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Disabled adult children and Social Security benefits

Social Security provides much-needed benefits for young people who become disabled, yet many people aren't even aware the program exists. If you have a child who suffers from autism, cerebral palsy or another medical condition present either from birth or at a young age, there are certain things you should know.

Supplemental Security Income provides some benefits

The risks associated with debt settlement

If you've been speaking with a debt settlement company, you may have heard some fantastic claims. It's not uncommon for debt settlement firms to lure potential clients in with promises of reducing their debt by 50 percent. Some claim they can help you eliminate your debt problems within 36 months. In many cases, however, these debt settlement companies aren't selling anything more than snake oil.

Although some debt settlement firms will deliver on their promises, in some cases, the process of getting you a favorable debt settlement may not entirely clear-cut or easy. There are some real risks associated with the process.

Key steps to complete the bankruptcy process after filing

Over the years, filing bankruptcy has become less of a taboo topic and more of a tool. For many people it helps to provide a chance to start over financially, in a sense.

If you are considering bankruptcy, it is essential that you fully understand the process. There are a few key steps to take after filing to ensure the completion of the bankruptcy.

People are dying while waiting on a disability decision

Americans work and pay into the Social Security Disability Insurance program so if they become disabled before retirement age, they have some income to rely on. Unfortunately, due to the backlog of people waiting on disability decisions, they often have to wait an unreasonable amount of time if they are not fortunate to be approved at the onset.

During 2016 and 2017, according to Social Security Administration reports, 19,000 people passed away while waiting for a fully favorable decision on their benefits. This is a sad state for the Social Security Disability Insurance program to be in.

Does bankruptcy restart the foreclosure process?

Your home is in foreclosure. You've missed too many payments. The bank is repossessing the home and they're going to sell it. A date has even been set and it appears that the sale is imminent.

Since your financial situation isn't what you'd like it to be and you're over your head in debt, you file for bankruptcy. Suddenly, that sale gets cancelled. It can't proceed while you're in bankruptcy, and you get to stay in the house.

Should you get a credit card after declaring bankruptcy?

You got in over your head with debt, and a lot of it was due to your credit cards. You're thinking of declaring bankruptcy to get a fresh start.

If you do, though it may seem counter-intuitive, it may be wise to get a credit card after you file. Not only can you do this, but it can be a positive step.

Tips that can help as you apply for Social Security Disability

Social Security Disability benefits may be warranted, but that doesn't mean the process is fast or easy. Experts warn that it can take months to apply and get a response initially, and it could take even longer if you're denied and have to appeal.

Does that sound daunting? It doesn't have to be. Here are a few tips that can help you during the process.

  • Cut back on your spending as much as possible. Eliminate extra expenses. Remember, even if you deserve the payments, you may not see them for six months or longer. Don't deplete all of the savings that you have.
  • Work with your doctor. It can help you tremendously to have a medical professional on board and willing to back up your claims.
  • Obtain copies of your own medical records. Get all of the documentation you can to give your claims a bit more weight. It's one thing to say you're disabled; it's another to prove exactly when the injury occurred and how it limits you.
  • Practice the application. The first one you fill out doesn't have to be the one you send in. Remember, a lot of people get rejected over very simple mistakes. You don't want to stall the process out because you forgot some basic information or left a critical box blank. Practice it and double-check the application before you submit it.

Is social security a pension plan?

People often think about social security as if it is a pension plan. You pay a tax, which is similar to a contribution. It goes into the plan. When you retire, you get payments. This is very similar to any other retirement plan and it's the reason people are sometimes glad to contribute, thinking that, as with other plans, their payments will be higher if their input is higher.

However, it's very important to remember that social security is not a pension and was never intended to be one. It was set up as a tax, not a retirement plan. That doesn't mean people can't benefit from it, but thinking of it the same way is problematic.

What is a subprime borrower?

You're considering bankruptcy and trying to plan for the future. You're already thinking about how you can build your credit back up after you file, and you know that using credit cards responsibly is one way to do it. You have to prove you can pay off debt properly.

However, one of your friends mentioned that you'd likely be a subprime borrower in the wake of a bankruptcy filing. What does that mean?

How much does bankruptcy cost in Illinois?

When you are in debt and considering your options, bankruptcy may stand out from the rest for its ability to significantly reduce your debt. Filing for bankruptcy comes with many benefits, from stopping creditor harassment to allowing you to keep certain assets. It gives you the fresh financial start you need with the opportunity to rebuild better credit quickly.

However, the process is not free simply because you are running low on funds. Eliminating debt costs money, and knowing how much can help you prepare for it.