Published Wednesday, June 15, 2011 @ 2:36 pm

While many Americans learned a harsh lesson during the economic recession—turning away from reckless spending in an attempt to increase much-needed savings and avoid high-interest consumer debts—auto lenders still did well during the downturn, as demand for cars remained high and auto loans became one of the very few types of consumer debts that grew even as consumer confidence dwindled.…

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Published Sunday, May 29, 2011 @ 1:26 pm

Whether you’re considering bankruptcy or just coming out of it, you may be wondering the best ways to rebuild credit as soon as possible. Obviously, credit cards are one way to rebuild your credit history (and future) more quickly; but most people entering or exiting the bankruptcy process are well aware of the perils of plastic…and how difficult it can be to qualify for a card with a dinged credit past.…

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Published Wednesday, April 13, 2011 @ 7:31 am

Becoming a Credit-Savvy Consumer Post-Bankruptcy: Part 2

Becoming better with credit post-bankruptcy can be a daunting task for many clients. You’ve repaid or dissolved your existing debts, and are about to close your bankruptcy case with a new and improved outlook on your financial life. Unfortunately for many in your position, even well-intentioned Americans can return to their debt-full ways, even after the many lessons learned from their bankruptcy filing.…

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Published Monday, April 11, 2011 @ 3:27 pm

Becoming better with credit post-bankruptcy can be a daunting task for many clients. You’ve repaid or dissolved your existing debts, and are about to close your bankruptcy case with a new and improved outlook on your financial life. Unfortunately for many in your position, even well-intentioned Americans can return to their debt-full ways, even after the many lessons learned from their bankruptcy filing.…

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Published Monday, January 31, 2011 @ 8:23 am

It’s closing in on the end of the first month of 2011, another year into the Great Recession. Of course, things do look “somewhat” better than they did for the last three. However, everything does when enough time passes.

If you filed bankruptcy in 2010, or anytime in the last couple of years, chances are you made a few financial resolutions for the new year.…

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Published Wednesday, January 26, 2011 @ 7:28 am

It is our hope that after a person files and gets back on track, that they do so with an awareness of what led to them contact us. (This goes without saying that many bankruptcies are not at all caused by poor spending choices, but happen as a result of sudden medical emergencies or unexpected financial commitments.)

So we admit to be somewhat nervous by the onset of trends showing credit card use will increase in 2011.…

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Published Friday, December 17, 2010 @ 3:40 pm

There are few lumps of coal as heavy or black as a delinquent credit card.

When you’re heading out to the outlet center this year, think about the long term impact of your holiday spending.The holiday shopping craze tends to alter our judgment about what make good gifts. Moreover, it makes us think we’re getting great deals on big ticket items when in fact, the most popular gifts become substantially cheaper at other times of the year.…

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Published Monday, November 15, 2010 @ 10:17 am

During the early part of the new Millennium, as the economy blossomed and business was booming, “Shopping ‘Til You Drop” was far from a foreign concept. From luxury electronics purchases to cultivating closets full of clothes, Americans made a habit of spending as much as they made as they also spent tons of time in malls, outlets and stores.…

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Published Monday, November 1, 2010 @ 1:58 pm

It’s after Halloween, so you know what the means don’t you? Of course, it’s time for winter holiday shopping. When you put away that “sexy cop” costume, just reach one box over and grab the house decorations.

So this year’s shopping season should say a lot about the state of our economy.…

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Published Tuesday, October 5, 2010 @ 12:07 pm

Okay, it’s time for some motivation.

Coming out of bankruptcy, or at least the feeling of resolution that comes when the cloud of economic despair finally lifts, can do a lot for a person’s psyche and sense of self. Like a new breath after a long-time struggle in financial whitewater, knowing you are free of what has been pulling you under can empower you to try new things, pursue goals and live your dreams.…

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Published Tuesday, September 7, 2010 @ 5:31 pm

It would be inauthentic to blame every instance of bankruptcy on sudden life changes, such as a tragic illness or other life-altering emergency. The truth is, some bankruptcies are preventable.

However, we’re not judging. We know that timing plays a big part.

