate
• The bankruptcy process typically involves three meetings with an attorney and one court appearance (now usually via Zoom)
• After filing, the "automatic stay" immediately protects from creditor actions like garnishments, foreclosures, and repossessions
• Bankruptcy doesn't mean losing everything – secured debts can be maintained if payments continue
• Credit unions often close accounts of members who discharge debts through bankruptcy, especially if the institution suffers a loss
• Recovery is possible – with responsible credit usage post-bankruptcy, financial healing can happen relatively quickly
• Free consultations with bankruptcy attorneys provide confidential, personalized information with no obligation to file

If you're considering bankruptcy, schedule a free consultation with a qualified bankruptcy attorney to receive professional advice tailored to your specific situation. Bankruptcy can be a financial reset rather than a financial death sentence.

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Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.

The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.

The world of college athletics transformed when Name, Image, and Likeness (NIL) deals became permissible for student-athletes in 2021, creating unprecedented opportunities for young athletes to monetize their personal brands. Taylor Jacobs, Associate Athletic Director of NIL and Strategic Initiatives at LSU, shares insights on how student-athletes can prepare for and navigate the complex NIL landscape.

• Parents should help student-athletes identify their passions and strengths early to build marketable personal brands
• Social media presence is crucial - 99% of NIL deals include at least one social media component
• Student-athletes must treat their social media profiles as business platforms representing their personal brand
• Financial literacy is essential - LSU implements comprehensive programs to help athletes manage sudden wealth
• Athletes should use a three-bucket approach to money management: general savings, tax savings, and goal-specific savings
• Consistency in NIL regulations across states would create a more equitable environment for all student-athletes
• The collegiate sports landscape continues to evolve rapidly with the recent implementation of revenue sharing

Ask your athlete what they know about NIL and how it might impact them. Check their social media to ensure it's professional and brand-safe for future opportunities. Discuss posts, attitudes, and behaviors that could hurt their brand. Practice money management by asking how they would handle sudden income.

Have an idea for a show or a question for Kim? Send us a text message

Support the show

Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.

The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.

Kim Chapman shares five actionable strategies to boost your credit score quickly and effectively. These proven techniques address the key factors that influence your credit rating, helping you qualify for better loans and financial opportunities.

• Pay bills on time as this accounts for 35% of your credit score
• Keep credit utilization below 30% of your available credit limit
• Don't close old accounts as they contribute positively to credit history
• Limit opening new accounts as they can temporarily lower your score
• Check all three credit reports regularly through annualcreditreport.com
• Contact creditors immediately if you can't make payments to discuss options
• Consider speaking with a financial counselor if struggling with debt management

Visit neighborsfcu.org/financial-wellness for more tools to help build a strong financial future and subscribe to the Money Matters podcast for ongoing financial guidance.

Have an idea for a show or a question for Kim? Send us a text message

Support the show

Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.

The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.