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Tag Archives: file bankruptcy

My Overtime Hours Were Cut and I’m in Big Debt

the truth smaller

Question: Dear Steve, Everything was going great last year; I had just bought a nicer car and started making modifications to it when my work place suddenly dropped out hours from 58+ to less than 32. I drained all my savings and maxed my credit card to stay caught up on my bills. Now things have picked up enough at ... Read More »

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

    Inside view of an antique combination lock of bank Mandiri in Jakarta, Indonesia

    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 of a law firm that ... Read More »

      I Heard if I Make Token Payments I Can’t Be Sued. Is That True? – Oliver

      The Chevy Spark I drove recently.

      Question: Dear Steve, I started a collision repair business in 2011 and it started off well but it started dying out slowly but surly, the area kept getting worse and worse not to mention my rent was $2500 per month not including all of my other bills. So the scary part came when I had to make the decision to ... Read More »

        New Bankruptcy Forms Make It Easier to File Without an Attorney

        happy woman in wheelchair outdoors beach showing victory sign

        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 are going to change, in ... Read More »

          Here is Exactly Why People Who File Bankruptcy Are Smart

          retirement_savings_plan

          I seem to spend a lot of time educating people that most everything they know about bankruptcy is just plain wrong. In fact a friend of mine just told me they were going to file bankruptcy and my answer was, “congratulations.” You see, even studies by the Federal Reserve Bank of New York have come to the same conclusion I ... Read More »

            The Fresh Start of a Bankruptcy May Restore Credit Faster

            Paul_Left_Happy

            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 those suffering through chronic defaults ... Read More »

              How Avoiding Bankruptcy Can Backfire

              FRBNY-1

              In the world of personal finance, credit concerns and debt issues, there is no single issue that is more misunderstood than bankruptcy. Recently the Federal Reserve Bank of New York came out with an exceptional report on the bankruptcy reform of 2005 — which made it tougher for people to file bankruptcy, and was the last time bankruptcy law was ... Read More »

                Those That File Bankruptcy Do Better Than Those That Don’t

                Woman in yoga lotus  meditation at seaside

                This report is republished from the Federal Reserve Bank of New York and contains the authors analysis and finding about bankruptcy following the 2005 reform. Personal bankruptcy was introduced in the United States through the Bankruptcy Act of 1978. After passage of the act, bankruptcy rates rose steadily until 2005, when Congress passed the Bankruptcy Abuse Prevention and Consumer Protection ... Read More »

                  My Life is Hopeless. I Can’t Pay My Bills. What Can I Do?

                  Avoid Bankruptcy Monster

                  Question: I Can’t Pay My Bills. What Can I Do? Dear Steve, I’m so completely freaked out about my bills. I’m now so in debt and worried about it I can’t sleep, I’m depressed, and all my wife and I do is fight about money. I’m constantly telling my kids they can’t participate in any school events because I can’t ... Read More »

                    My Elderly Mother is Struggling in Credit Counseling. What About Bankruptcy? – Tracey

                    Sad Elderly Lady

                    “Dear Steve, My mother is 77 years of age. Her memory is no longer the best for her finances and she gets confused as to who gets paid what and how much. the debts, even though she doesn’t even use the cards but one walmart for groceries the interest rates and payments have gone over the roof so to speak. ... Read More »

                      Bankruptcy is the Best Thing That Ever Happened to Me

                      bankruptcy congratulations

                      During my first job interview after my bankruptcy, the interviewer asked me what I was “most proud of in my life.” Without hesitating, I stated “declaring bankruptcy!” His quizzical look invited me to explain. And I’ll share what I told him, in just a minute. First though, here’s a Pop Quiz for you: Was going bankrupt the worst thing or ... Read More »

                        Can I File Bankruptcy Without My Husband? – Penni

                        questions narrow

                        “Dear Damon, Bankrupt in 1997; back in the hole with massive credit card debt! We want to sell our home and buy a smaller one now that it’s only us two. He makes decent money, but we barely make ends meet and are starting to fall behind again. I’m wondering if I can file bankruptcy separately from my husband, or ... Read More »

                          You Literally Saved My Life and Financial Future. Thank You. – Steve

                          bankruptcy congratulations

                          “Dear Steve, I just wanted to say thank you as I owe you a debt of gratitude! My partner lost his job due to a health issue and has been unemployed for five years–I tried (in vain) to sustain my debts. I tried every resource to stay afloat. I quickly learned that there are resource to provide loans, payday loans, ... Read More »

                            Everything You Always Wanted and Needed to Know About Bankruptcy

                            future

                            Below is my growing list of bankruptcy resources and links. If there is something that’s not addressed in one of those articles, guides, then feel free to ask me your question. Bankruptcy Articles and Posts You Must Read Click Here to Find a Bankruptcy Attorney in Your Area To get ready to read the information below with the right frame ... Read More »

                              Those With Cancer Nearly Three Times More Likely to File for Bankruptcy

                              Cancer patient versus non-cancer patient filing rates.

                              A recent study found adults diagnosed with cancer are 2.65 times more likely to file for bankruptcy while bankruptcy filings are as much as five times higher among your cancer patients. According to the study, led by Scott Ramsey, MD, PhD, an internist and health economist at the Fred Hutchinson Cancer Research Center in Seattle, Washington, between 1995 and 2009 ... Read More »

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