If your goal is to simply stop a flood of ugly creditor telephone calls, the law is partly on your side. The Federal Fair Debt Collection Practices Act requires collection agencies (but not the original creditor) to stop calling you if you ask them to stop. However, even if those collectors honor your request to […]
Dave Ramsey, a financial guru, says there are two kinds of people who buy brand new cars. Millionaires and people who are not financially wise with their money. However, one-third of millionaires never buy new cars. For some of them, one reason they are a millionaire is less on how much they make but in […]
No person really wants to file bankruptcy. Many people who really need to file bankruptcy are resistant to doing so due to:
People often ask me a version of the following question: “Where do your clients come from? I don’t know anyone who has filed bankruptcy.” My response is normally something along the lines of “Well, do you know anyone who has gone through a divorce?” The response is always “Oh yes, I know lots of people […]
The busiest time for consumer bankruptcy filings is in March of every year. At least it is for our office. I believe that is for a couple of reasons, with the main reason being that people use their tax refunds (that they receive in March) to pay for a bankruptcy filing. That means that in […]
When people begin to have financial trouble, one place they often turn to for help is to family and friends. Family and friends can be a big help is alleviating short term financial problems. Borrowing money this way can be quick, free of interest, and often have very reasonable repayment terms. It can be a great […]
Article I, Section 8, Clause 4 of the United States Constitution says:
Bankruptcy and divorce are often linked together as one can lead to the other. The burden of debt and stress about finances can be a contributing factor for couples to file for divorce. Divorce can lead to a family needing two households and the increase in expenses can result in bankruptcy. The connection goes further […]
The answer to the this question depends on what type of bankruptcy you filed and several other factors.
What does it mean to reaffirm a debt? When you file for bankruptcy, you break every contract you have with all of your creditors, including your secured lenders (your mortgage lender, your car lender – any debt that is secured by a piece of property). A reaffirmation agreement is a way for the lender to […]