For example, let’s say one morning that you look at the pile of bills on the counter and say to yourself: “That’s it, I’m changing the way I handle money.” Then, the first thing noticed on your desk at work is a pink slip.…

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Published Friday, September 3, 2010 @ 3:32 pm

While many people consider it common knowledge, the last-minute fear before deciding to file bankruptcy could end up costing you even more come retirement. Turns out, that as the recession deepens, more people are looking toward their long-term savings for an influx of cash to help stay afloat.

Well, don’t ever be one of those people.…

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Published Monday, August 30, 2010 @ 2:25 pm

Regardless of your current financial situation—from good credit to no credit—there’s no denying that we’re living in a tough housing market. So if you’re considering bankruptcy, you might think that if it’s a challenge to become a homeowner for those in the best financial times, it might be next to impossible to acquire your dream home if you’re currently recovering from a Chapter 7 or 13 bankruptcy filing.…

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Published Thursday, August 12, 2010 @ 10:40 am

Realizing we are in debt is a lot easier than figuring how it happened. Unless you can pinpoint one central reason, like the loss of a job or long-term medical issue, it can be hard to retrace your steps to financial crisis. Plus, who even wants to? The more important exercise is to figure out how to not let it happen again.…

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Published Monday, August 9, 2010 @ 2:58 pm

Chapter 13 bankruptcy can be a great way to clear your financial slate, while, at the same time, entitling you to hold on to your precious property even in the most precarious economic situations. To do so, Chapter 13 bankruptcy allows you to construct what is hopefully a realistic financial reorganization plan that allows you to pay back all of your debts over the course of three to five years.…

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Published Friday, August 6, 2010 @ 12:38 pm

Chapter 13 bankruptcy involves the facilitation of a financial reorganization plan that allows you to pay back your expenses over the course of three to five years. As a result, a Chapter 13 bankruptcy also requires that you look ahead three to five years in order to construct a realistic and sensible plan that can work for you.…

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Published Friday, July 2, 2010 @ 8:14 am

Bankruptcy Myth #1: You won’t receive credit offers after your bankruptcy.

Don’t be surprised to receive many credit offers following your bankruptcy. Car lenders, mortgage financiers, credit card companies and more, often line up for the chance to provide post-bankruptcy debtors with all types of consumer spending opportunities.

Bankruptcy Myth #2: Taking creditors up on all of their offers is a good thing.…

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Published Saturday, May 29, 2010 @ 8:38 am

In the last ten years, self-storage centers have infiltrated America faster than a bad singer on YouTube. From basic storage sheds with individual bays to climate-controlled multi-story complexes, we have become a nation obsessed with storage. Heck, you can even invest in a garage condo today.

Now, let’s juxtapose our need for storage with the general financial position of so many American families right now.…

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Published Thursday, May 6, 2010 @ 6:06 pm

It was easy to spend money a few years ago, somewhere around late 2005 and into 2006, when the economy was flying, anyone could get a loan and every house in the zip code was appreciating at eight percent a year.

Those who managed to avoid subprime loans and the desire to keep up with whatever the other side of the cul-de-sac was spending turned out to make it through the recession in decent shape, provided the unemployment crisis didn’t catch up with them.…

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Published Sunday, April 25, 2010 @ 8:08 am

With rising foreclosure rates, escalating health care costs, recent credit card company schemes and unprecedented unemployment, most people would think they’ve seen it all in this unprecedented economic downturn.

But wait, there’s more.

In these tough financial times, scam artists are coming out of the woodwork to prey on the most hard hit by this decade’s Great Recession: persons needing the benefits of, or having already filed for, bankruptcy.…

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Published Thursday, April 8, 2010 @ 9:18 am

This blog talks at length about savings strategies and offers a great deal of consumer spending advice. Our goal is to create an all-encompassing approach to helping readers, clients and potential clients be financially successful after bankruptcy.

