Here are the 5 financial tips for the second week of May 2012

Tip no 1 - You cannot have more than $360,475 in unsecured debt and more than $1,081,400 in secured debts to qualify for Chapter 13 Bankruptcy.

It is important to check the debt limits before filing bankruptcy. This will help you determine if you'll qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy. The unsecured and secured debt limits were increased by the US Congress in the year 2010. The debt limits were increased by around 7%. If your unsecured debt amount is higher than $360,475, then you won't be eligible for Chapter 13 bankruptcy. On the other hand, if your secured debt amount is above $1, 1081,400 then Chapter 13 bankruptcy is not applicable for you.

Tip no 2 - If you're a newlywed, decide how you want to pool your money together.

Poor money management skills can easily ruin the bliss and happiness of the newlywed couples. So, it is important to take the right financial steps for the very day of exchanging the wedding rings. If you've walked down the aisle recently and your eyes are too full of love to see the financial realities, then it is just the right time to have a discussion with your spouse. Discuss how you wish to pool your money together. Ask for your spouse's opinion. See, if he/can come up with a good strategy. Try to work as a team to have a good financial future.

Tip no 3 - Reduce the risk factor on your records not only as a driver, but also as a debtor, to get easy approval from the insurers.

Your credit and driving history make a significant impact upon your insurance premium rate. Your driving record indicates the type of driver you're. On the other hand, your credit history reflects if you're able to manage money properly. Insurers like to give policies to the people who are likely to pay the premiums every month. They'll see your credit report and find out if your current creditors receive payments on-time. If the insurers see that you frequently miss out payments, then they are going to increase your premium rate instantly.

Tip no 4 - Try to qualify for online scholarships and stay away from student loan debt.

The educational debt is soaring with each passing month. It is expected to cross $1 trillion mark very soon. One way to reduce the student loan debt level in the country is applying for online scholarships. If you are parent of a college student, then encourage him to try for online scholarships. If he qualifies for online scholarships, then you won't have to worry about paying his college tuition fees. For instance, if the college tuition fee is $8000 and your son gets 3 scholarships for $2000, then he'll easily be able to pay $6000. You only need to come up with $2000 more.

Tip no 5 - There are places where you can have the option to enjoy low taxes like those of Wyoming, Alabama, Colorado, Louisiana, and Tennessee. So, if you are thinking of relocating, you can consider these places.

Are you tired of paying high taxes to the state government? Do you want to save a certain amount on your tax? If yes, then you can move to a state where the individuals have to pay less amount on taxes. Some of these states include Wyoming, Alabama, Louisiana, Colorado and Tennessee. The sales tax rate in the state of Alabama is only 4%, a figure less than the average rate in the country. On the other hand, in the state of Wyoming, there is no such thing called personal income tax.