Bankruptcy can strip down what you’re paying on your car loan to just the bare essentials, saving you bundles. Consider my client whose car loan balance was grossly inflated to the point that she owed twice the value of her car, bought just a year ago. Before bankruptcy “reform”, she could have stripped the loan […]
Better To Live With Debts Than File Bankruptcy?
Locked up in debt? What are the consequences of bankruptcy? Or, is it better to live with your debt and keep making minimum payments? Does life get better or worse if you file bankruptcy? That question sums up most people’s fears about shedding their debt through bankruptcy. What will life be like, after bankruptcy? Good questions. […]
When Debt Collectors Won’t Stop, Despite Bankruptcy
Get a collection notice after you’ve filed bankruptcy and after you’ve gotten a discharge, and it’s easy to be distressed. You’ve taken the hard step to get a fresh start, and it appears not to have worked. It’s easy to assume that the collector has a right to its money. Easy, too, to assume your […]
Which Creditors Should You Really Fear?
A debt collector’s threat to sue you usually produces terror. You’re scared about losing your wages, or your bank accounts. Scared about being served with process at work. The threat of a lawsuit often triggers the first call to my law office. Some collector has said he will take 25% of your wages, or will serve […]
Incorporating A Troubled Business: Work-around Or Worse?
Facets on a gem bend light and change how we see things. The same thing happens when bankruptcy law encounters a small business owner and the business itself. Seen from one angle of the law, the business is a valuable asset. Seen from another, it is nothing more than a job for the owner, having […]
Ten Debts That Follow You After Bankruptcy
Some debts just follow you out of bankruptcy. Not many but a few. These debts continue to be collectible even after a Chapter 7 discharge. The discharge in Chapter 13 is different and broader: just another reason to choose Chapter 13. 1. Family support Regardless of what it’s called, court ordered payments for support […]
Who Owns Your Business When You File Bankruptcy?
The bankruptcy trustee’s question was straightforward (if inartful) yet the business owner nearly blew the answer. The trustee asked: are you the sole owner of your business? When my client hesitated, she followed up: are you a sole proprietor? Focusing on the fact that he was the only person with an interest in the business, […]
When Is The Right Time To File Bankruptcy
It can be hard to know when it’s the right time to file bankruptcy. But I was blown away by the man who called my law office. Should I wait until all of my savings are gone to file bankruptcy?, the caller asked. And he didn’t mean, until my net worth is greatly reduced; he meant, until […]
Debt Collector Threats: Which Ones Are Real?
“What debt collector threats should people be afraid of?” was the question my friend bankruptcy attorney Cathy Moran asked. To which I replied, “Afraid of? Pretty much none of them!” Because they’re mostly all empty threats. You’re not going to jail, They are not going to come get you, Your credit is not about to […]
Financial Fundamentals: Credit v. Debit
Just because it’s plastic, doesn’t mean it’s a credit card. Yet when I ask my clients about their credit card accounts, too many of them proffer their debit card. And the confusion about plastic cards that aren’t credit cards isn’t confined to those in debt. My young adult son struggles with the distinction, too. So, […]
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