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CBS News
4 days ago
- Business
- CBS News
What assets can you lose if you file for bankruptcy?
With interest rates still elevated and stubborn inflation eating away at hard-earned salaries, many Americans are struggling to stay ahead of their bills right now. Credit card debt is also at record highs, payment delinquencies are climbing and more people are falling behind on everything from medical debt to personal loans. For some, the pressure from today's tough economic landscape has caused the financial stress to reach a boiling point, and filing for bankruptcy is starting to look like the only way out. But while bankruptcy can offer a financial reset in the right situation, it also comes with trade-offs that aren't always obvious at first. Yes, it can stop collection calls and lawsuits, but it has a big (and long-term) impact on your credit and finances, and it can be a costly process, too — one involving attorneys, court fees and other surprising expenses. And, there are other things, like certain assets, you might lose in the process. That's why it's important to fully understand the potential repercussions before moving forward. So, what can you lose when you file for bankruptcy? Here's a closer look at what's at stake and what you can do if you're considering this debt relief strategy. Learn more about the debt relief options that could help you avoid bankruptcy here. When most people talk about personal bankruptcy, they're referring to Chapter 7 or Chapter 13 bankruptcy. The type you file plays a huge role in what happens to your property. Chapter 7 is known as the "liquidation" form of bankruptcy, meaning that it wipes out your qualifying debt without the need for repayment. It's typically the faster, cheaper option, but it comes with a tradeoff: The bankruptcy trustee may sell your non-exempt assets to pay off your creditors. Here's what you might lose in the process: That said, many people who file for Chapter 7 don't lose anything at all. Why? Because there are exemption laws that protect certain assets, like modest vehicles, clothing, furniture, tools of the trade and a portion of home equity. Federal and state exemption laws vary, but you often get to choose which set of exemptions applies. If your property falls within the allowed exemptions, it's safe from liquidation. Find out what debt relief options are available to you today. Filing for Chapter 13 bankruptcy works a little differently. Rather than selling off your property to pay creditors, this option reorganizes your debts into a court-supervised repayment plan that typically lasts three to five years. During that time, you'll make monthly payments based on your income, expenses and debts. At the end of the plan, any remaining eligible debts may be discharged. The biggest advantage? You typically get to keep your assets, even those that might not be protected in Chapter 7. This typically makes Chapter 13 a better option for those with high-value property they want to protect. That said, Chapter 13 is generally more complex and expensive than Chapter 7. You'll need enough income to make your plan payments every month, and missing those payments could cause your case to be dismissed. Bankruptcy might not be your only option, and in many cases, it shouldn't be your first. There are other debt relief options that can help you regain control of your finances without putting your assets at risk, including: Offered through credit counseling agencies, debt management plans consolidate your credit card balances into a single monthly payment. The agency also negotiates with your creditors for lower interest rates or waived fees, which can help you save money during the repayment process. You typically pay the full amount you owe, just on better terms, and you usually get to keep all your assets. If you have a decent credit score and stable income, a debt consolidation loan can be a smart way to combine multiple debts into one with a lower interest rate. This option doesn't reduce what you owe, but it can lower your monthly payments and simplify repayment. With debt forgiveness (also referred to as debt settlement), you work with a debt relief company or on your own to negotiate lump-sum settlements for less than what you owe. On average, working with a debt relief company results in settlements that are 30% to 50% less than the full balance, but the process of settling your debt can hurt your credit and lead to collection calls or even lawsuits. However, it might help you avoid bankruptcy and resolve your debts faster. Some creditors, especially credit card issuers and medical providers, offer hardship programs that temporarily reduce or pause your payments due to a qualifying financial hardship. These aren't always advertised, so you may have to call and ask, but they can result in significant, albeit temporary, relief. Bankruptcy can give you a financial clean slate, but it's not without cost. Depending on your situation, you could lose valuable assets like your home, car or savings. That's why it's critical to explore all your options before you file. For many people, debt relief strategies like debt management or consolidation can offer a less drastic and less risky path forward. But if bankruptcy truly is your best option, knowing what's at stake can help you prepare and protect what matters most.
