After bankruptcy, credit scores go steadily up, says a 17 year study released by the Consumer Financial Protection Bureau. Got that? Scores go UP. Every year. Importantly, credit scores start improving the same year that the bankruptcy is filed. Think on that for a moment. Creditors and their shills shout that bankruptcy trashes your credit […]
Your Tax Refund Is Exposed In Bankruptcy, Unless…
The prospect of a tax refund makes most of us light up even when we haven’t even calculated what the refund might be. But if you’re thinking of filing bankruptcy before you actually see Uncle Sam’s check, take a minute to plan. Your right to that refund is property of your bankruptcy estate even if […]
Should You Keep Paying 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. If you could do all three, for long enough, and, your debt isn’t too large, it probably works. I want to pose the question: […]
Damaged Credit Heals More Rapidly Than You Think
Will filing bankruptcy hurt my credit? Probably. [Keep reading, there’s more.] 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 […]
Debt Is Nothing To Shrug Off
When this site was young, U.S. Armed Services disclosed that a significant number of service personnel could not be deployed overseas because they had too much debt. The military said that excessive debt both distracts from job performance and makes the G.I. vulnerable to corruption. It’s the same for the rest of us who aren’t […]
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 those solutions don’t do […]
The Real Importance of Your Credit Score
Getting credit after bankruptcy is the most frequent search term that bring visitors to Bankruptcy in Brief, my encyclopedic sister site on bankruptcy. In these visitors’ minds, the impact of bankruptcy on their credit score is critical. It’s ironic that readers, saddled with enough debt to consider bankruptcy, worrymost about their credit score. After all, […]
Bouncing Back From Bankruptcy
How long does it take to recover from bankruptcy? I started to answer the client’s question before I realized that the question was all backward. Recover FROM bankruptcy? No…. It should be: recover THROUGH bankruptcy! Bankruptcy is the tool for recovering from impossible financial situations. The ailment is debt: bills in excess of what you […]
Is It Too Late For Bankruptcy?
Worried that it’s too late to file bankruptcy? You’ve put off considering bankruptcy, hoping to tough it out, or hoping for a miracle. But at some point, time runs out: you’ve been served with a lawsuit; judgment has been entered against you; or even, a garnishment appears on your paycheck. Is it too late to […]
5 Lies About Bankruptcy That Enrich Creditors
If the truth will make you (debt) free, your creditors are motivated to lie about bankruptcy. After all, if you think there is no palatable alternative to making payments to them forever, you’ll keep filling their pockets each month. So, there’s no upside for a creditor in feeding you good information about bankruptcy. After all, […]
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