Every personal finance guru intones that “bankruptcy is the last resort.” In my opinion, they have it wrong: bankruptcy is the big gun in getting out of a financial mess. But it shouldn’t be the last thing you try to get financially healthy. You shouldn’t mess around with lesser solutions if those solutions don’t do […]
The Real Importance of Your Credit Score
Getting credit after bankruptcy is the most frequent search term that bring visitors to Bankruptcy in Brief, my encyclopedic sister site on bankruptcy. In these visitors’ minds, the impact of bankruptcy on their credit score is critical. It’s ironic that readers, saddled with enough debt to consider bankruptcy, worrymost about their credit score. After all, […]
Bouncing Back From Bankruptcy
How long does it take to recover from bankruptcy? I started to answer the client’s question before I realized that the question was all backward. Recover FROM bankruptcy? No…. It should be: recover THROUGH bankruptcy! Bankruptcy is the tool for recovering from impossible financial situations. The ailment is debt: bills in excess of what you […]
Is It Too Late For Bankruptcy?
Worried that it’s too late to file bankruptcy? You’ve put off considering bankruptcy, hoping to tough it out, or hoping for a miracle. But at some point, time runs out: you’ve been served with a lawsuit; judgment has been entered against you; or even, a garnishment appears on your paycheck. Is it too late to […]
5 Lies About Bankruptcy That Enrich Creditors
If the truth will make you (debt) free, your creditors are motivated to lie about bankruptcy. After all, if you think there is no palatable alternative to making payments to them forever, you’ll keep filling their pockets each month. So, there’s no upside for a creditor in feeding you good information about bankruptcy. After all, […]
Is This Really The Season For Credit Card Debt Forgiveness?
CBS’s article “How to prepare for credit card debt forgiveness this April” constitutes a serious disservice to its readers. It touts those debt foregivess programs who prey on the desire of most people to pay their debts to the extent they can, offering a supposed path out of debt that’s largely illusory. At bottom, the […]
Why File Bankruptcy? It’s Your Life Expectancy
Increasing life spans and the demise of pension plans is why filing bankruptcy now makes sense. Old debt has a way of sucking the air out of today’s budget. You can’t make repairs to your car or see to needed health care or accumulate an emergency cushion because you’re still paying for stuff you bought […]
Debt Settlement Is A Dud
Debt settlement is often dangled in front of the financially challenged as an alternative to bankruptcy. Sounds good: making a deal with your creditors has enormous appeal when you can’t pay everything that you owe. And debt settlement companies count on it. The pitch for “settling your debts” touches a nerve. Almost everyone WANTS to […]
Information is power….become more powerful
In the information age, we’re inundated with information about bankruptcy. Some of it accurate and much of it nonesense or worse. Half the people who’ve filed bankruptcy wouldn’t dream of telling you about it, and those who do talk are as likely to spread outdated or erroneous information as accurate, relevant information. The more you […]
Debt Can Kill You If You Let It
Debt is deadly. There is a straight-line connection between debt and health: the stress of too much debt erodes physical health. The single largest source of stress in the US, at least before COVID-19, is money. Or lack of money. Other potent sources of stress include work, the economy, family and relationships. As a bankrutpcy […]
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