Yahoo
5 days ago
- Business
- Yahoo
How bankruptcy affects your mortgage
Key takeaways If you file for Chapter 7 bankruptcy, you may be able to keep your home, especially if you have a relatively low amount of equity. If you file for Chapter 13 bankruptcy, you're more likely to keep your home, provided you can make any missed payments along with your current ones. Immediately after bankruptcy, home loans are off the table, but you may be able to get a new mortgage within a few years. Shop Top Mortgage Rates Your Path to Homeownership A quicker path to financial freedom Personalized rates in minutes Bankruptcy proceedings can give you some much-needed breathing room, but they also come with serious financial ramifications — including, potentially, for your home. Exactly what happens to your mortgage if you file for bankruptcy, though, varies based on a few factors. 'What happens depends on whether your payments are current, the type of bankruptcy and whether your property has legal protection from creditors,' says Laura Adams, personal finance expert and host of the Money Girl podcast. What is bankruptcy? Bankruptcy is a legal proceeding that a person or entity can initiate if they're unable to repay their debts. There are a handful of different types, and they each treat the outstanding debt differently. Individuals most commonly file for Chapter 7 or Chapter 13 bankruptcy. Type of bankruptcy What it means for you Chapter 7 Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt. A trustee oversees this sale. Any remaining unsecured debt (debt not backed by collateral) gets discharged, meaning you're no longer legally obligated to repay it. Chapter 13 Also called reorganization, these bankruptcy proceedings set up a repayment plan for your debts. This plan needs to get approved by the court and gives you 3–5 years to repay. How does Chapter 7 bankruptcy affect my mortgage? When you file for Chapter 7 bankruptcy, you'll sell some of your assets to satisfy your debt. This may include your house — but not always. In the short term, filing for Chapter 7 may actually help you stay in your home, says Bryan Bowmer, broker and owner of Future First Lending, based in Tustin, California. He notes that a bankruptcy filing can trigger an automatic stay, which temporarily prevents creditors from taking collections actions against you — including foreclosing on your home. Longer term, your ability to remain in your home depends on your state's laws, among other factors. It is certainly possible to lose your house in Chapter 7 bankruptcy. 'If your mortgaged property isn't excluded from a Chapter 7 bankruptcy, a lender with a lien can force its sale,' Adams says. Filing Chapter 7 doesn't typically wipe out your mortgage debt, which is secured by your house. If you don't feel as though you can continue to pay your mortgage, you may surrender your home to the lender, which absolves you of further mortgage obligations. Or, if you'd prefer to keep your home, and your lender agrees to it, you may pursue reaffirmation. With this option, you'd continue to make payments on your mortgage according to the original terms, as if you hadn't filed for bankruptcy. However, all of this assumes that your home isn't exempt from Chapter 7 bankruptcy. Learn more: Buying a home after foreclosure When is your house exempt from Chapter 7 bankruptcy? Exemptions are generally based on the amount of equity you have in your home, and the limits — expressed as a dollar amount — vary by state. Usually, if your equity amount is lower than the exemption limit, you can keep your home. If you have more equity than the exemption, you might be forced to sell. In that case, you can work with your trustee and your lender to see if reaffirmation is an option. Some states also have unlimited exemption amounts. 'For instance, in Florida, homestead rights protect your primary residence from creditors if you've lived there several years and the property doesn't exceed a size limit,' Adams says. In bankruptcy law, this concept is called the homestead exemption. It's generally predicated on the assumption that you own the house, and it's your primary residence. You also need to have lived there for a minimum amount of time — usually, at least two years. How does Chapter 13 bankruptcy affect my mortgage? It's a lot easier to keep your home in Chapter 13 bankruptcy. In this scenario, you make a plan to repay your debt over three to five years. Because you're not trying to wipe out your debt, there's no risk of the house getting sold to repay your creditors. 'For mortgages, this provides an opportunity to catch up on missed payments while maintaining current payments,' Bowmer says. 'However, borrowers must demonstrate steady income and commitment to the repayment schedule to keep their home.' If you can't afford both your monthly mortgage obligation and your Chapter 13 payments, your lender may still foreclose. Can you get a mortgage while in bankruptcy? While it's possible to get a mortgage while you're in bankruptcy, there are restrictions, says Esther Phillips, SVP managing director of sales at Key Mortgage. For this to happen, 'you must be utilizing an FHA or a VA mortgage, and it must be a chapter 13 bankruptcy, not a chapter 7,' she says. To qualify, you'll need to have made at least 12 months' worth of bankruptcy repayments, and the court will need to approve your new mortgage debt. Also, the loan may need to be 'underwritten to more conservative standards (versus utilizing automated underwriting, which can have broader criteria for loan approval),' Phillips adds. No matter which type of bankruptcy you've declared, you won't be able to get a conventional loan while you're still in bankruptcy. 