I often get asked whether filing for bankruptcy can be avoided in finding a solution to debt problems. I usually tell people that filing for bankruptcy should be a last resort, not a first option. Before filing for bankruptcy, you should weigh the advantages against the disadvantages. How will filing change your financial situation and…
Filing Chapter 13 bankruptcy is often a last resort for people in foreclosure when no other options exist. A lot of homeowners usually put off making this decision for a long time until they find themselves backed into a corner with no way out. Most of the time they’ll attempt to do a loan modification…
A lot of people end up filing bankruptcy when they get to the point of feeling hopeless about their financial problems. Despite what others may think, there is no shame in needing a second chance to secure your financial future. Bad things can happen to good people, as the saying goes. Sometimes, people simply make…
MAYBE you’ve experienced this before: You’re driving down the road one cold, chilly day and before you know it, you find yourself surrounded by a thick white wall of dense fog. How did you feel? If you’re like most people, perhaps you felt momentarily lost and confused or perhaps even panicked, not knowing what was…
ARE you sick and tired of being in debt and having bad credit? Do you want to start over but simply don’t know where to begin? Is filing bankruptcy an option for you or are other options available? As we face the New Year 2014, this is a good time to look at your finances…
Not all debts are bad debts. While it is true that too much of any debt may be detrimental to your financial health, it doesn’t mean that all debt is ill-advised. There are “good debts” and “bad debts”, in my opinion. Knowing the difference between the two can be the difference between having a life…
Do you intend to pay your creditors every month but just can’t do it no matter how hard you try because your income is simply not enough? There is a way to reduce your payments and most likely, the total amounts that you owe as well. In most cases, your debt payments can be cut…
Most of my clients know that they should pay attention to their finances, especially debt problems that won’t just go away. They know they need to get help and that if they don’t do anything about their situation, things are bound to get worse. They could be facing foreclosure, have an imminent wage garnishment or…
Like most people, you’ve worked hard and have done your best to pay all your bills on time. But in life, at one time or another, all of us get into a situation where debt can be overwhelming. Money problems can easily overlap into other areas of our lives. Many people feel hopeless and powerless…
Are your growing debts starting to cause you sleepless nights? Are you trying hard to pay what you can every month but feel like you’re just running on a treadmill and not getting anywhere? Do you get that sick feeling in your stomach every time you realize that you have gotten yourself in more debt…
The decision to file bankruptcy is not an easy one but sometimes it’s the decision that could change your life for the better. When you are seriously in debt and have ran out of options, procrastination only guarantees that your problems will get worse before they get better. As this year comes to a close,…
Are you struggling with debt problems? Are you doing your best to pay but simply can’t? Have you thought of filing bankruptcy but are afraid that this might not be the right solution to your problems? Filing bankruptcy is a personal decision that should be taken seriously. Whether or not it is necessary for you…
MAKING the decision to file bankruptcy can be a painstaking process that most people put off until they realize that they have no other way out of debt. Unfortunately, however, sometimes people wait to long. When they finally do make the decision to file, they soon realize that they would actually have been better off…
Eight years ago, Congress passed new federal laws that made it tougher to file personal bankruptcy. This happened at a time when thousands of families were living in financial distress and were facing an uncertain future. Out of fear that they could no longer get the debt relief that they needed, hundreds of thousands of…
With the proliferation of credit cards in our society, it’s not difficult for credit card debts to get out of hand. Once you’re caught in the credit card debt trap, it’s quite a struggle to get out. Here’s why. The average household in America today owes about $16,000 in credit cards, according to a recent…
Almost every week, my office gets phone calls from people in debt who have been taken advantage of by so-called “debt settlement companies”. These are the companies who advertise on TV, newspapers and on the internet who tell people that their debts can be settled for “pennies on the dollar” and that they should avoid…
You have probably heard a lot of ‘negative things’ about bankruptcy- how it may be the worst mistake you could ever make, that you will never be able to get credit again, that you will lose everything you have, etc. The list goes on and on. But don’t be misled. Most of what you’ve heard…
LIFE just happens. Sometimes even the best laid plans can go wrong. How do you respond when this happens to you? Do you easily give up when you’re overwhelmed? Remaining calm can be difficult when things are chaotic so the usual reaction is panic. As a bankruptcy attorney, I often see this when people are…
You already know that your home is in foreclosure. You’ve received the dreaded Notice of Default. You know that after 90 days, your lender could schedule a Trustee Sale for your property upon only 21 day’s notice. You don’t have a lot of time left. Your home with all its memories, hopes and dreams will…
“I can’t believe this is happening to me. Life’s not fair. I haven’t done anything bad. Why do I feel like I’m being punished for something I didn’t do?” These are words I often hear from clients who come to me for bankruptcy advice. Some people are quick to pass judgment on people who file…
A client of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The “pre-approved” credit cards just kept coming in the mail and he never said NO to any of them. Buy now and pay later, why not? As long as they allow you to pay…
IF YOU are searching for debt reduction solutions, no doubt you’ve been inundated with advertisements for various debt management programs, companies and solutions. The choices seem confusing to the average consumer. The truth is that every situation is different and what may work perfectly for others is not necessarily going to work the same way…
LIKE most people, you’ve probably heard a lot of negative things about bankruptcy and that how filing could be the worst mistake you’ll ever make in your life. And like most people, you’ve been misled! There is so much misinformation out there about bankruptcy that a lot of good, honest, hard-working people are missing out…
CHAPTER 13 is the section of the US Bankruptcy Code that allows individuals in the United States to reorganize their finances. If you are having difficulty paying your debts (credit cards, medical bills, personal loans, taxes, late mortgage payments and property taxes- all kinds of debts) due to insufficient income, don’t despair. Chapter 13 may…
You need to be aware that if foreclosing proceedings have begun and your application has been denied, you may not have enough time to submit a new application andre-apply especially if a trustee sale date has been scheduled. According to a recent government report, nearly 50 percent of loan modifications approved under HAMP are back in…
DO you dream of simplifying your life, reducing your stress and regaining control of your financial future? Everyone dreams of living a debt-free life and yet we know that today, so many people are drowning in debt that they don’t even sleep well at night. If you are one of these people, perhaps you are…
ACCORDING to a recent study, a majority of people in this country are living way beyond their means. In keeping up with the Jones’s, these people have resorted to using credit cards to buy things that they normally can’t afford with their income. They buy everything with the plastic cards they keep in their wallets. …
IT IS not difficult to get into credit card debt. If you are used to buying things on credit, perhaps you don’t even realize how much your borrowing is really costing you. Unless you can pay the bill in full when you get it, in most cases you are paying a lot more than the…
NO one ever wants face a debt crisis but at one time or another in your life, you may have to deal with one. Having debt problems does not make you a bad person although some people feel a sense of guilt as they feel responsible for the decision that they have made that led…
STATISTICS show that approximately 1.5 million people file bankruptcy in the United States every year. There are different reasons for filing- unemployment, foreclosure, medical bills, overwhelming credit card debts, etc. Some of these reasons are beyond anyone’s control. But some of them are also self-caused (example: lack of planning, mismanagement of finances). No one is…
