fbpx

7 Famous People Who Filed for Bankruptcy (and what you can learn from them)

Tax man troubles. Bad investments. Shady financial advisors. Lavish spending. These are some of the pitfalls that lead the rich and famous to file for bankruptcy.  Most famous folks end up filing Chapter 11 bankruptcy, a much less common form (7,735 filings in 2018, compared with 480,933 for Chapter 7 and 290,566 for Chapter 13). But some of their …

Read more

I’m a Social Worker, Struggling With Debt, and Wondering if I Should Declare Bankruptcy? – Kate

Question: Dear Steve, 40-year-old single mom, 2 master’s degrees (still paying off at $700/mo), always gainfully employed as a clinical social worker, currently at same job past 8 years and currently at $66k/yr. The problem: after becoming pregnant 3 years ago, my ex dumped me, I relocated back to my hometown and moved in with …

Read more

My Bank Won’t Work With Me So I Can Pay My Debt

Question: Dear Steve, The bank called me and told me that I must pay 12600 first before I can apply for account restructuring with an interest rate of 1%. I was not able to pay it as of now because I am jobless. What should I do or how should I respond to the threats …

Read more

New Bankruptcy Forms Make It Easier to File Without an Attorney

Now don’t get me wrong, there is no substitute for the experience, knowledge, and wisdom of an experienced bankruptcy attorney. But for decades people have been filing out their own bankruptcy petitions, because they can. The forms were not geared for the average person to easily figure out. On December 1, 2015 the bankruptcy forms …

Read more

The Fresh Start of a Bankruptcy May Restore Credit Faster

People consider filing bankruptcy when the alternative has become worse. Figuring out if you are at that point though can be difficult. One misconception that makes people hesitate to file bankruptcy is the impact on their credit. An in depth study by the Federal Reserve Bank comparing the credit of people who’ve filed bankruptcy with …

Read more