'Fannie Mae and Freddie Mac require the bankruptcy to be discharged — regardless of type,' says Phillips. Can you get a mortgage after bankruptcy? 'You can get a mortgage after bankruptcy,' Adams says. 'However, there's typically a two- to four-year waiting period, depending on your bankruptcy type, financial situation and the mortgage you want.' Government-backed loans, like FHA loans and VA loans, are a bit more lenient, typically allowing applicants who've been discharged from Chapter 7 at least two years prior. FHA loans will also accept applicants who are at least one year into a Chapter 13 repayment plan, provided they have court approval. Conventional loans typically require borrowers to wait four years after a Chapter 7 discharge or dismissal to apply for a new mortgage. If you've filed for Chapter 13, you can apply two years after a discharge or four years after dismissal. In short, after bankruptcy, home loans are off the table for a season. You don't have to sit idly by, though. Bowmer recommends using the time to rebuild your credit, focusing on making on-time payments. He also suggests saving for a down payment, if you can, and keeping your debt-to-income ratio as low as possible. Learn more: Buying a house after bankruptcy FAQs Do I have to pay my mortgage if I file for bankruptcy? You're still responsible for that amount of debt, yes. In some cases, bankruptcy will mean your house gets sold to repay your debts, which would eliminate your mortgage and its payment requirements. But it also means losing your home. If you want to stay in the house, you need to be prepared to continue making mortgage payments — and catch up on any payments you've missed. Should I sell my home when filing for bankruptcy? That depends on the laws in your state, your outstanding debt, how much equity you have in your house and other factors. It's best practice to consult with a bankruptcy attorney before making any big decisions like this. How does bankruptcy affect your creditworthiness? Bankruptcy means a serious dip in your credit score (think: a three-digit drop). What's more, it can stay on your credit report for up to a decade. If you want to try to get a mortgage after filing for bankruptcy, it's important to diligently work on improving your credit score.
Yahoo
5 days ago
- Automotive
- Yahoo
Buying a car in Chapter 13 bankruptcy: How to do it
Key takeaways If you are still involved in the Chapter 13 bankruptcy process, you will need to file a motion with the court to purchase a vehicle. Qualifying for Chapter 7 instead may help you purchase a vehicle sooner than filing Chapter 13. Expect higher rates and less favorable terms because of the bankruptcy on your record. Switch Auto Insurance and Save Today! Great Rates and Award-Winning Service The Insurance Savings You Expect Affordable Auto Insurance, Customized for You It is possible to get a car loan while you're in Chapter 13 bankruptcy, but it requires court approval. Speak with your bankruptcy attorney for guidance on finding the right lender. Then, they'll file a motion with the court. You may be permitted to take on additional debt if you have a valid reason for the purchase. If you are approved, consider your loan options carefully. Lenders are less willing to work with borrowers in the bankruptcy process. If you find a lender, expect high interest rates — and be sure you can handle the additional monthly payment. How to get a car loan while in Chapter 13 bankruptcy Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy does not eliminate all of your debts. Instead, you will be put on a manageable repayment plan that allows you to keep your assets while paying back your creditors. If you need to get a car loan while you are still on your repayment plan and before you're discharged from bankruptcy, you may be able to do so if you qualify for an auto loan. Because the repayment plan does not include new debt, it will need to be modified. According to Amy Lins, vice president of customer success at Money Management International, 'The court recognizes that life happens, and it may be necessary to purchase a vehicle before the completion of the Chapter 13 repayment plan.' She outlines five steps to take when you need an auto loan: 1. Make a new budget showing that you can afford the car payment You must show potential lenders and the court that you can handle a car payment on top of your debt repayment and other financial obligations. 'If the car purchase is going to impact other aspects of your repayment plan, work with your attorney to create a new proposed repayment plan,' Lins says. Unfortunately, a low credit score will result in a high interest rate. The average auto loan rate for deep subprime borrowers is currently at 15.81 percent for new car purchases and 21.58 percent for used cars. Bankrate tip An auto loan calculator can help you estimate your monthly payment and see if it will realistically fit into your budget. 