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 If You Let It
Money is the single largest source of stress in the US, at least before COVID-19. Other potent sources of stress include work, the economy, family and relationships. As a bankrutpcy 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 […]
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 […]
Credit Reports Heal
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 […]
Rising From The Ashes Of Financial Disaster
Life doesn’t end with bankruptcy. Bankruptcy doesn’t mean that the good times are all in the past. There’s the future, too. Both the individual and society reap benefits from bankruptcy in ways that you may have missed. So, in my view, Jay Fleichman’s analysis of the bankruptcy of Halsey Minor, the founder of CNET and once […]
Why File Bankruptcy? It’s Your Life Expectancy
Old debt has a way of sucking the air out of today’s budget. You can’t make repairs to your car or see to needed health care or accumulate an emergency cushion because you’re still paying for stuff you bought long ago. Worse, old debt blights your old age. Few of us have sufficient income to […]
Surefire Steps To Avoid Bankruptcy
Most people would rather parade naked down Main Street than file bankruptcy. Bankruptcy makes them feel exposed, defeated, ashamed. 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 that you’ll never met me in […]
