Will filing bankruptcy hurt my credit? Probably. Should that hit to your credit keep from filing bankruptcy? Not by a long shot. Incredibly, I encounter people drowning in debt who think their credit report is more important than their financial health. Their thinking seems to be that credit, once damaged, is never the same. It’s not […]
Comparing Bankruptcy Chapters By Impact on Assets
Will it be Chapter 7 v. 13? After you’ve made the decision to get a fresh start, you need to choose a bankruptcy chapter, usually Chapter 7 or Chapter 13. The choice of chapter is complex, involving many interconnected factors. Here we’re going to compare just the treatment of different kinds of assets in Chapter […]
7 Essentials For Better Results From Filing Bankruptcy
Plan before filing bankruptcy and you get better, more certain relief. Even if you’re not quite sure that you’re ready to take the bankruptcy plunge, scout the bankruptcy territory. Take some time to learn the rules and explore ways to maximize the relief available in bankruptcy. If you don’t plan ahead and just rush into […]
Consider The Clawback of Pre-bankruptcy Transfers Before Filing
If you don’t understand clawback in bankruptcy, you might think that bankruptcy involves only what you have when you file. But that’s not how it works. Bankruptcy law gives a bankruptcy trustee to power to unwind transactions and transfers that diminish what the debtor has on the day the case is filed. The idea is […]
Do I Have To File Bankruptcy Before There’s A Judgment?
Can I discharge a judgment once it’s entered, was the first question the caller asked. Do I have time to file bankruptcy? The caller was sure he had to file bankruptcy before the court entered judgment or he’d be stuck with the judgment forever. Not so. Bankruptcy discharges judgments. And, a judgment in California does […]
Surefire Steps To Avoid Bankruptcy
Most people would rather parade naked down Main Street than file bankruptcy. Bankruptcy makes them feel exposed, defeated, ashamed. They’ll do anything to avoid bankruptcy. If you don’t want to go there, you can order your life so you don’t ever need bankruptcy relief from debts you can’t pay. I’ve figured out the formula that assures […]
Hold Or Fold? How To Decide If Filing Bankruptcy Is Right For You
You’ve got to know when to hold ’em, know when to fold ’em; know when to walk away, know when to run… So goes the gambler’s advice to the young card player in the hit Kenny Rogers song. Hum along as we think about how we play our cards when we’re in debt: the hardest call is […]
Bankruptcy Is Not Your Last Resort
Every personal finance guru intones that “bankruptcy is the last resort.” In my opinion, they have it wrong: bankruptcy is the big gun in getting out of a financial mess. But it shouldn’t be the last thing you try to get financially healthy. You shouldn’t mess around with lesser solutions if they don’t fit. Some […]
What’s So Scary About Bankruptcy?
It’s Halloween and we indulge in make-believe scary moments and call it fun. In real life, fear isn’t so fun. People up to their eyeballs in debt are scared witless by the thought of filing bankruptcy. It frightens them more than haunted houses, ghouls, and blood-soaked bodies. So really: what’s so scary about filing bankruptcy? […]
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