I came across an article the other day over at msn.com that I wanted to share with my readers. As I have often told my clients, filing bankruptcy is just the first step in getting their financial lives under control. Staying on track means learning new habits. Here are eight ideas for helping you stay…Read more
Eight Ways to Stay Debt Free
Does Bankruptcy Counseling Help Debtors Get a Fresh Start?
When the Bankruptcy Code was revamped in 2005, one of the biggest changes was the requirement that debtors take credit counseling and financial management classes in order to get a bankruptcy discharge. Researchers at the University of Illinois sought to learn whether or not the classes were having any effect on the financial recovery of…Read more
Keeping Divorce Costs Down Might Keep You Out of Bankruptcy
While Valentine season might not be the most romantic time to bring up divorce, as a bankruptcy attorney, I am always thinking about divorce (insert Henny Youngman joke here). After all, divorce is one of the leading factors that cause my clients to file bankruptcy. It’s easy to understand why. Oftentimes, there is suddenly a…Read more
When Does Walking Away From Your Mortgage Make Sense?
There has been a lot of talk in the news lately about people walking away from their mortgage. It seems like a drastic step to take, and I get concerned when these stories make it seem as though walking away is a good idea for any homeowner. The New York Times has a review of…Read more
Pay Off Your Debts, Not Extra Fees
There are a slew of companies out there that claim that they can help you reduce or pay down your debt. The problem is that these companies don’t work for free. You could end up paying more to a debt repair company than to your creditors, and if the creditors aren’t getting what they’re owed,…Read more
What You Need to Know About Your Credit Score
If you have filed bankruptcy or are considering filing bankruptcy, one of the things that you have probably thought of is how it will affect your credit score. As I’ve mentioned before, a bankruptcy will stay on your credit report for 10 years. You should learn how to read and interpret your credit report and…Read more
Loan Modification Scam Pushes Homeowners Toward Bankruptcy
When things get tight financially, it isn’t surprising that people turn to companies that promise quick relief from their money problems. The Huffington Post has a story about a couple who turned to a company who promised to get them a mortgage modification to help save their dream home only to find themselves on the…Read more
David Scores Small Claims Victory Against Goliath Home Lender
The Huffington Post has a story about a homeowner who fell for Bank of America’s mortgage modification bait and switch routine scored a small, but significant victory, when a small claims court awarded him $7,595. Facing a reduced income, the homeowner sought a loan modification under the Home Affordable Modification Program (“HAMP”) with the monolith…Read more
2010 Record Year for Personal Bankruptcies
If you’re feeling the crunch of the economy, you are not alone. The number of consumer bankruptcies in 2010 was at a record high and 9% higher than 2009. Over 1.5 people filed personal bankruptcy in 2010. Ironically, the number of bankruptcies have increased every year since 2005, when new bankruptcy law went into effect. …Read more