2. Find a lender that will work with Chapter 13 bankruptcies Few lenders and car dealers will work with those in active bankruptcy, but they do exist, explains Lins. 'Your bankruptcy attorney may be able to provide a list of lenders and dealers that will work with you, and you should check with your local credit union or bank.' You may also need to find a dealer that works with subprime lenders to get the car financed. Despite slim options, do your due diligence and compare rates and terms from a few lenders. And because bankruptcy will damage your credit score, expect higher interest rates, fees and less favorable terms. Lins states that you need to provide these items to the court in writing: Purchase price. Monthly payment. Interest rate. 'Keep the purchase price as low as possible and wait to exit bankruptcy and rehabilitate your credit before purchasing a more expensive vehicle,' she advises. 3. Get a sample buyer's order A sample buyer's order is a financial statement provided by a dealership to the bankruptcy trustee. It is an example that includes the maximum interest rate for the vehicle choice or a similar equivalent. This gives you and the trustee an idea of what payment you can expect. The resulting loan interest rate must not exceed the one stated on the buyer's order. 4. File a motion with the court for additional debt To take on additional debt, you must file a motion with the court. This entails bringing your order and having a solid explanation of why you need to purchase a car and why you need financing. Perhaps your last car broke down and the repairs are so significant that, financially, it makes more sense to buy a new car. Or you live in an area where public transit isn't easily accessible. This step is something your bankruptcy lawyer can help with. 5. Complete the purchase Once the court approves the motion, you can obtain your car loan and get the vehicle. Make the purchase and begin paying the loan off with your other obligations. If you struggled in the past, learning to manage your auto loan may help you avoid missing payments or defaulting on your new loan. Tips for financing a car after Chapter 13 bankruptcy Once you complete your court-ordered debt repayment and get discharged, you won't have to go through the courts to approve your car purchase. If you can, try to make do with the car you have until you are at least six months past discharge, Lins says. Improve your credit score Although bankruptcy can cause major harm to your credit, there are a few steps you can take to rebuild your credit score before applying for a new car loan. Getting a secured credit card: Taking out a secured credit card and using it responsibly can help strengthen your credit profile. 'Charging and repaying small amounts over time will help rebuild a positive credit history,' says Lins. Enroll in a rent and utility reporting program: You can also look at services that will report rent and other bills, such as your cell phone, utilities and streaming services to help you build or rebuild an on-time payment history, Lins recommends. 'These services usually charge a modest fee, but some are free,' she says. Keep your credit utilization rate low: If you still have open credit cards, try to keep your credit card balance below 30 percent of your total credit limit. Doing this could help improve your score because your credit utilization ratio accounts for 30 percent of your credit score. Monitor your credit In addition to rebuilding your credit, keep track of your score and history. This will help you see the progress you are making and what improvements can be made. Monitoring your credit regularly can also help you spot errors that can damage your score. There are a few ways to get your credit score for free. You can order free reports once a week from or sign up for a free credit monitoring service. American Express, Bank of America, Discover and Wells Fargo — among others — also offer a free monthly look at your credit score with their credit cards. Shop around for a car in your budget Shop for a car within your reasonable affordability range to ensure you stay on top of the payments. This will help you rebuild your credit and keep you on track. Review your monthly expenses to determine how much a car payment your budget will allow. As a rule of thumb, car-related expenses, including the cost of gas, maintenance and insurance, should not exceed 20 percent of your total monthly budget. Set a target price for your purchase using information online through websites like Edmunds and Kelley Blue Book, which list new and used car prices and insurance cost estimates. Opt for a shorter loan term While it may mean a larger monthly payment, a short loan term is ideal whenever you buy a car. This is because interest has less time to accrue — so you pay less overall. A long loan term may be appealing, but you will inevitably spend more. However, you need to balance it with a payment you can afford. If an 84-month loan term is the only way to get a payment that fits your budget, look for a different vehicle. A lower purchase price — and borrowing less — may improve your chances of approval and prevent you from overextending your budget. Make a down payment The larger your down payment, the less you'll owe on it in the future. Lenders may also be more willing to approve you since you will need to borrow less overall. Look at your budget and see