Financial problems? Use leverage, not muscle.

Financial problems? Use leverage, not muscle.

In the article Ten ways life is like jiu jitsu, #8 is Use leverage, not muscle. I might make that item #1 for what to do if you have financial problems. Most of us try to "muscle through" financial problems – working harder and longer, draining our retirement accounts, even to the point of destroying our health and relationships – before we realize it just isn't working and we need another plan, one with leverage.

(more…)

Can Filing Bankruptcy After a Foreclosure Sale Eliminate HELOC, HOA, and Credit Card Debt?

After a foreclosure sale, HELOC, HOA, and credit card (regardless of a foreclosure) debts are generally all unsecured (not secured by a lien on your property). Because of this, these debts can be discharged (eliminated) completely and quickly in a Chapter 7 bankruptcy, which would be the best choice if you qualify for it and if it's otherwise a good thing for you. (more…)