I am still amazed when I read uninformed posts about why people are going bankrupt claiming there is no more stigma about bankruptcy. That is not true. People are going bankrupt because creditors are not allowing people to repay their debts with as much enthusiasm as the banks had when the person was borrowing the …
As a young man, I practiced law in a three-man law firm in Anchorage, Alaska. In the winter months, the firm occasionally experienced lean times when clients couldn’t pay their bills. But we three were young, optimistic, and confident. I remember one day during an especially lean winter month when our senior partner jokingly announced: …
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 …
A ritual of spring in America is about to begin. Tens of thousands of people will soon get their tax refunds, and when they do, they will finally be able to afford the thing they’ve thought about for months, if not years: bankruptcy. It happens every tax season. With many more people suddenly able to …
Question: Dear Steve, In the beginning of 2016 I had some cash saved so I joined a friend when he opened up his dealership. Long story short, I lost my initial investment, I wasn’t making any money, only a few commissions here and there and I began using my credit cards to pay my bills. …
Question: Dear Steve, I was in the paycheck-to-paycheck situation with student loans taking up almost 40% of my income. (I’m on IBR for my federal, but have almost as much in private student loans.) To help with bills and stay current on my student loans, I’ve been racking up credit card bills. In late July, …
Question: Hi Steve, First, love that you volunteer saving animals, I actually do the same! The reason I write you today is that for nearly two years I have been contemplating filing bankruptcy. Four years ago I came down with a debilitating disease and had to quit working altogether. Moved back with mom for day-to-day …
Question: Dear Steve, I retired over a year ago. I began using credit cards to continue to support the lifestyle I had been living. MISTAKE NUMBER ONE. I have spent all my retirement savings to continue to pay the cc’s on time. I now have no savings and no money. I am not ignorant. I …
Question: Dear Steve, Hi, I have been retired 6 years and need to file chapter 7, I am single and my rent is 90% of my take home. And I am looking for work but it seems they still check your credit history, and of course my age. What papers form number do I need …
Question: Dear Steve, We are in about 90 thousand in debt I am 59 my husband 67 he is on SSI and VA income I am the only one working. I been told that bankruptcy is the best for us what do you think. We have a home homesteaded in Florida and one vehicle financed. …