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
Student Loan Default Rates Increase
Below is the news from the U.S. Department of Education that the student loan default rates are on the rise. If you are struggling to pay your student loans back, you clearly aren’t alone. I get calls all the time from people wondering if I can help them get rid of their student loans. Unfortunately,…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
Medical Debt Causing More People to File Bankruptcy
If you’re thinking about bankruptcy, there are probably three reasons you’re doing so: unemployment, divorce, or medical debt. It turns out more and more people are turning to the bankruptcy courts for relief after they have been overwhelmed by unexpected medical bills. According to an article on NYTimes.com, Medical debt is increasingly a factor in…Read more
How To Recover From Bankruptcy
Personal Bankruptcy In Colorado Is Just The First Step To A New Financial Start One of the first questions that my clients ask me is how bankruptcy will affect their chances of buying a home in the future. Unfortunately, there is no simple answer to this question. Obviously your credit score will take a big…Read more
Does Cancer Cause Bankruptcy?
As many of my clients know, one of the top factors that brings a person to file bankruptcy is overwhelming medical debt. A new story in the Wall Street Journal reports on a new study that seems to show a link between cancer and bankruptcy. The study, published in the Journal of Clinical Oncology “wove…Read more
Should I Use a Home Equity Loan to Pay Off Credit Cards?
Suze Orman is in a tizzy (see video below). She is ranting about some bad financial advice she heard on television, in which some “debt experts” recommended using a home equity loan to pay off credit cards. She and I agree: this is a BAD idea. Credit card debt is unsecured debt. Once you pay…Read more
Can I Get a Secured Credit Card After Bankruptcy?
If you are like most people who file bankruptcy, one concern you have is how to re-establish your credit score. One of the more effective and sensible ways of doing so is with a secured credit card. A secured credit card is called that because it is secured by cash that you deposit with the…Read more
How to Make Sure Debt Collectors Can’t Find You On Facebook
I’m a big fan of Facebook. It helps me keep up with what’s going on with my family who is strewn all over the country. And I have reconnected with friends that I haven’t heard from years and even decades. But that doesn’t mean that I like everything about it. I tolerate its nonchalance to…Read more
