January 28th, 2013

Casey Anthony Files For Chapter 7 Bankruptcy

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Coincidence or not? The same day 2 of Casey Anthony's 4 convictions are thrown out by the court, she files for Chapter 7 bankruptcy in Tampa, Florida.

Although Anthony was acquitted of the murder of her daughter in 2011, she was convicted on 4 counts of lying to detectives during the search for her daughter in 2008.

All 4 convictions were appealed. The judge ruled that the multiple convictions amounted to double jeopardy.

Casey Anthony reported her daughter missing in July of 2008, then led investigators and authorities on a wild goose chase, initially blaming a fictitious nanny by the name of Zenaida Fernandez-Gonzalez for taking her.

The body of 2-year-old Caylee Anthony was found in December close to Casey Anthony's parents house in the Orlando area.

Civil suits have been filed against Anthony by Zenaida Fernandez-Gonzalez who had the misfortune of having the name Anthony used as well as the group that spent significant amounts of time, effort and money searching for the girl.

Zenaida Fernandez-Gonzalez lost both her job and her home after Anthony's fictitious story went public and is suing Anthony for defamation of character.

Casey Anthony has no reported income and lists approximately 80 creditors in her 60-page bankruptcy filing. Besides consulting and/or service frees for forensics, legal, medial and psychiatric, Anthony also claimed a scuba diving services debt.

What does Casey Anthony owe?

She owes almost $800,000. How does it break down?

  • $500,000 in attorney costs and fees
  • $145,660 in investigative fees
  • $68,540 to the Internal Revenue Service (IRS)
  • $61,505 to the Florida Department of Law Enforcement

What does Casey Anthony have?

According to News 13, her property values are listed as such:

  • $474 in cash
  • $200 between furniture and a laptop
  • $200 in jewelry
  • $100 in clothing and accessories

Between the appeals and the civil cases, Casey Anthony continues to look at far more money going out than coming in. But will Chapter 7 bankruptcy allow her to erase all these past debts and start fresh? Only time will tell.

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Posted in Bankruptcy News and Events | Comments Off
January 23rd, 2013

Myth Busting Bankruptcy

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The word “bankruptcy” is scary, often avoided and rarely thought of in a positive manner. People say, and sometimes whisper, all sorts of things about bankruptcy but how do you know what is true and what isn't?

If you’re thinking about bankruptcy as an option for you, take the time to wrap your head around the facts instead of letting the myths wrap themselves around you.

10 Bankruptcy Myths to Bust

  1. Everyone will know I have filed for bankruptcy
  2. All debts are wiped out in Chapter 7 bankruptcy
  3. I'll lose everything I have
  4. I'll never get credit again
  5. If  I'm married, we both have to file for bankruptcy
  6. It's really hard to file for bankruptcy
  7. Only deadbeats file for bankruptcy
  8. I don't want to include certain creditors in my filing
  9. I can't get rid of back taxes through bankruptcy
  10. I can only file for bankruptcy once

And! Bonus myth...I can max out all my credit cards and then file for bankruptcy.

Everyone will know I have filed for bankruptcy

Yes, filing for bankruptcy is a matter of public record so people can find out if they have their hearts set on it, but the media won’t be shouting it from the rooftops unless they've already been shouting about you. If you've had the media attention before, you likely will get it again, but the average person can quietly file for bankruptcy.

All debts are wiped out in Chapter 7 bankruptcy

Unfortunately, every form of debt cannot be discharged, that’s just how it is. The list of non-dischargeable debts in bankruptcy includes, but is not limited to:

  • Child support
  • Debts incurred based on fraud
  • Government issued (or guaranteed) student loans
  • Most taxes

I’ll lose everything I have

You won’t lose everything, so don’t let this common myth keep you from filing for bankruptcy if it is in your best interest to do so. Depending on the type of bankruptcy you are filing for, as well as the state you live in, the laws differ.
There are exemptions put in place to help protect you and parts of your life. Some things you may be entitled to keeping, but are not guaranteed are:

  • Car (up to a certain value)
  • Clothing
  • House
  • Household goods
  • Money in qualified retirement plans

I’ll never get credit again

False! You will likely never be free from credit card offers. It is important to pay close attention to the interest rates because subprime lenders will jack up those rates.

Also, keep in mind that you just filed for bankruptcy and it is probably best to go easy on the credit so you don’t get yourself into a hole again.

But, if you need credit, you can get it.

If you’re married, both spouses have to file for bankruptcy

Both spouses do not need to file for bankruptcy together but your financial situation will determine if that is in your best interest or not.

