"NO", and let me count the reasons!
The credit industry would have you believe that filing bankruptcy is so bad that you should do it only as a last resort, making bankruptcy your last option. The credit industry spends a lot of money to get you to believe that. But for many people, nothing could be further from the truth. Why do I say that?
Why not take a nice vacation on your credit cards right before filing bankruptcy? After all, those debts will go away so why not use up that unused credit and have some fun?
What does it mean for credit card payments to be killing you? It means …
Can you spell "No Grace Period"? Pay the card in full on time, still get charged interest! What's that about?
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.
That's a common question that people ask me when they contact me to discuss bankruptcy. The short answer is "No". We'll look at why that is so in this article. (more…)
You're in financial trouble, have considered filing bankruptcy, but haven't taken any steps toward it. What's holding you back? (more…)
Ex-husband kept one credit card, I kept another. Both of us signed onto both cards. He charged $30,000 on "his" card and is not making payments. That credit card company is coming after me. Am I responsible for his charges on that card? What can I do? Do I need to file bankruptcy to protect myself?
If you're thinking of filing bankruptcy, here are some things you might be tempted to do that might turn out to be a very bad idea.
Are you struggling with debt and considering a "debt settlement" company? (more…)
If you're paying off credit card balances using money you've taken from your retirement account or received from a home equity loan, you're entering dangerous (financial) territory. Let's take a look at this. (more…)
If you're paying the minimum payments on your credit cards each month and have no money left over, barely scraping by, you may be short-changing yourself and your family. See if the money you spend each month paying on your credit cards causes you to be in one or more of the following situations. (more…)
I have a few credit cards that I don't owe anything on. Will I be able to keep them after I file bankruptcy? (more…)
Senior citizens have contacted me to discuss the possibility of bankruptcy for them. Most of them have no assets that their creditors could get; they could "exempt" from creditors all of their assets. What do I say to them? (more…)
If your husband personally guaranteed the business debt (which is very common), (more…)
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…)
Banks are sending offers for "professional" credit cards that do not qualify for the consumer protections provided by the "Card Act" of 2009. Those protections were intended for you but you won't get them with these credit cards. (more…)
If you have money deposited where you also owe money, you might find that your deposited money is gone. (more…)