It’s easy to tell ourselves that getting into debt was stupid. Maybe, maybe not. Lots of debt happens without making bad decisions. Think of medical bills. Natural disasters. Divorce. But regardless of how you got in debt, there’s more bad news. Just being in debt makes you stupid. Stupid, as in, your IQ goes down […]
Fear keeps folks from bankruptcy relief
Those who aren’t living the American dream of upward mobility and financial security seem to think that’s a matter for shame. Perhaps the second most frequent question would-be clients ask me is whether the fact that they filed bankruptcy will be in the paper, disclosed to their employer, or discovered by their family or friends. […]
The Most Compelling Reason To File Bankruptcy
Shedding debt so you can save for retirement is the most compelling reason to file bankruptcy in my book. Get rid of the debt that’s dischargeable so you can pay for retirement, I exhort. Between the crippling cost of housing in the Bay Area and parent loans for college, there is so little margin for […]
What Game Are We Scoring?
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, their credit score is a central concern. It’s ironic that readers, saddled with enough debt to consider bankruptcy, ask about the impact of a bankruptcy on their credit […]
Tax Trap When You Settle Debts Outside Of Bankruptcy
Debt settlement has a hidden tax consequences no one ever discusses. If you own a home, debt settlement can bite you in the asset down the road. That’s because debt forgiven outside of bankruptcy gets deducted from the basis of your home. Result: more potentially taxable capital gains on sale. That’s the killer reason […]
File Bankruptcy All Alone: No Spouse Required
We’re so used to thinking about married folk as a couple, rather than as two individuals: George and Gracie; Bill and Hillary; John and Abigail. The Bankruptcy Code feeds that perception when it allows a married couple to file a joint case. Two people, one set of papers, one filing fee. But while filing together […]
Fear of Bankruptcy Misplaced
Fear follows debt, like a shadow follows you. People in debt are afraid of the caller on the phone. They are afraid of the process server. They are afraid of the truth getting out. Yet, they fear bankruptcy more, apparently. They seem to fear that life as they know it will end if they file […]
Will Social Security Be Enough To Retire To Surf City?
We live in the Golden State. Retirement is supposed to be the Golden Years. Do you have enough gold to make it happen? It takes more than twice the typical Social Security check to meet just basic living expenses for a single elder in Santa Cruz County. Yup, the median Social Security check is $12,500 […]
What’s To Fear About Bankruptcy
Fear of filing bankruptcy keeps countless people mired in debt. Are you one of them? On Halloween, we indulge in mock horror and seek out the thrill that comes with a little fear. When it comes to getting relief from bills you can’t pay in bankruptcy, the fear isn’t such fun. It stands in the […]
Does Filing Bankruptcy Ruin My Credit For 7 Years
Will filing bankruptcy ruin my credit for seven years? I heard this again from a bankruptcy client this week. The only seven year debt forgiveness reference I can find is in the Old Testament: “Every seven years you shall forgive them their debts.” Bankruptcy has to be removed from your credit report after ten years. You […]
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