If you have many debts that are shared between the two of you, it is often better to file together; otherwise the party who did not file is on the hook for the full amount of the debt.

If only one spouse holds the vast majority of the debt, it is more than fine for just that party to file.

It’s really hard to file for bankruptcy

Contact a qualified attorney and they will guide you through the process. Don’t let the fear of the process steer you away from filing if that is what is best for you.

Only deadbeats file for bankruptcy

This is quite far from the truth. Generally life changing events cause people to file for bankruptcy and life changing events happen to all of us. Sometimes people file bankruptcy after:

  • Divorce
  • Job Loss
  • Serious illness

Any of these life changing events will alter your finances in one way or another. They can leave you struggling to pay your bills on time and as time goes on, you can become buried in the debt.

I don’t want to include certain creditors in my filing

When you file for bankruptcy, you must include all of your creditors in your filing. Once your debts are discharged in bankruptcy, you are no longer obligated to pay them.

But! If you are hell bent on paying any of your creditors, you can always pay them back on your own, when you’re able.

Some people want the peace of mind of repaying their debts while others are happy to be free of the debt. Neither way is right or wrong and you should do whatever you are most comfortable with.

You can’t get rid of back taxes through bankruptcy

While in many cases this is true, there is such a thing as tax bankruptcy according to the Web Tax Mama, tax educator, Eva Rosenberg.

You can only file bankruptcy once

This is not true but time limitations do exist. For Chapter 7 bankruptcy, you can only file once every 8 years. For Chapter 13 bankruptcy cases, you have to wait 2 years and if you’re going from a Chapter 7 to a Chapter 13 case, you have to wait 4 years.

I can max out all my credit cards and then file for bankruptcy

This would be frowned upon and called fraud. Judges don’t take too kindly to fraud so try to limit your pre-filing purchases to necessities.

The trustee in your case will review everything right before filing and know what to look for.

It is important to understand the ins and outs of bankruptcy and lay any misconceptions you may have to rest. The myths above often prevent some people from filing for bankruptcy when it is really the most responsible thing to do in their situation.

The best thing do is educate yourself and contact a bankruptcy attorney to answer any questions you may have and guide you through the process.

Source:Kenneth Love, Ken Love Law, a Consumer Protection Firm

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Posted in The Truth about Bankruptcy | Comments Off
January 22nd, 2013

Higher Income Earners Look to Chapter 13 to Resolve Credit Card Debt

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Because higher income earners are less likely to qualify for Chapter 7 bankruptcy, Chapter 13 can provide a great alternative depending on your situation.

For example, let’s say you have $40K in credit card debt. As you continue to attempt to pay that off little by little, month by month, on your own, you’re racking up tons of additional dollars in interest. And the longer it takes you to pay it off, the more interest you’ll be paying.

By filing for Chapter 13 bankruptcy, you’ll essentially be freezing your credit card debt and cutting those interest payments off at the knees. Now, it is important to note that you will have to pay both attorney and trustee fees but those will be determined up front and, for the most part, included in your payment plan.

Your payment plan will be comprised of your total debt + attorney fee + trustee fee. Many attorneys will take a portion of their fee up front and put the remainder into your payment plan.

In our example, let’s say your attorney fee is $4K and the attorney requests $1K up front, the remaining $3K will go into your payment plan.

In regards to the trustee fee, that will be, at a maximum, 10% of your plan total (debt+attorney fee within the plan).

The maximum number of months per plan is 60 months.

It'll all break down like such for your plan total:

    Total Debt $40,000
    Attorney Fee $3,000
    Plan Total $43,000

Therefore your payment plan will look like:

    Plan Total $43,000
    Trustee Fee $4,300
    Total Payment $47,300

$47,300/60 (months) = ~$788/month

So, in 5 years, your $40K credit card debt will be paid off without having to deal with and worry about compounded interest.

One thing to take note of is your tax refund during this time. Your trustee will take any/all of your tax refunds so it is in your best interest to adjust your holdings so they yield little to no refund and you’re getting the maximum amount possible on a per paycheck basis.

To find out if you quality for Chapter 13 bankruptcy, speak with a local bankruptcy attorney.

Source: Janet A. Lawson, Bankruptcy Attorney

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Posted in Finance 101: Secure Your Future | Comments Off
January 21st, 2013

8 Valuable Benefits You May Not Know You Have

On the road to financial freedom every dollar counts, but many people throw away money every day because they don’t know it’s available. It’s not too late to get on the path to eliminating debt and reaching financial responsibility. Are you missing out on these valuable benefits?


you might have these benefits

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1. Retirement Fund Matching on your retirement contribution

  • Many companies offer to match up to a certain percent. It’s an automatic return on investment.

