Bankruptcy Articles and Information
If you are buried in debt and feel like it will be impossible for you to ever dig your way out, filing for bankruptcy may the answer. The purpose of the law is to provide people who have fallen deeply in debt to have a fresh financial start in life. The reasons for needing to file for bankruptcy are not important.
There are different types of bankruptcy. The main ones used by individuals are Chapter 7 and Chapter 13. Each one serves a different purpose and has its own set of filing and discharge rules. No matter which chapter you use, on the day you file your bankruptcy petition, all debt collection by all creditors must immediately stop. A bankruptcy attorney will evaluate your financial situation and the type of debt you have and help you decide which bankruptcy chapter is the one that best meets your needs.
According to new research published in a recent Politico article, Millennials are facing an uphill battle when it comes to retirement savings and building wealth. Alicia Munnell, Treasury Department veteran and member of the Council of Economic Advisers and the Federal Reserve Bank of Boston, suggested that as long as Millennials are willing to work longer than previous generations, retirement problems we may face aren’t “insurmountable”. How much longer? Try at least until age 70. After reviewing some of the research, the main takeaway is rather simple: Even though Millennials have college degrees at a higher level than Gen-Xers or…Read More
June is the month many celebrate their wedding day. I too was a June bride! As we race around preparing for the BIG day, many newlyweds don’t discuss the days, weeks and months after the wedding. Finances are one of the biggest reasons for divorce. It is important to discuss how you will handle your finances as a couple. Here are some tips: Discuss and Set up a Budget A wonderful way to start off your marriage is to live within your means by setting up a budget. Sit down together and make a list of your monthly expenses and…Read More
I have previously written about advising clients on bankruptcy relief because they have taken on the burden of not only their own debt but also debt incurred for their adult children. I know the client has found themselves in financial turmoil because of love for their child and it is hard, but necessary, to advise the parent to stop this behavior in order to find financial solutions. Parents of minor children may want to give consideration to having conversations early in childhood about money and finances in order to hopefully avoid the trap of taking on debt later to help…Read More
How would it feel to be debt-free? Great? Of course, it would feel great! CNBC posted a most helpful article this week. Emmie Martin suggests giving up five things to become debt free. The road to becoming debt-free may not be easy or fun, and you will have to make sacrifices. Her article says that Americans carry an average balance of $6,375.00 of debt. Eat Out Less The cost of eating out is much more expensive then eating at home. She spoke to a man who paid off $70,000 in loans and became a millionaire by age 35. He said…Read More
Having now practiced bankruptcy law for over thirty years, I find that I am often the “old guy” amongst gatherings of bankruptcy practitioners. It is sometimes hard to figure out how this happened so quickly. It seems like such a short time ago that I was getting started in the legal field. I remember clearly the early days of practice when virtually everything I did was new to me. When Mark Bond and I started our practice, we first had to lease space, hire help and determine how we were going to pay the bills. I now find myself on…Read More
Many of our bankruptcy clients own homes or condominiums in developments where they have an obligation to pay Homeowner’s Association dues (HOA dues). HOA dues are essentially a commitment that runs with the property to share the costs of common, or mutual, expenses. These expenses may include costs for maintaining sidewalks, landscaping, community pools or other amenities shared by all owners in the community. If the HOA dues are not paid, neighborhood covenants (rules that are tied to the property) will often allow for a lien to be recorded against the delinquent homeowner’s property. When the property is sold or…Read More
Recently, there was an excellent article published on CNN Money that contained tips on how you can save money for retirement even when you are living paycheck to paycheck. If you haven’t thought about saving for retirement or are having trouble finding funds to save, consider some of these tips: Start saving when you are young. Most people in their 20s are not thinking about retirement but it is a very wise decision to start putting away money for retirement in your 20s. This will require you to put away less money each month than if you were to wait…Read More
As many of you may be aware, for years now I’ve kept tabs on our celebrities who have sought bankruptcy relief in the past. One of the most prominent bankruptlebrities is Teresa Guidice, one of the stars of the Real Housewives franchise. About Teresa Guidice If you will recall, Mrs. Guidice served 11 months in federal prison for bankruptcy fraud. Her husband, Joe Guidice, is currently still serving his 41 month sentence for the same. Teresa may have been placed in what has been described as a “country club” low security prison, but she says “not so much.” She has related…Read More
Earlier this month President Trump withdrew the United States from the Iranian nuclear accord. While a discussion on the merits of that decision are better left to people far smarter than me, nearly everyone can agree on one thing: withdrawing from the agreement will have a negative effect on oil and, ultimately, gas prices. But the withdrawal from the Iran nuclear deal is but one small factor in the overall increase in the oil and gas prices. Why Gas Prices Will Be on the Rise The main factor driving oil higher is record demand. In fact, government data in April…Read More
In the past three weeks, I personally have encountered the confusing maze of prescriptions drug prices and discovered I don’t understand it and probably never will. My family is healthy for the most part. As a consumer, mom, and bankruptcy attorney, I became very disheartened by three things in the last three weeks. Incident #1: During a recent bout with the flu at my house, my child’s physician felt it prudent to prescribe Tamiflu for my daughter and two other children. He also recommended my husband and I both take it. The cost of the medicine was approximately $200.00 per…Read More