There’s lots written on how to start a business. Not so much about business shutdown. Even pre-pandemic, half of all new businesses fail within 5 years. Post pandemic, the pain is so much greater. So let’s walk through how to manage a business shutdown, tie up loose ends, and minimize problems that may follow you […]
Bankruptcy Drives Credit Score Surprise
Bankruptcy improved my client’s credit score, almost on the spot. Before bankruptcy, a miserable credit score was no surprise. This client reported a 498 credit score before he filed. What was surprising is that, three month after he filed bankruptcy, his score was 614! That’s a 116 point increase in his score in three months. […]
How One Family Settled Huge Debt For Pennies
Almost everyone wants to settle debt rather than file bankruptcy. But how about settling debt using bankruptcy? Here’s how one family pulled it off. When they started the Chapter 13 trek, they owed $370,000 in personal loans and credit cards. As they completes the plan, they will have settled that debt for three cents on […]
What A Bankruptcy Lawyer Is Thankful For
On Thanksgiving, I’m mindful of how precious the American approach to insolvency is. In the U.S. a bankruptcy discharge provides the proverbial fresh start to move forward with life. Money troubles do not have to cloud a life forever. Bankruptcy is widely available and broadly effective in getting people a fresh financial start. On the individual level, […]
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 […]
Two Strikes & You’re Out (Of Your Home)
Three strikes and you’re out. Anyone familiar with baseball knows that one. The rules are different in bankruptcy. Two strikes and you’re out. And for one couple, they’re not only out of bankruptcy, they’re out of their house. Foreclosed the day after they filed bankruptcy number three. Because, what they didn’t know is that there […]
Why You Don’t Want A Bankruptcy Attorney To Fight For You
Everyone wants a good bankruptcy lawyer when they’re considering filing bankruptcy. So, how do you measure a good bankruptcy lawyer? We Fight For You! screamed the on-line headline for a bankruptcy law firm. That firm clearly thought willingness to fight was the measure. While I applaud the firm’s energy and commitment, I question their focus. […]
When Is The Time Right To File Bankruptcy
Just like stand-up comedy and batting in baseball, filing bankruptcy is all about timing. Timing your bankruptcy filing is no different. File bankruptcy too early, or too late, and you risk losing assets or advantages that better timing could have assured. Admittedly, you don’t always have the luxury of filing bankruptcy on your own schedule. […]
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 and it’s […]
Life And Death of Debt In California
CPR has its place when human life is involved. Human life is precious. But when what’s dying is the legal right to collect a debt? Not so fast. You don’t want to breathe new life into an old debt that is legally dead. Yet you can do that, unintentionally reviving a debt that is legally […]
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