2. Forgotten Retirement Accounts

  • Nearly half of Americans abandoned a retirement plan with a previous employer.
  • Almost 20% of those accounts are worth $50k or more.
  • Consolidate old accounts with your current 401k or IRA to avoid losing track of old retirement plans and paying unnecessary maintenance fees.
  • How to find it: Contact the Plan Administrator at your former employer.

Discounted Employee Stock Purchase Plan

  • Buying discounted stocks is an automatic return on investment in the amount of your discount.
  • There are tax benefits to holding the stock at least one year past purchase date and two years past offering date.
  • WARNING! Diversify your holdings. No single stock should be more than 5-10% of your entire portfolio.

4. Corporate Discount and Partnerships

  • If you work for a large corporation, you may be able to get discounts for your cell phone plan, gym membership, even on retail purchases like computers.
  • Many employers are members of employee benefit programs that offer discounted prices at amusement parks or on movie tickets.

5. Free or Discounted Estate Planning

  • Avoid costly legal battles and unnecessary medical care by detailing your healthcare wishes up front. Local hospitals will provide a basic health care directive. Or download a state-specific form from the National Hospice and Palliative Care Organization.
  • Draft legal documents like simple wills and power of attorney using free or low cost online options.
  • TIP! Drafting your own documents can save you money, but always protect yourself by having an attorney look over your final document to avoid costly mistakes!

6. Lost Pension Benefits

  • Some pension plans are partly insured by the Pension Benefit Guaranty Corporation. (PBGC)
  • Use the Unclaimed Pension Search to discover missing pensions from a forgotten plan. Many people assume that bankruptcy of their employers also wipes out their pensions.
  • PBGC has almost $197 million in unclaimed pension benefits for over 36,000 people.

7. Spousal Social Security

  • You are entitled to benefits equal to up to 1/2 of your spouse’s full retirement amount.
  • Spousal benefits do not decrease your spouse’s benefits.
  • Being divorced does not mean you can’t collect spousal benefits if you were married for at least 10 years AND you have not remarried.
  • Spousal benefits are paid even if you have never worked a job which contributed to Social Security.

How to collect the maximum benefit: Spousal benefits + your own (if your Social Security benefit will be higher).

  • 1) Apply for spousal benefits upon reaching full retirement age.
  • 2) Allow your Social Security benefit to grow to its maximum payout.
  • 3) Apply to switch to your own Social Security benefit.
  • TIP! Unmarried children under the age of 18 (with some exceptions) may also be eligible to collect your Social Security benefits.

8. Spousal Survivor Benefits

  • Social Security can act as a life insurance plan in addition to a retirement plan.
  • Lump sum survivor benefits are only $255.
  • But! Monthly benefits for survivors can be equal to as much as 100% of your benefits based on the age and circumstance for you and your family.
  • Note: Survivor benefits cap generally around 150-180 % of your basic rate.

Provided by Total Bankruptcy.

Make the most of Your Benefits

Taking care of your finances requires and careful eye out for any opportunity. Total Bankruptcy helps you realize your financial potential. See our pages on Employee benefits in Bankruptcy and Seven benefits of filing Bankruptcy.

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Posted in Miscellaneous News | Comments Off
January 9th, 2013

How the Economy Affects Birth Rate

Throughout the last decade, it has been hard to ignore the effects of the economy on our personal lives. Millions of Americans are struggling to make ends meet, losing their jobs and facing foreclosure on their home.


Researchers have discovered that not only has the recent economic downturn had an effect on our bank accounts, it has also had an effect on our country's birth rate.

how does the economy affect birth rates

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This infographc was brought to you exclusively by Total Bankruptcy.

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Posted in Economic News: How Are We Doing? | Comments Off
January 7th, 2013

Does the Economy Affect Birth Rates?

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The national economy touches every aspect of our lives, not only the financial impact of racking up debts and filing for bankruptcy. The effects of high unemployment, home foreclosure and general uncertainty about the future seems to touch on birth rates, according to new studies.

The U.S. birth rate declined again in 2011, potentially showing that a drop in the economy led to a reduced number of births in the country. Now at a record low of 3,953,593 births, there were 45,793 fewer births than in 2010.

The overall fertility rate has also declined, falling to 63.2 per 1,000 women ages 15 to 44, the lowest recorded fertility rate in U.S. history.

