Sometimes bankruptcy is worth considering as an answer to your debt problems. But before coming to that decision, there are other options—one good, one bad—worth exploring. Here’s a bad option: Ignore your debt. Some people fall into debt and just pretend it’s not there. Others think they can put off creditors and debt collectors indefinitely. […]
Is someone who relies upon support payments from his or her ex-spouse (either for themselves or for any children they may have) affected when their former spouse or partner files for bankruptcy? When someone files for bankruptcy relief under Chapter 7 or Chapter 13, that person’s creditors must immediately stop all collection efforts on their […]
A Chapter 7 bankruptcy is a legal action that allows a person to eliminate most of his or her debts. With respect to unsecured debts, such as general consumer debts, credit card debts, and any other debts that aren’t secured by some form of collateral, the vast majority, if not all, will be wiped out. […]
There’s a familiar—and dangerous—cycle I regularly see with regard to debt and bankruptcy relief. Many people come to the conclusion that they’re carrying more debt than they can afford, so they file for bankruptcy, get relief from those debts, and then fall into the same debt-incurring behavior. Eight years pass, (the legal period between filing […]
In today’s economy, many people find themselves underwater with regard to their monthly expenses. When their total monthly debts amount to more than the money they’ve got coming in—and, as is usually the case, the monthly mortgage payment represents their larges expense—people sometimes opt to neglect this big debt and pay off their smaller, more […]
Clients sometimes come to my office regarding a claim they have on a defaulted personal loan or they want to retrieve a security deposit from a landlord or have some other matter where money is due them. In many cases, the amount they claim is too small to warrant being handled in acivil court of […]
Getting a collection notice in the mail is never a fun thing. But it’s also not a reason to panic. In California and other states, there are very strict rules about the proper way to prepare and distribute a collection notice. So if you receive one, I recommend investigating the following factors before taking any […]