If you’ve been reading about bankruptcy, you probably know that a Chapter 7 bankruptcy will be on your credit report for 10 years from the date you file. A Chapter 13 bankruptcy will stay on your credit report for seven years. Potential clients are anxious about how long the bankruptcy will stay on their credit…Read more
Should You Buy a Car Before You File Bankruptcy?
Can I Buy A Car Before Filing Bankruptcy? If you’ve been doing your research on bankruptcy, you know that as soon as you file your credit score is probably going to take a major dive (unless it’s already taken a hit by not being able to pay your bills). You probably also know that that…Read more
The Best Thing You Can Do After You File Bankruptcy
Once my client’s case is closed by the bankruptcy court, I hope I never see him again. The primary purpose of bankruptcy is to provide a fresh financial start, and my hope for all of my clients is that they take advantage of this new start. That requires work on their part, and the one…Read more
Are You Being Honest About How Much Debt You Owe?
I came across an article that I wanted to share in the New York Times. They are reporting on a new study by the Federal Reserve Bank of New York that shows that individuals are significantly underreporting how much debt they have. According to the study, households underreport their debt by an average of one…Read more
How to Avoid Bankruptcy – Get Rid of Your Car
I lost another potential client today. He was a young guy. His bills, especially his car payment, are overwhelming him. Thing is, he doesn’t need to file bankruptcy. And I told him that. What he needs to do is get rid of his car and start riding the bus. In fact, I also told him…Read more
What Does It Feel Like to Walk Away From Your Mortgage?
It’s no longer news that homeowners all over the United States are struggling to keep their homes. If you find yourself in that position, take comfort in knowing that you are in good company. If you’ve been thinking that your best course might be to let your mortgage lender foreclose on your home, you’ve probably…Read more
Three Things You Should Do After You File Bankruptcy
To me, bankruptcy is really a two-part financial recovery process. The first part, of course, is the bankruptcy itself. This is where you file your petition and all of your dischargeable debts get eliminated. The second part of the financial recovery process is changing your habits to avoid a second bankruptcy and to assure yourself…Read more
How to Avoid Bankruptcy – Finding Extra Cash
People who come in for a free consultation are always surprised to hear me say that I think that bankruptcy should be their option of last resort. Don’t get me wrong. I think that bankruptcy is one of the best and most powerful tools for people whose finances have gotten out of control and overwhelming. …Read more
How to Interview a Credit Counseling Company
If you have been doing your homework on personal bankruptcy, you know that before you file, you (and your spouse if you are filing together) must take a credit counseling class. You can find a list of providers here. Once you find an agency that has been approved for your state, you may want to…Read more
What You Need to Know About the Colorado Uniform Debt Management Services Act
If you are considering debt management instead of bankruptcy, you should know that debt management companies in Colorado are regulated by the Uniform Debt Management Services Act. The Uniform Debt Management Services Act (DMSA) regulates companies that offer and provide debt management services to Colorado residents. It also provides consumer protections. Under Colorado law, Debt…Read more
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