During the Great Depression, the economic downturn led to a 17% decrease in birth rate, due to nearly 20% of women choosing not to have children at all. The number of children per woman declined to just over two children, where it held steady for nearly a decade. The birth rate had been on the decline since the 1920's, as more families started using birth control to limit family size.

As the economy began to bounce back at the end of the Great Depression and the start of World War II, the United States experienced a Baby Boom from 1946 until 1964. At the height of the Baby Boom, the number of children per woman rose to just over 3.5 children.

When the oil crisis occurred in the 1970's, the United States saw an 18% decline in the birth rate, down to just under two children per woman. When the economy began to rebound, there was a slight rise in the birth rate. When the economy saw a minor downturn in the early '90's, there was another decline in birth rate, this time by 15%.

The number of U.S. births peaked at 4.3 million in 2007, but has steadily declined since then, as 2008 brought the worst economic downturn since the Great Depression in the 1930's. The number of children per woman hovers around two, a number that has remained fairly steady since the early 1990's. It could be a sign of a weak economy, or it could be the result of women choosing to wait until later in life to have children.

In 2008, North Dakota, the state with one of the lowest unemployment rates (3.1%), was the only state to experience any spike in birth rate, and it only increased by 0.7%. Birth rates show greater decline in minorities (such as Hispanics), who have seen more economic strain.

From 2008 to 2009, Hispanics saw a 5.9% decline in birth rate. Whites, who have generally experienced less economic strain, show a smaller decline in birth rate at just 1.6%, heavily suggesting birth rate goes hand-in-hand with economic state.

Demographers expected a higher number of women at childbearing age would lead to a mini-baby boom, but statistics show otherwise. It may be years before a link between a lower birth rate and the economy is clear.

Right now, it's too early to tell whether we're at the start of a lower fertility trend, or the end of a low fertility trend tied to the economic downturn.

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January 2nd, 2013

New Year, New Financial Outlook

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New Years Day 2013 came and went.  Many of us have made resolutions to try to better ourselves over the next twelve months.  Depending on where you need to focus, this can be an excellent opportunity to try and tighten up your financial outlook.  With a few small changes, you have the potential to gain a new level of financial security (and hopefully find a way to stave off calling a bankruptcy attorney).

  • Save a portion of every paycheck you earn- NO EXCEPTIONS

It sounds easy, take a small portion of every paycheck and set it aside for a rainy day.  If you can save $50 off each check, and you get paid by-weekly, you’ll have saved over $1,250 by the end of the year!  It’s a fair assumption that you won’t need to dip into your rainy day funds more than once every couple of years, so this can quickly add up to several thousands of dollars.  The only catch is, you need to do it every paycheck.  If you start to let this slip, you’ll lose the habit and have a drought stricken rainy day fund.

  • Eat a light, homemade lunch

This can help your wallet as well as your waist.  Snacking on fresh fruit and celery during the day is cheaper than buying greasy fast food, and better for you.  If you invest your time preparing a proportioned meal for lunch, you won’t have to worry about waiting in line during your precious lunch break.

  • Check your cell phone bill

There was a time where people were really concerned about how many minutes they have on their cell phone plans, but for many, that times has left.  With most carriers offering free cell to cell calls, and free nights and weekends (as well as the rise in texting), many people have an abundance of minutes left over each month.  Often times, you can do with less monthly minutes and save $10, $20 or even $30 a month.  This can really add up in the long term.

  • Pay off credit cards when you have the money

Millions of Americans are in some sort of credit card debt.  And while everyone wants to be free of it, many don’t take the time to look at how much they owe.  If you have a credit card where you are making minimum payments of $50 or $60, you may be able to pay off the balance.  Don’t just continue making payments, the longer you do that the more you pay in interest to the credit card companies.  If you can pinch pennies and wipe out an entire card, you can save yourself interest you have to pay the credit card company, and instead use your money to earn interest.

While there are dozens of great ways to sure up your finances this year, these few easy to follow tips can help save you big time.

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January 2nd, 2013

Boom to Bankruptcy: How the Lottery Can Affect Finances

For some, the fairytale bounty that comes with a lottery win can be truly transformative. For many others, however, a big win now with a lack of financial responsibility can lead to bankruptcy woes later.


bankruptcy and the lottery

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Large Winners ($25K - $150K) Small Winners (less than $1,500)
Total Debt $145,141 $125,959
Total Assets $129,876 $102,491
Net Assets $15,265 $23,468
Market Value of Real Estate $89,521 $82,427
Annual Household Income $19,742 $22,194
Annual Expenditures $26,413 $29,276

*Notice that the net assets of large winners were only $8,000 higher than small winners.

