The stupidity of the means test as a metering device in bankruptcy was apparent as I worked through the case of a single debtor. Because she is a renter with an old, paid-for car, and no unpaid taxes, the means test will compel her to pay a significant amount monthly to her Chapter 13 plan. […]
Loan hype debases the language
My blood boils when I read tripe like this pitch from a lender promoting a debt consolidation loan: it’s not a loan, says the headline, it’s a way out of debt. I’m sorry, but that’s baloney. About sixth grade, I learned that 3+7 and 5+5 both equaled 10. No matter what order the numbers came […]
More seniors file bankruptcy
The elderly are a growing percentage of bankruptcy filers. The reasons are myriad: health care costs, inadequate retirement savings, and financial entanglements with family. The trend to market home equity loans as a way to live better makes it less likely the mortgage is paid off when retirement arrives. The question, “Should I file bankruptcy?” […]
Unintended consequences of the means test
I’m always delighted when I uncover another aspect of the bankruptcy “reform” act of 2005 that operates in my client’s favor. We all know that the law was written to skewer the consumer debtor who was painted as irresponsible and profligate, a picture absolutely at odds with the world as I’ve seen it in 46 […]
Should You Keep Your Stuff After Bankruptcy?
The usual question for a bankruptcy attorney is “can I keep my (fill in the blank)”. Whether it’s a house, or a car, or a computer, clients want to know if filing bankruptcy will strip them of their “stuff” bought on time. Frequently the answer is that they can keep the asset as far as the […]
Advertisement for saving swims upstream
I saw a promotion for savings on the TV last night. ING, bless their heart, was touting the benefits of savings. One of my criticisms about our consumer society and the level of financial literacy in this country is the huge expenditure of time and talent to get us to spend more. There is no […]
Teaching about Money
JumpStart, a national coalition of financial education organizations, tested high school seniors on financial literacy: the average score was an F-! No wonder young adults get caught up in the credit trap right out of school. I see financial illiteracy in their parents, as well. So many of my clients seem to measure their financial […]
Find The Best Bankruptcy Information Online
Need to understand bankruptcy? Just Google it. No issue is too important or complicated that we doubt we can understand it by reading on the ‘net. The computer has replaced the library as our first response to an unknown. Even my 85 year old mother, a computer novice, reacts to an information vacuum by heading to […]
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