You finally decide to file bankruptcy. I do not expect you to be a lawyer, or to even know the law. There are two things you should never ever do financially, especially in the lead up to bankruptcy. Each basically involves debt consolidation instead of bankruptcy. When should you do them? NEVER! The things you…
Before you see me you need to avoid common mistakes in bankruptcy planning. You need information about bankruptcy. Maybe you need to file. Perhaps you are looking to find the right attorney for a loved one. For whatever reason, you are here with me now. I want to tell you a story. It is about…
Debt Settlement company ads are something that I pay attention to on television. I listen to the noise of these companies because I witness first hand the harm they do to people in desperation. This one was hard to miss because of the messages. They know all the buzzwords to light up anyone in debt….
Involuntary chapter 7 bankruptcy happens when a creditor files against you in bankruptcy court to force the sale of your non-exempt assets to satisfy a debt. Not just any creditor can file such a proceeding against you: You cannot have more than 12 unsecured creditors. The filing creditor must have a non-contingent, undisputed unsecured claim…
Euphoria is what has likely gotten you into the debt that will lead to bankruptcy. It is a state of pleasure or satisfaction. Brain studies show that anticipating a purchase triggers a larger dopamine release than actually receiving the same item. Let me give you some examples of how it works. When I was young,…
Your cosigner has some big problems if you file bankruptcy. First of all let’s talk about who a cosigner is. Remember when you couldn’t get that loan unless someone signed the loan for you? Most typically this involves car loans, or if you had been arrested, a bail bond. When someone signs with or for…
Ex husband or wife filed bankruptcy and they were supposed to pay the bills. Now you are being sued, your are wages garnished, or you are suffering a bank attachment or bank garnishment, or all of the above. You need to follow the lead of one of my favorite movies, Blazing Saddles. The sheriff is…
Should there be a bankruptcy before your wedding? You planned everything else to a tee. What about your finances after marriage? I have seen a number of situations in which one or both of the newlyweds could benefit immensely from either a chapter 13 or a chapter 7 filing before marriage. In each case the…
Can to teach your children about debt? As a twenty first century American debt is something that we all know about. I am in debt. You are in debt. Our government gives a whole new meaning to the word debt. What we need to do is teach our children to avoid it and to respect…
Are you responsible to pay debts after death, or to pay debts after disability of your spouse? You might think so if you listen to the bill collectors! I have seen two different people wrestle with this problem from different angles. The first involved a widow. Her husband left her very little insurance after his…