how much you can reasonably afford to stash away each month toward purchasing a car. Ideally, you should save as much as possible, but it ultimately boils down to your income, expenses and existing obligations. Alternatives to taking out a new car loan If you are unhappy with the rates and terms offered for a bad credit car loan or are having trouble getting approved, consider other options. Shop for a lower-priced vehicle: Even if the interest is high, your overall payment and how much you owe monthly will be more affordable. Wait until your credit has improved: Once you rebuild your credit, you'll most likely qualify for lower interest rates, fewer fees and more favorable terms. Pay entirely in cash: Saving up and paying cash outright for a car means you won't have to apply for a car loan at all, which will save you in interest and fees. Bottom line If you've filed for Chapter 13 bankruptcy, getting a car loan can still be possible, but there will be some hoops. Find a lender and create a reasonable budget that allows you to continue your court-mandated debt repayments. It's important to shop around to find a car that fits your budget. After you are discharged from bankruptcy, you won't need court permission to finance a car. But the first step is rebuilding your credit by setting up a track record of consistent, timely debt payments. 'It's an old saying, but time really does heal all wounds, even wounds to your credit score,' Lins says.
Miami Herald
13-07-2025
- Business
- Miami Herald
Dave Ramsey shares harsh truth about bankruptcy, mortgages, and buying a home
As the cost of living rises and wages stagnate, many Americans struggling to balance financial obligations. Household debt levels have been on the rise for the past few decades, as younger generations try to balance paying off student loans, saving for retirement, and buying a home in a difficult housing market. Bankruptcy rates have risen over the past decade, driven by more households battling unmanageable debt and the threat of housing foreclosure. Don't miss the move: SIGN UP for TheStreet's FREE daily newsletter Most consumers seeking debt relief file for Chapter 7 bankruptcy (involving liquidating assets to repay creditors) and Chapter 13 bankruptcy, which reorganizes debt to be repaid within 3 to 5 years. While bankruptcy may be the best option for those facing insurmountable debt, it may also damage your credit score and prevent you from getting a mortgage and buying a home in the future. Dave Ramsey reveals how filing for bankruptcy can impact your financial standing in the long run. Image source: Shutterstock Credit scores are one of the biggest financial indicators lenders look at when assessing mortgage applications. A credit score not only demonstrates your ability to repay debt, but also strongly influences the interest rate you'll receive on a mortgage loan. Homebuyers with lower credit scores are deemed higher risk, and typically require a higher down payment to offset the heightened liability. Since bankruptcy involves getting debts discharged, it signals to lenders that a person may have trouble managing their debts going forward. Though the process may make sense overall financially, Experian estimates it takes an average of 200 points off of a credit score. More on personal finance: Chase revokes a major privilege customers love in 'calculated' moveDave Ramsey warns Americans on a homebuying mistake to avoid nowConcerning new trend poses major risk to Americans' financial securityMajor student loan change from White House may impact your debt "We won't sugarcoat it: bankruptcy is a devastating, life-altering decision that drags you through the legal mud for all to see. Beyond the emotional impact, here are some ways bankruptcy can wreck you financially," Ramsey said. He warns that consumers may be dealing with the fallout from bankruptcy up to a decade after filling. "It's important to know that a bankruptcy will affect your FICO score. Hard. And that hit lingers. In fact, Chapter 13 bankruptcies stay on your credit report for about seven years, and Chapter 7 bankruptcies stay on there for 10 years," he continued. The mortgage loan application process can be burdensome, involving employment history, proof of income, and the borrower's debts and credit score. Filing bankruptcy significantly hurts a consumer's credit score, making it difficult for homebuyers to get approved for mortgage loans or obtain a competitive interest rate. Ramsey explains that it will take several years for anyone who has filed for bankruptcy to financially recover and get approved for a mortgage. Related: Dave Ramsey predicts major mortgage rate changes are coming soon "A bankruptcy is a huge red flag for mortgage lenders. While it's not impossible to buy a home after going through bankruptcy, it could take one to four years before anyone will even think about letting you take out a mortgage," Ramsey continued. While each family's financial circumstance is unique, most Americans will find buying a home is far more difficult after bankruptcy. "How soon you can qualify again depends on the type of bankruptcy you filed and the type of mortgage." Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
16-06-2025
- Business
- Yahoo
I'm 51, recently divorced and now I'm $180,000 deep in debt. Would I be better off declaring bankruptcy?
