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Bankruptcy Information

Sinbad Files Chapter 7 Bankruptcy. Will Keep F-150 Pickup Truck.


The comedian Sinbad recently filed for Chapter 7 bankruptcy protection. Hey, it happens to even the famous among us. Money troubles are not limited to the infamous. They happen to many of all walks of life. According to documents received, Sinbad (David Adkins) has liabilities of $10,991,715 and assets of $131,126. While there may be some areas of his life ... Read More »

    You Have Not Failed if You File Bankruptcy

    What I most want you to do when facing bankruptcy is to stop assuming or reacting emotionally and start thinking logically.

    A frequent and quiet chorus says people who file bankruptcy have failed in some way, but let’s set the record straight on that myth. It’s not true. Bankruptcy is the law of the land in many countries. It allows people otherwise tightly gripped by unmanageable debt to find a way to break free of an otherwise impossible situation. Bankruptcy is ... Read More »

      I Suggest Bankruptcy Too Often, So Say Some


      I really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too often. For more information on this topic, please see all the links in my free guide about how to deal with debt. So ... Read More »

        Bankruptcy Filings Drop Ending March, 2013. Less Need for Debt Help.


        The latest bankruptcy filing numbers are out for the twelve month period ending March, 2013. In March there were 804,885 chapter 7 bankruptcy filings and 355,081 chapter 13 filings. For a total of 1,159,966. In comparison, in the twelve month period that ended March, 2012 there were 958,757 chapter 7 bankruptcy filings and 396,175 chapter 13 bankruptcy filings. For a ... Read More »

          How to Find a Great Bankruptcy Attorney

          Be my bankruptcy superhero and take the time to find the best bankruptcy attrorney for you.

          I’ve written a number of guides about all sorts of debt related issues but for some reason I’ve never written one about how to find a great bankruptcy attorney. So here goes. Having lived through bankruptcy myself I am very familiar with what I felt when searching for a bankruptcy attorney. It’s bad enough suffering in silence with debt but ... Read More »

            Do Not Avoid Bankruptcy – 14 Reasons

            Avoid Bankruptcy Monster

            Avoid bankruptcy is advice you will often hear in the debt relief world. Companies, from non-profit credit counselors to for profit companies use that advice, sometimes well intentioned, and sometimes just to manipulate you. Companies that use the advice that consumers should avoid bankruptcy are simply amplifying the ingrained fear and prejudice that many have about bankruptcy. But fear and ... Read More »

              Life After Bankruptcy: How to Quickly Have Great Credit and Dumb Mistakes to Avoid

              With a little education and guidance your life after bankruptcy will be awesome.

              So you filed bankruptcy. Congratulations on taking steps necessary to deal with your old debt and get the legal protection and fresh start you are entitled to under the law. Your journey isn’t over though. The best days are now ahead of you but you will need to take action to rebuild a better financial future. Below you will find ... Read More »

                So You Are Going to File Bankruptcy. That’s Good News. Congratulations.

                The decision to file bankruptcy should be a celebration.

                Here is something you don’t expect to hear people say, “If you file bankruptcy your life will get better.” Well, I did file bankruptcy and my life did get better. Within three years after our bankruptcy we had purchased a house and before that had rebuild great credit using secured credit cards. In fact for me, my financial failure and ... Read More »

                  Why Transferring Student Loans to Credit Cards is Not a Good Idea

                  Screen Shot 2013-01-20 at 6.28.49 PM

                  As the looming crisis of student loan debt nears, some enterprising debtors are no doubt getting desperate. Student loan debtors are being hounded by collection agencies night and day, tax refunds are being intercepted, and wage garnishments are inevitable. So some enterprising debtors are getting the idea to transfer their student loan debt to credit cards with the idea of ... Read More »

                    Dave Ramsey’s Hatred of Bankruptcy and Credit Cards Makes No Logical Sense

                    Ask Questions - Button

                    I should probably never preface an article with this but here goes. If you are a die hard Dave Ramsey fan you are probably going to disagree with what I have to say. I get it. But all I ask is that you read the post, think about it, and then let’s engage in a discussion in the comments section ... Read More »

                      How to Really Discharge Your Student Loans in Bankruptcy. Many Can. But Never Try.

                      Student Loan Corkboard Concept

                      For years we’ve all heard the same message that it’s near darn impossible to discharge student loans in bankruptcy. We’ve heard that the undue hardship standards make it so onerous that expecting a student loan discharge is all but an act of God. But what if that belief was actually more myth than fact? Recently Jason Iuliano, (J.D. Harvard Law ... Read More »

                        How to Know if You Should File Bankruptcy


                        If you are in financial trouble and struggling to make payments, tapped out, you’ve spent down savings, or living month-to-month, then bankruptcy is worth a good hard look. Below you will find a number of links to posts, articles, and calculators to help educate you about the realities of bankruptcy. Many people carry a lot of baggage around about what ... Read More »

                          What Does the Bible Say About Bankruptcy? Is Bankruptcy Scriptural?

                          What does the bible really say?

                          Far too often people come to me for help loaded with all sorts of assumptions, emotional baggage, and guilt about their financial situation. They feel that it is immoral to consider some options and instead set themselves up for long term failure by not knowing all the facts. They launch into five to ten year repayment plan that leave them ... Read More »

                            The Incredible Healing Power of Bankruptcy: Chapter 7 & Chapter 13


                            Let’s be upfront and open, many people harbor an emotional feeling about bankruptcy and a false belief that bankruptcy is a path chosen by ne’re do wells and reprobates. Yea, that impression has nothing to do with the reality of the situation. I understand the angst and fretting. I myself went bankrupt in 1990. I get it. But since I ... Read More »

                              How to Easily Get a Mortgage After Bankruptcy

                              Couple Buying House

                              One generally unfounded fear people have is that filing bankruptcy will stop you from buying a house. That’s just not true. Granted, being able to qualify for a mortgage immediately after filing bankruptcy might be a bit tougher, but the reality is that filing bankruptcy and clearing away unmanageable debt can actually make it easier to get qualified for your ... Read More »

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