What about the bankruptcy itself?

Professors from:

  • Vanderbilt Law School
  • University of Pittsburgh
  • University of Kentucky

linked Florida Lottery winners to bankruptcy records to see how winning affected their finances.

The result? While big winners are 50% less likely to file for bankruptcy right after winning, they’re more likely to file three to five years later.

Amount Won % Bankruptcy (0-2 years) % Bankruptcy (3-5 years)
<$1,000 2.99 2.48
$1,000 - $10,000 3.22 3.05
$10,000 - $25,000 1.48 3.65
$25,000 - $50,000 1.49 3.75
$50,000 - $100,000 1.03 4.41
$100,000 - $150,000 0.68 3.40
Total 2.16 3.36

Winning $50,000 to $150,000 may postpone bankruptcy, but it doesn’t necessarily prevent it.

  • Little evidence exists that taking on additional financial obligations caused the increase in bankruptcy rates for big winners in the three-to-five-year range.

Because the difference in net assets between big and small winners isn’t very large, it seems unlikely the winners chose to increase their assets or pay off debts.

The Darker Side of the Rainbow

  • A New Jersey woman won the lottery not once, but twice (in consecutive years), only to gamble away over $5 million dollars in winnings.
  • An Illinois man who won $20 million in 1996 was kidnapped and murdered by relatives.

This IG has been brought to you by Total Bankruptcy.

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Posted in Bankruptcy News and Events | Comments Off
December 24th, 2012

Save Money During the Holidays

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For many people, Thanksgiving starts the holiday gift giving season.  And while we have seen some improvement in the economy, for millions of Americans this time of year brings plenty of stress too.  When money is hard to come by, how can we save a few dollars while keeping everyone happy?

If you are buying for your kids, and they really want a video game system, consider getting them something retro.  Instead of shelling out hundreds of dollars for a new game system (not to mention the games, and internet subscriptions), you could consider getting your kids an older game system, like a Nintendo NES, or SEGA Genesis.  While these systems are a little harder to come by, they are still available and run much cheaper.

If you and your significant other are still contemplating gifts for each other, consider buying yourselves a present.  If you have a budget for each other’s gifts, let’s say $100, then why not buy one gift for the two of you for $100?  You treat yourselves to a nice date night, or, if your budget is a little higher, to a weekend trip somewhere.  If you get something for the two of you, then you could probably help save some money (of course, you still may want to consider getting a small side present, like flowers, to surprise your significant other).

And, while it may sound cold, really think about how much you spend on presents for the people you don’t see very often.  Do you really need to buy your second cousin a $75 sweater that they don’t want?  A few small presents that show you know what they like (specially picked out music, for example) may be much cheaper and more appreciate by them.

And that’s probably an important idea to follow for all of your gifts.  More money doesn’t mean a better present.  Instead of giving cash or a gift card, spend time thinking of a meaningful present.  Spending time deciding what to get someone can save you from spending a lot of money buying it later- and the odds are much better that they’ll like it too!

The final tip to help you avoid filing bankruptcy is, most obviously, to spend within your limits.  Everyone is aware that times are tough.  And anyone that you are buying gifts for would rather you spend a little less, as opposed to burying yourself in more debt.

Times are tough for everyone, and no one is going to judge you if you spend a little less this year than you did ten years ago.  And if, on the off chance, someone does judge you for the amount of money you spent on them, then they probably weren’t worth the present in the first place.

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December 21st, 2012

Amazing Last-Minute Holiday Gift Ideas

Money may be the ace in the hole, one-size-fits-all gift, but when you’re on a tight budget a $5 gift can seem—at best—a little lackluster or—at worst—reminiscent of Ebenezer Scrooge.

DIY gifts are great if you are short on time and trying to get out of debt, and the extra thought you took in making something rather than buying speaks volumes.


last minute holiday ideas for gifts

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For the Kids: Play Dough

Play Dough is easier than baking cookies—no fussy ingredients, no bake time. Just mix, heat, and cool, and you have childhood in a ball. Did we mention it is hilariously inexpensive? Just wrap it in a leftover plastic container for a quick and easy gift.

