As a continuation of Tips on How to Reduce Credit Card Debt (Part 1), here are some additional things that borrowers can do to be proactive about paying down their credit card debt and, as a result, slowly improving their credit score and their overall financial standing. Pay more than the minimum monthly payment – [...]
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Frequently Asked Questions about Bankruptcy (Part 2)
As a continuation of Frequently Asked Questions about Bankruptcy (Part 1), here are some additional FAQs and answers regarding what borrowers can expect from the bankruptcy process. How soon after I have filed for bankruptcy can I file again? This will depend on the type of bankruptcy the borrower had previously filed. If the borrower [...]
Is It Better to Invest in Your Savings or Pay Off Debt? (Part 2)
As a continuation of Is It Better to Invest in Your Savings or Pay Off Debt? (Part 1), the following are some additional questions to ask yourself when you are deciding whether it’s a better idea – from a financial standpoint – to use extra money you have to build up your savings account or [...]
Bankruptcy Filings Increase during Tax Season
A study conducted by the University of Chicago, Columbia University and Washington University found that there is a significant increase in the number of bankruptcy filings during tax season (specifically between the months of March and May) than during the other months of the year. Researchers found that the primary reason for such as spike [...]
What Can Happen If You Default on Your Student Loans?
Student loan default is a real crisis for many recent – and not so recent – college graduates, as many are finding it difficult to obtain jobs that will cover their costs of living and their monthly student loan payments. Between rent or mortgage payments, car loan payments, credit card payments and other day-to-day expenses, [...]
The Eclipse of the Middle Class
As the economy trudges along and unemployment rates seem to be creeping up ever so slightly, an increasing number of people and families who once considered themselves to be part of the middle class are no longer identifying as such. In fact, while more than 53 percent of adults readily agreed that they were part [...]
Reestablishing Your Finances after Bankruptcy
While filing for bankruptcy is a good choice for those who need to get out from under a massive amount of debt, after the bankruptcy case has been settled, a person’s work is not done. Specifically, a person who has filed for bankruptcy will need to continue to focus on and work at his finances [...]
How to Recognize and Avoid Bankruptcy Mills
With persisting unemployment and economic turmoil in the U.S., filing for bankruptcy is a viable option for those who are overwhelmed by debt and need a financial fresh start. Because the bankruptcy process can be complicated, many turn to lawyers for help in expediting their bankruptcy. However, when it comes to getting legal help for [...]
Can I Keep My Tax Refund If I File for Bankruptcy?
A commonly asked question that comes up when people are considering filing for bankruptcy (especially around tax season each year) involves whether someone is allowed to keep his tax refund if he files for bankruptcy. The short and unhelpful answer is maybe; specifically, it depends on a person’s situation, when he files for bankruptcy and [...]
Success after Bankruptcy: Prominent Entrepreneurs Who Were Once Bankrupt
While the idea of filing for bankruptcy may be scary and overwhelming, for many people, it is the solution they need to climb out of massive debt and rebuild their finances. Although it can take some years to rebuild one’s credit score, savings accounts and assets while also continuing to keep debt at bay, many [...]
Important Questions to Ask Your Bankruptcy Lawyer During Your First Meeting (Part 2)
As a follow up the Part 1 of this discussion, below are additional important questions that can help you screen bankruptcy attorneys while also helping you to understand more about the bankruptcy process and whether it’s right choice for you to achieve a financial fresh start: Do you handle cases other than bankruptcy cases? – [...]
Important Questions to Ask Your Bankruptcy Lawyer During Your First Meeting (Part 1)
When considering whether filing for bankruptcy is the best option for you, meeting with a skilled bankruptcy attorney can help you determine your best options for resolving your debts. Because many bankruptcy lawyers offer initial consults free of charge, you should shop around to find an attorney who you trust; however, it’s also just as [...]
An Overview of Bankruptcy Fraud
Bankruptcy fraud is considered to be a federal white collar crime that can take many different forms and that often involve other white collar crimes, such as identity theft or bank fraud. Should a person be convicted of bankruptcy fraud, they will likely face serious repercussions, which can include up to $250,000 in fines, up [...]
Careful Planning of Holiday Spending Can Help you Avoid Debt
Ok, Ok – we realize it’s not even Halloween yet, so some may think it’s a bit premature to start talking holiday spending. But the fact is, the holidays roll around quick and Denver bankruptcy lawyers know that having a budget and savings plan – and sticking to it – can go a long way [...]
Should Older Folks Worry About Repaying Debt?
Our Denver Chapter 7 bankruptcy lawyers assist clients of all ages and backgrounds of freeing themselves from the debt trap. Some older couples hold firm to the belief that they have a moral obligation to pay what they owe. This is noble, but after a certain age, it may not be the wisest choice. In [...]
Repeated Overdrafts Sign of a Greater Problem
Last year, Americans as a whole were slapped with nearly $32 billion in overdraft fees, according to new data provided by financial research firm Moebs Services. Denver Chapter 7 bankruptcy lawyers know that repeated overdraft charges – or fees incurred when you spend more than what you have in your bank account – are usually [...]
Denver Bankruptcy Lawyers: Be Wary of Risky Bank Loans
We would have thought that the banks would have learned their lesson after the housing crisis. However, Denver Chapter 7 bankruptcy lawyers are more frequently encountering clients who were approved for risky loans handed out in the same “subprime” mentality that landed us all in this mess to begin with. The New York Post recently [...]
Be Wary of “Preferential Treatment” in Denver Chapter 7
If you are on the fence about whether to file for bankruptcy, you need to meet immediately with a Denver Chapter 7 bankruptcy attorney regarding how to handle your current debts. That’s because from the time you file, any debts you pay in the three months prior can be considered “preferential” under 11 U.S.C. 547. [...]
1 in 11 Employers Plans to Drop Health Insurance
A national consulting firm has announced results of a survey, indicating that 1 in 11 companies is planning to drop health insurance coverage for workers sometime over the next 3 years. Our Denver Chapter 7 bankruptcy lawyers know that for some, this alone will be enough to push them to the brink of bankruptcy. For [...]
Can I sell non-exempt assets to my mother or father before I file bankruptcy?
When someone considering bankruptcy has some non-exempt assets…say, a car over $5,000 or a camper for example, they often ask “Can I sell it my mother or brother or some other family member?” The idea, of course, is if the asset is no longer in their name, they won’t have to declare it and since [...]
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