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Tag Archives: life insurance

A&O Resource Management Executives Sentenced To Jail Time

A&O Resource Management Ltd ‘s co-founder and part-owner were sentenced this past week in federal court for their roles in a $100 million life-settlement fraud scheme. Part-owner, Adley Abdulwahab (pictured below), was sentenced to 60 years while co-founder, Christian Allmendinger got a 45 year sentence. Apparently, the two men took place in selling “bonded life settlements” which guaranteed 10 to ... Read More »

Do I Have to Use Life Insurance Money to Pay Off Credit Card Debt? – Susan

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Do I have to use the life insurance policy money to pay off credit card debt My husband died and left me with $25,000 in credit card He also left me a life insurance policy in the amount of $55,000. I want to file bankruptcy as I don’t make enough working to pay off the credit card debt. Will I ... Read More »

My Husband is Terminally Ill With Cancer. – Linda

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“Dear Steve, My husband is terminally ill with cancer. Prior to becoming ill he owned a small business. He was the sole provider and I cared for the children and home. Due to his illness, the business closed in 2007 and he is on disability since 2009. We lost our home, some other real estate investments and have other medical ... Read More »

Money Saving Strategies for New Parents

Can I Afford to Work - Or Stay Home?

You’ve heard the statistics: it’s going to take a zillion dollars to clothe, feed and take care of your child until adulthood. And that doesn’t include college — or the money you’ll spend if they stick around after 18! But you’re plunging into parenthood anyway. Good for you! You don’t have to go completely into hock to raise your child ... Read More »

Marriage and Money: How to Talk to Your New Spouse About Finances

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So you’re engaged. Or thinking about it. If you’re really serious about spending the rest of your life with another person, it’s time to get some of the tougher issues out in the open. Somewhere near the top of your list should be MONEY. Conflicts about money issues can stop a relationship before it has a chance to be successful. ... Read More »

Will My Family Have to Pay My Debts From My Life Insurance After My Death? – John

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“Dear Steve, I have $152,000 in student loan principal, down from $163,000 after 6 years of payment. $77,000 are at a fixed rate of 2.625%. $6000 are at 5% fixed, and $69,000 are at a variable rate, which currently averages 2.5%. I also have $22,000 in credit card debt, which is at fixed rates of 4.99%, 3.99%, and 2.99%. The ... Read More »

My Husband Died of Cancer and I’m Trying to Settle My Debt. – Dana

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Dana “Dear Steve, My husband died 2 months ago from cancer, so loss of income from social security of $1400 a month. Had over $100,000 in CC debt due to business. Business now in Chapter 11, so it can’t be repaid. Credit card debt w/ Bank of America settled for 27%, Chase settled for 35%. AmEx says 70% lowest they ... Read More »

Is It Wise to Take Cash Value Out of a Life Insurance Policy to Pay Off Credit Card Debt? – Tess

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Tess “Dear Steve, Is it wise to take cash value out of whole life policy to pay off credit card debt? Tess” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here The Answer   Dear Tess, ... Read More »

Do I Need Term Life Insurance or Whole Life Insurance? – Amy

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Amy “Dear Steve, Do I need term life insurance or whole life insurance? I have both and I have cash value in my whole life policy that I am considering cashing in to pay off my credit card debt. Is it a good idea to cancel my whole life policy to pay off my credit card debt so I can ... Read More »

I’ve Been Unemployed And Behind on My Discover Card. They Are Suing Me. – Liz

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Liz “Dear Steve, I have been unemployed due to downsizing since June 2008. I fell behind on my Discover card payments, and now they are suing me for $10,000 plus court costs and interest. I can’t make ends meet on my unemployment check, and even that is due to run out in May. I am receiving food stamps and will ... Read More »

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