Many clients ask me if the debt that's discharged (eliminated) in bankruptcy will stay gone forever.
(more…)Expensive loans in California can force you into bankruptcy!
If you think "payday" loans are bad, consider a loan of $5,000 that requires you to pay back $42,000. Yes, that can happen in California.
Payday lender sentenced to 16 years in prison
The owner of a payday lending operation was sentenced to more than 16 years in prison, and the general counsel (attorney) for the business was sentenced to 7 years.
(more…)Am I liable for my spouse's debts in California?
I'm often asked if someone is liable for their husband's (or wife's) debts. The short answer is "No". Let's explore the rest of the answer.
(more…)Bankruptcy May Be Your First and Best Option
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?
(more…)When Bankruptcy Is the Best Option (nerdwallet)
Nerdwallet published the best article about bankruptcy that I've ever seen. Take a look and see if it applies to you.
Want to Eliminate Crushing Debt, Stop Lawsuits, or Stop Foreclosure? Consider Bankruptcy!
Do you need to eliminate crushing debt, stop lawsuits, or stop a foreclosure? Our Congress provided bankruptcy as a financial tool for those purposes. Wouldn't it be wise to see if it could work for you?
(more…)Many of my debts are "charged off". Do I still need to file bankruptcy?
Clients who are preparing to file bankruptcy often tell me that many of there debts are "charged off", thinking that they don't owe them any more, and ask me if they still need to file bankruptcy. Let's take a look at that.
I owe too much money to file bankruptcy. Wrong!
Why do some people think this is true? After all, you read about large corporations that owe many millions filing bankruptcy. Whatever the reason, it's just not true. Let's take a look as what is true…
(more…)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.
Expect to inherit something? Got debts? Consider bankruptcy!
If you expect to inherit something of significant value, and you also have significant debts, bankruptcy might be a way to preserve that inheritance instead of having much or all of it go to your creditors. Let's take a look at how this might work. (more…)
Is anyone in the family in a position to pay this? Collecting debts from the grave, and bankruptcy…
If someone in your family died recently, you might get a call from someone trying to collect a debt your family member owed. Let's take a quick look at this practice.
Divorce, property settlements, and bankruptcy. Oh my!
There's nothing simple about divorce and bankruptcy. We'll peel off one leaf of that very large subject and see what can happen if someone files bankruptcy after a divorce with a property settlement. (more…)
My parents died and now their creditors are calling me to pay their debts!
When your parents die owing money, are you responsible for paying that money back? (more…)
Will bankruptcy get rid of all my debts? Maybe not…
Bankruptcy provides a Fresh Start for many people, but it might not get rid of some of your debts. Why not? Because Congress felt that it was best to not allow some types of debts to be discharged (gotten rid of) in bankruptcy. We'll leave the discussion of whether Congress chose wisely about that for another time. (more…)
What's keeping you from filing bankruptcy?
You're in financial trouble, have considered filing bankruptcy, but haven't taken any steps toward it. What's holding you back? (more…)
Should you avoid bankruptcy?
For many people, bankruptcy is something to be avoided at (almost) all costs. Is that a good policy for you to follow? Let's take a look.
I filed bankruptcy but forgot to list a debt I owe!
If you filed a Chapter 7 bankruptcy, the one that gets rid of your debts quickly, but forgot to list a debt you owe, what happens? Will you have to pay that debt? Let's take a look…
Pay Your Debts To Stay Out Of Jail? No way!
Scammers are sending emails threatening jail if you don't pay some debt.
Is this your "Window of Opportunity" for bankruptcy?
Bankruptcy as an opportunity? And a "window" for it? What's that about? (more…)