Two out of three confirmed Chapter 13 cases fail. Those are cases that met all the tests and got the judge’s OK. And still they crater. That’s a heap of people, deeply in debt, who don’t make it out of debt by using Chapter 13. Arizona bankruptcy lawyer John Skiba has a theory about […]
Debt Actually Makes You Stupid
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 […]
Second Best Reason To Contribute To Retirement Fund Even If You’re In Debt
We’re not used to applauding those who are second-best. But I’m going to try. The second-best reason to make regular contributions to your IRA or 401(k) is that even if you file bankruptcy you can continue saving for retirement. Whooo hooo! Courts have struggled with whether payments into retirement plans are reasonable and necessary living […]
Surefire Ways To Tell Scammers From Private Tax Collectors
Private debt collectors are going back to work for the IRS. You know those debt collectors: the ones that generated the most complaints to the FTC this year? The ones that get a cut of what they collect? The ones that aren’t subject to the same discipline as IRS employee? Those collectors. They’ll be […]
Spot Credit Report Errors After Your Bankruptcy & Fix Them
Your debts have been discharged in Bankruptcy. Congratulations! But if those debts still appear on your credit report, you haven’t gotten all the debt relief you are entitled to. Your credit report is the public face of your finances. It’s the thing that lenders, landlords, and life insurance companies look at to figure out whether […]
Your Business Partnership Needs A Prenup
Financial partnerships are at least as challenging as marriages. And business deals don’t have love to smooth the rough spots in the relationship. The traditional marriage service ends with the charge that what God has joined together, let no man put asunder. That’s great with love, but not so great with money. Something will likely asunder […]
Don’t Get Fleeced At The Car Dealership: Tips On Buying A Car
Getting fleeced at the car dealership is all too common. The ways to get taken, bamboozled, oversold, and generally ripped off are too numerous to count. But the good folks at NCLC have studied the car-buying extras and add-ons that pad the price of the car. The mark up on add-ons can be huge. Add-ons, […]
Taxes: Building Block of Financial Literacy
You’re a first time employee. Congratulations. Welcome to the world of tax forms, withholding, and tax deadlines. Taxes are the price we pay for civilization, according to Oliver Wendell Holmes. In fact, the first day on your new job you’ll be presented with an IRS form w-4. It’s like a rite of passage into adulthood. Even families […]
Your Creditors Lie In Wait For Your Kids
Is your legacy to your kids an encounter with your unpaid creditors? Debt problems for those over 65 may not be problems for the elder at all. Income and assets are largely protected by law from creditors. But that doesn’t trouble creditors: they’ll simply wait and get their money from your kids. Seniors enjoy protection […]
How Your Property Gets Sold In Your Partner’s Bankruptcy
It isn’t just marriage that can get you roped in to a bankruptcy case that isn’t your own. Own community property and a bankruptcy filing by your spouse or your soon-to-be ex can drag you into a bankruptcy court. But the issue is broader: joint ownership of any kind of asset in any state, community […]
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