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? […]
What Causes Bankruptcy?
I was playing in my head with a piece I was writing for consumers about the bankruptcy decision. I caught myself thinking about “whether the bankruptcy was caused by mortgage debt or ….” . And I hauled myself to a halt. How did the words “bankruptcy” and “cause” get linked in my head? In my […]
The Difference Between Good Bankruptcy Lawyer and Great Bankruptcy Lawyer
Finding the right bankruptcy lawyer may be the difference between a successful bankruptcy and a nightmare. Choosing a lawyer you can talk to is critical. You’ll be disclosing lots of information normally held confidential. But there’s more. It’s not just a lawyer you can tell your secrets to. You need to find a lawyer willing […]
When Is The Right Time To File Bankruptcy
It can be hard to know when it’s the right time to file bankruptcy. But I was blown away by the man who called my law office. Should I wait until all of my savings are gone to file bankruptcy?, the caller asked. And he didn’t mean, until my net worth is greatly reduced; he meant, until […]
Should You Pay Your Creditors Rather Than File Bankruptcy?
Is there an alternative to bankruptcy, my clients often ask. Can I realistically avoid filing bankruptcy? A fellow bankruptcy lawyer outlined what it takes to get out of debt without bankruptcy. make more money; spend less on today’s expenses; and use all your savings to pay off debt. If you could do all three, for […]
The Worst Reason To Choose Debt Settlement Over Bankruptcy
The guy with an old debt asked if bankruptcy or debt settlement would cause greater damage to his “credit”. The money advice columnist gave the right answer to the wrong question. She got it backwards. She advised that bankruptcy was more damaging given that the nagging debts were already three years old and would drop off his […]
Is There Life After Bankruptcy?
Is bankruptcy worth it? If you see filing bankruptcy to get a fresh start as painful or less than honorable, you might wonder what life is like, on the other side of bankruptcy. What’s the return on taking the big step? I got a report from the other side this week from a Chapter 7 […]
Debt Can Kill You
Money is the single largest source of stress in the US. Other potent sources of stress include work, the economy, family and relationships. As a bankrutptcy lawyer, I can’t offer a remedy for these stressors. But I do have a cure for debt troubles. On National Stress Awareness Day, the connection between money, stress and bankruptcy merits […]
The Real Threat To Your Retirement Savings Isn’t Bankruptcy
Your retirement accounts are safe from your creditors. California state law and federal bankruptcy law protect your savings for retirement held in recognized retirement vehicles from levy or lien. But retirement savings are at risk. Look in the mirror. You are usually the only person who can withdraw money from an IRA or take a […]
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