Picture it. You are 51 years old, newly divorced and staring down $180,000 in debt. Many Americans face a situation just like this. Recent data from the Federal Reserve shows that the average U.S. household debt is more than $100,000. This includes mortgages, auto loans, student debt, credit cards and other forms of personal debt. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) But, what should you do if you find yourself with substantially more debt than average? Should you declare bankruptcy, or is there another viable option? The answer isn't simple, but weighing the pros and cons can help determine the best course of action. Remember, the type of debt and the repayment terms will be important in charting a path back to solvency. Filing for Chapter 13 bankruptcy offers those with a regular income a way to repay their debt as part of a structured plan. This typically occurs over three to five years, and allows people to catch up on overdue payments and, unlike Chapter 7 bankruptcy, retain important assets like their home. Often, as soon as you file for bankruptcy you are granted an automatic stay. This halts foreclosures, wage garnishments, repossessions and other collection activity from most creditors. This can be crucial for saving your assets and helping you negotiate a manageable repayment schedule. A Chapter 13 bankruptcy repayment plan usually requires secured debt (for example, mortgages and auto loans) to be repaid eventually. However, unsecured debt (like credit cards) is often at least partially forgiven. This means you usually only pay back a portion of the outstanding debt. This is why the type of debt you have is important when considering whether to declare bankruptcy. There are big drawbacks to bankruptcy. According to Capital One, a bankruptcy can remain on your credit report for up to 10 years, dramatically lowering your credit score and restricting future credit opportunities. Obtaining loans in the future might be harder. A poor credit score could even affect your job prospects or ability to rent an apartment. In light of all these complex factors, consulting with a trusted financial advisor before making any decisions is strongly recommended. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it It's a good idea to explore all your debt relief options before deciding to declare bankruptcy. A debt management plan offered by a reputable credit-counseling agency is based on structured payments to your creditors in amounts you can manage. These are often financed at reduced interest rates. In many cases, you make a monthly payment to the agency, which then negotiates with your creditors to obtain lower interest rates. Negotiating directly with creditors to settle debts and refinancing high-interest loans can also reduce your monthly payments. Another option is debt consolidation, which means you roll several debts into one monthly payment. This has the psychological benefit of simplifying your repayments and it may help you obtain a lower overall interest rate than on individual cards or loans. There are a number of repayment strategies you can follow. The snowball method targets your smallest debts first and aims to generate quick wins to build repayment momentum. The idea is to create motivation to move onto your larger debts. In contrast, the avalanche method prioritizes the highest-interest debt in order to minimize the overall cost of paying back everything that you owe. Choosing between them depends on the type of debt accumulated and the personality of the individual. If you find yourself in a lot of debt, it's likely not a good idea to tap into retirement funds like your 401(k). Early withdrawals before the age of 59 ½ can incur a 10% penalty on top of regular income tax. You're also sacrificing gains from compound growth. In other words, a large withdrawal at a young age could mean you have substantially less money available when you're ready to retire. Also be wary of high-interest payday loans. Yes, they are relatively easy to obtain, but if you're already heavily in debt it's not a good idea to pile on even more at sky-high interest rates. Be careful about cosigning a loan — this can be especially risky if you're already in debt. According to the Federal Trade Commission, when you cosign a loan, you take on the risk. If the primary borrower misses payments or defaults, you are on the hook and your credit can be impacted. Rather than opting for risky, quick-fix solutions, seek out repayment strategies with a clear structure. And, get the guidance of a financial advisor you trust. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