Having a healthy savings account should be the goal of anyone rebuilding after bankruptcy.…

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Published Wednesday, March 24, 2010 @ 8:00 pm

In this economy, qualifying for a bank loan or line of credit can feel impossible—even for people with perfect credit—and much more so if you’re trying to bounce back from a recent bankruptcy. But a bit of patience (targeting smaller community banks rather than large corporate banks) and a bit of help (getting others to vouch for you) can improve your odds tremendously—even in this uncertain economic climate.…

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Published Friday, March 5, 2010 @ 10:31 pm

Successfully coming out of bankruptcy is a financial rebirth. As you move on from your financial setbacks (and you will), you will be better prepared to build a healthy fiscal future. Part of that, or better stated, a huge part of that, will involve how you make decisions regarding money. It would be understandable, for example, to simply save everything in a conservative money market (savings) account or maybe drop a small bit of your monthly income into a 401k.…

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Published Friday, March 5, 2010 @ 4:30 pm

Life after bankruptcy is beautiful thing. Your stress levels go down and you become more confident with money. Now that things are back on track, maybe it is time to take a whole-life approach to changing the way you live. For some, it’s a new, but smaller, home; a more economical car; or a strict monthly budget.…

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Published Friday, February 26, 2010 @ 4:19 pm

Everyone—from the halls of Congress to the many channels of media—is paying a ton of attention to those Americans who have lost their homes in the seemingly endless mortgage meltdown. Virtually ignored have been the millions who continue to pay their mortgage every month, even when they really can’t afford to.…

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Published Sunday, February 7, 2010 @ 12:54 pm

In the Bad Ideas for the Bankruptcy Bound series, you’ve received an introductory look at the many reasons why it’s never a good idea to hide, or attempt to hide, a bankruptcy filing from your spouse. In later discussions we’ve seen how to avoid many of the pitfalls and pratfalls of filing for personal bankruptcy, including transferring property, using credit and avoiding creditors.…

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Published Saturday, February 6, 2010 @ 8:29 am

As someone facing serious financial difficulty, learning how much money is made by the huge banks to which you owe money can be frustrating. While we understand that we need to be accountable for our decisions, it stings to realize that profit models are often based on customers going into debt.…

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Published Friday, February 5, 2010 @ 12:07 pm

Foreclosures have become a plague across the country, sickening the economies of small towns, the general contractor industry and even the commercial real estate industry. No facet of the real estate world has gone unaffected.

Whether your home was foreclosed upon or your mortgage lender granted you a short sale (negotiated permission to sell your home for less than what is owed), it was probably considered a tremendous relief to drop the proverbial financial anchor tied around your neck.…

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Published Friday, February 5, 2010 @ 10:06 am

Try as we might to understand some the esoteric banking principles that contributed to the recession or give the industry any benefit of the doubt, the folks on Wall Street just keep giving us reasons to believe they are, and will forever be, drastically out of touch with the way the rest of America lives.…

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Published Sunday, January 24, 2010 @ 10:25 am

So the impact of your bankruptcy is settling in. You have mixed emotions but underneath, feel confident that it was the right thing to do. The phone has stopped ringing, the mailbox delivers good news (for the most part) and best of all, you can sleep again.

Now that it’s time to get back on track, saving money should be a top priority.…

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Published Thursday, January 7, 2010 @ 12:27 pm

Are you putting off declaring bankruptcy because you’re afraid you’ll never be able to rent an apartment again? Have you heard horror stories from friends or relatives about how they got turned down for a rental because of their bad credit? Relax. Having a bankruptcy on your credit report won’t prevent you from finding a great place to live.…

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Published Tuesday, December 29, 2009 @ 2:59 pm

The theme of making resolutions for the New Year is hard to ignore when it comes to dishing bankruptcy advice and related financial insight. It seems that every year, our resolutions become more important. Most likely, that’s because we feel more mature in age, but not in our financial outlook. Given the way 2009 went for most folks or for those who filed bankruptcy, that’s an easy-to-understand feeling.…

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Published Wednesday, December 9, 2009 @ 12:28 pm

Filing bankruptcy, among other things, is about getting a new start. Few things can match the sense of relief that follows even the first phone call to our office, let alone the day you know for sure that your bills are gone forever.

