We all know that the bankruptcy process has a bad rap. Many financial “experts” recommend bankruptcy only as a last resort however, at that point it could be too late. People assume that if they file for bankruptcy, their credit will be permanently ruined. They wrongly fear never being able to get future credit, a
Q&A: Will I Lose my Income Tax Refund in Bankruptcy?
As we head into the final quarter of the year, we start to think on our yearly finances and our end of year accounting. This accounting could impact financial decisions as we approach the new year. Bankruptcy lawyers and their clients must be extremely conscious of this as well. Many people withhold more than the
“Zero” Out Your Student Loan Debt
Unless you have been living under a rock, you already know that the outstanding student loan debt could be the next great financial crisis this country faces. As student loan debt has now exceeded the $1 trillion mark, we seem to be struggling to find viable solutions. Government lags as conflicting interests cause legislative stagnation.
Falling Down And Getting Back Up
Today, September 20, 2012 is my Son’s first birthday. I am joyful, excited and very proud. More importantly, I am in awe at what my Son has been able to accomplish through the first year of his life. He came into the world unable to hold his own head up. He progressed to rolling over
Getting Stuck in the Bankruptcy Wasteland
When I hear the term “wasteland,” it conjures up images of a post-apocalyptic world in ruins. Perhaps there is desert terrain stretching out as far as the eye can see. There is no food, no water and a sense of hopelessness fills the air. Before I let my imagination run wild, this post has a
Filing Bankruptcy Without a Lawyer is Risky Business
When assessing risk, we must weigh the potential benefit of a specific action against the potential consequences. Think on it. Would you jump out of an airplane without a functioning parachute? Would you get on a boat knowing there were no rafts or life preservers? These two examples demonstrate very little benefit (if any at
Financial Literacy: The Facebook Solution
As previously written, I have a big issue with the lack of financial education offered to students in our country. I firmly believe that this lack of education is creating faulty financial foundations in our young adults and adult consumers. There is no doubt that this has contributed to the “Great Recession” and other financial
Filing Bankruptcy Without Regret
With the economy still struggling to recover, many people who were previously financially stable have found themselves running out of options. These people, once successful and secure, look at bankruptcy as a last option and a reprehensible one at that. This strong aversion to bankruptcy could be the reason for the drastic decline in bankruptcy
Delaying Student Loan Payments: Forbearance and Deferment
The information in this article pertains to Federal student loans only. Visit the National Student Loan Data System (NSLDS) to find out the current status of your loans. Postponement of payment on private student loans are usually worked out directly with the lender. Consistent with rising student loan debt is the rising cost of the
Can’t Afford Your Car Payment? File Bankruptcy.
Many people believe that bankruptcy is a legal process used to deal with excessive credit card debt. Of course, bankruptcy can be a very good option if you have unreasonable credit card debt, however, this assumption is incorrect. You can actually owe $0 in credit card debt and still use the bankruptcy process to improve