Bankruptcy

Many people wait too long to file bankruptcy. We have reported before that the average person who files for consumer bankruptcy has been struggling with debt for two to five years before making the decision. That’s a long time to live with financial stress, and often means a lot of hard-earned money down the drain in the form of interest and late fees. Delaying a bankruptcy filing can also have consequences such as foreclosure, wage garnishment and automobile repossession. 

Following a Budget is absolutely critical to keeping your finances in check.  But, if you keep going over each month, you need to ask yourself why?  Here are several places that people spend throughout the year, but often do not realize it until too late.  Make sure these items are in your budget on a monthly basis so you are not caught overlooking them and allocating your money improperly.

I get asked all the time by clients and potential clients whether a collection email or call is legitimate.  This is an example of a document emailed to a client who wanted to know if this was legitimate or not.

The answer is usually no.  The amount that each debt is paid is determined on a case by case basis and in some circumstances, certain debts are not paid back at all. Instead, these debts are discharged upon completion of the case. There are many different factors that go into determining what debts must be paid. Let’s go over a few.