For some, starting over may mean leaving behind everything that contributed to your old spending habits, the material goods, the car, even the house, that led you deep into the financial abyss.…

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Published Tuesday, December 1, 2009 @ 11:34 pm

In an era of extreme homeowner hardship and surging unemployment, most people worry that debt-free living through bankruptcy will leave them without a credit card in an uncertain world where plastic is widely-accepted. Fortunately, filing for bankruptcy doesn’t have to mean losing your credit cards—or the opportunity to access new ones.…

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Published Tuesday, October 20, 2009 @ 10:15 pm

Stomach turns? Sleepless nights? Ah, the memories of your time before filing bankruptcy. Not much fun, were they?

Despite all the things that your robust credit limits may have provided you (it’s okay to admit it), somehow you would have given it all back to stop the phone from ringing and guilt from weighing you down.…

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Published Sunday, October 18, 2009 @ 1:03 pm

Apart from the more typical fraudulent charges and billing errors, a common situation leading to credit disputes concerns purchase protection. This comes into play when you make a big ticket purchase from a merchant, charge it to your credit card, and then receive the good…only to discover that it is defective.…

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Published Saturday, September 26, 2009 @ 6:17 pm

One of the greatest benefits of filing for bankruptcy protection is that it allows struggling homeowners a second chance to catch up on missed mortgage payments. For many people, the fear of losing a beloved family home is one of the most stressful parts of their struggle with debt. But is your house really worth saving?…

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Published Thursday, September 3, 2009 @ 9:43 am

The economy is so grim right now it’s hard to see the silver lining, but the good news about markets is that they rarely stand still forever. Even now, economists are slowly and cautiously becoming more optimistic about the situation, and consumers are gradually gaining back confidence. The housing market, for example, posted a quarterly rise in prices for the first time in three years, which may indicate a stirring of recovery.…

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Published Wednesday, August 26, 2009 @ 10:04 pm

A successful bankruptcy is as much about post-bankruptcy decision making as it is about making the initial decision to file. A lot needs to go into each spending choice, every credit consideration and your personal financial management goals.

Multiple bankruptcies are common. However, if you feel you may be getting close to having to file again and the reason is not the direct result of an uncontrollable emergency, there may be some broader, underlying personal issues that were not addressed the first time around.…

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Published Sunday, August 16, 2009 @ 6:41 pm

Fear of foreclosure is certainly pushing many families into bankruptcy. Although there are now many programs, both at the state and federal level, to help homeowners avoid foreclosure, if your lender is unwilling to work with you, bankruptcy may be the only way you can stay in your home.

Unfortunately, if you don’t choose to seek help through a bankruptcy attorney or your lender, there are plenty of criminal actors out there that would be more than happy to assist in escaping your financial woes.…

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Published Saturday, August 15, 2009 @ 1:45 pm

Debit cards are one of the many spending tools that can be good for a person rebuilding after bankruptcy. For the most part, anything that is backed directly by actual cash is the best way to ensure that you don’t get too deep again shortly after things are back in order.…

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Published Tuesday, August 11, 2009 @ 6:00 pm

Believe it or not, there are some situations when credit cards can be a benefit. They are often the only option when making travel reservations, and can come in handy in the event of genuine emergencies. A credit card can also help you build good credit, or rebuild credit after bankruptcy.…

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Published Monday, August 3, 2009 @ 10:45 pm

Marriage is a partnership, and it works much better with each partner pulling his or her own weight. To avoid problems down the line, it’s a good idea for each partner to establish and maintain a separate credit identity. As a matter of fact, that is how the law will see it in all but the nine community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.) This means that if your spouse takes on a financial responsibility without you, you will not be legally liable for it, and vice versa.…

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Published Monday, July 20, 2009 @ 8:35 am

It started about 15 years ago with the promise of an untold number of deposits into your bank account, supposedly from Bill Gates, for just sending an e-mail. Little did we know that with the click of the “forward” button, we pushed the proverbial SPAM boulder over the crest and created a perpetual avalanche of dangerous, credit-crushing e-mail based nonsense.…

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Published Sunday, July 19, 2009 @ 5:13 pm

There are many reasons for filing bankruptcy. From sudden medical expenses to layoffs, We already know medical bills are a substantial reason people file and that even smart consumers have faced serious challenges as a result of uncertain mortgages.