Ingredients:

  • 1 C flour
  • 1 C water
  • 1/4 C salt
  • 2 tsp cream of tartar
  • 1 tbsp vegetable oil
  • food coloring (for each batch, 4 drops)

Directions:

  • 1) Combine in a pot and stir.
  • 2) Put pot on the stove. Cook at medium heat, stirring constantly, until it forms a ball.
  • 3) As soon as it forms a single ball, remove from heat. Let it cool on the counter or wax paper.
  • 4) When cool, knead until soft.

For the Stressed People: Hot/Cold Neck Wraps and Stress Balls

Now as ever, people are worried about a lot of things: money, work, school. The holidays can be especially stressful. Imagine the relief of a wind down with a warm or cool neck wrap. This project is also pretty cheap (we estimate $10-15 for a yard of fabric, but you can always find cheaper online). However, it does require a little bit of sewing.

Hot/Cold Neck Wraps

Materials:

  • 1/4 yd flannel fabric
  • 8 C rice
  • thread
  • scissors
  • sewing machine or know-how

Directions:

  • 1) Cut flannel in half—about 21”x9” or something close—and fold in half lengthwise, with the exterior fabric on the inside.
  • 2) Pin the sides and sew two sides about 0.25” from the edge. Use a back stitch to secure thread.
  • 3) Turn your fabric right side out and pour rice inside. You can add a little more or less depending on your taste.
  • 4) Leave enough room inside so the wrap isn’t stiff.
  • 5) Shake the rice down to the closed end. Tuck the raw edges inside, pin, and sew the opening closed. Use a back stitch to secure thread.

Makes two wraps. To heat, microwave for 60-90 seconds. To cool, put it in the freezer. The beauty of this is that you can pick the fabric for that special recipient.

Stress Balls

Materials:

  • balloons
  • flour
  • spoon
  • funnel or cake decorating tip
  • ribbon
  • marker
  • paper
  • hole punch

Directions:

  • 1) Using the funnel, fill balloon with flour.
  • 2) Press out as much as you can. Tie.
  • 3) If you want to leave a message, cut paper into a tag, punch, and decorate. Use ribbon to secure the message to the stress ball.

For the Coffee/Tea Drinkers: Mustache Mugs

Really, these could be more than mustache mugs- they could be whatever you want. But everyone loves mustaches, and it’s a quirky way to personalize something. (Just think: a handlebar mustache on your morning coffee.) This DIY is a little pricier- between the mug, gel, and pen you’ll be pushing $20 (if you buy off-brand stains).

Materials:

  • mug
  • permanent marker (a Sharpie® or similar)
  • porcelain gel, paint, or stain (Pébéo® or similar)
  • porcelain pen (Pébéo® or similar)

Directions:

  • 1) Draw a mustache (or whatever) in marker on your mug.
  • 2) Trace the edges with the porcelain pen.
  • 3) Fill in the mustache (or whatever) with gel stain. It will take more than one coat to get a solid shadow - keep at it!
  • 4) Follow the directions for the stain (Pebeo Pen and Gels bake at 300 degrees F for 30 minutes to set, but other brands may be different).

For the Stylish Ones: No-Sew Multi-Strand Scarf and Paper Clip Earings

Guys, sometimes DIY style projects are dominated by women, but that doesn’t mean you can’t take these on. They’re as easy and cheap as a recycled t-shirt and some paper clips.

Multi-Strand Scarf

Materials:

  • old t-shirt (bigger is better)
  • scissors
  • ruler

Directions:

  • 1) Cut off the bottom hem.
  • 2) Cut 1”-2” wide horizontal strips from the bottom to the armpit. Use the ruler as a cutting guide, but don’t worry if they’re a little off.
  • 3) Set aside bottom hem. Stretch all strips together until they get long and the rough edges roll inwards.
  • 4) Cut the bottom hem to make it a string. Knot it around all the strands, tightly.
  • 5) Trim the loose ends and tuck the knot under wrapped fabric.

Paper Clip Earrings

Materials:

  • paper clip
  • fast drying epoxy or hot glue
  • cotton string
  • earring hooks

Directions:

  • 1) Create a triangular shape with the paperclip.
  • 2) Glue the ends together.
  • 3) Wrap string around edges of the clip, outlining the triangle. Secure with glue.
  • 4) Use a second length of string to wrap across and around the earring, get as wild and creative as you like.
  • 5) Clamp earring hooks to the top of the traingle.

The key thing to remember about DIY projects is that you're only truly limited by your creativity, even on a budget.

This infographic has been brought to you by Total Bankruptcy.

More Ways to Save Money

Giving fantastic gifts is never easy when you're struggling with debt. Make the most of your situation by checking out these other guides from Total Bankruptcy:

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