Regardless of your reasons, life after bankruptcy offers you the chance to start in a new direction.…

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Published Sunday, July 19, 2009 @ 4:08 pm

Gambling, not at all unlike compulsive spending in department stores, can often lead to serious financial pitfalls. Despite the prevalence of gambling addictions in America, debts incurred by too much betting were at one time non-dischargeable in bankruptcy. While the specifics of dischargeability with any type of debt should be explored with a bankruptcy attorney, it is important for you to know that if you count gambling losses as one of your reasons for bankruptcy, the odds are in your favor that it can be discharged.…

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Published Saturday, July 18, 2009 @ 3:56 pm

As we’ve discussed here several times, there is a very good chance you can keep your home when filing bankruptcy. However, those of you who rent may find reason to worry about that ubiquitous “credit check” that shows up on every new rental application.

Whether a faceless, multi-billion dollar property management company or a private duplex owner down the street, landlords need to know they can collect rent.…

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Published Friday, July 10, 2009 @ 5:34 pm

While bankruptcy can provide you a haven from financial insecurity, it will not automatically change for you the habits that may have led to your decision to file.

It’s important for you to understand that you are not the only person who has ever overspent. Money was good, credit was easy and why shouldn’t you live the lifestyle you deserve?…

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Published Thursday, July 9, 2009 @ 2:48 pm

Coming out of bankruptcy is a great milestone. It renews confidence, offers comfort and provides you with a sense of accomplishment from meeting a tough challenge head on and surmounting it.

Like most people who have experienced these emotions, you have comprehensive understanding of how to better control your spending and look out for your financial well-being.…

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Published Thursday, July 9, 2009 @ 9:22 am

Bankruptcy and personal money management are tightly intertwined. As you read through the blog you will probably notice that a lot of our posts will offer advice and tips on saving, how to avoid scams and general philosophies about preserving financial stability.

Here is another post about how to hang on to more of your money, which is especially useful for anyone coming out of bankruptcy or performing some initial research.…

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Published Thursday, June 4, 2009 @ 2:55 pm

A very troubling trend that potentially affects millions of Americas is going unnoticed. Don’t make the mistake too many people make when it comes to arbitration. There’s a good chance that you have conceded to arbitration already, probably unwittingly. That’s because more and more of the big companies that touch our lives on a daily basis, such as software developers, banks, web based services and of course, credit card companies, are writing arbitration clauses into their terms.…

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Published Sunday, May 31, 2009 @ 8:55 pm

By the time you realize that bankruptcy is the best option for you, it’s probably safe to say that you’ve been dealing with creditors for a long time.

Even worse than creditors are the collection companies, who are trained to bully you into agreeing to make payments even when you don’t have a cent to spare. 

Eventually you begin to feel that these companies have all the power and you have none.…

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Published Sunday, May 31, 2009 @ 6:49 pm

The decision to file bankruptcy is more often than not driven by your willingness to accept the fact that you need help. Chances are, you are fully aware of the practical reasons: late bills, consistent calls by creditors, job loss, unseen medical expenses, stress, denied credit. However, getting over the psychological barriers can be the most difficult corner to turn in a person’s road to financial recovery.…

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Published Thursday, May 28, 2009 @ 7:50 pm

So you did it. You came to the difficult realization that you needed bankruptcy protection, you got through the process, and you received your discharge. First off: Congratulations! This is a very good thing. The mountain of bills that had been dragging you down for so long is gone — along with all the stress and anxiety of fending off the creditors who were trying to collect on those bills.…

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Published Wednesday, May 20, 2009 @ 11:12 am

After living with the stress of debt for a while, it’s very possible to become accustomed to it. Maybe you think that financially, things are just always going to be that way. “I’ll owe more than I make and somehow, I’ll just manage to get by every month.” Serious debt is an emotionally trying and socially problematic complication of life and unfortunately, almost like an illness, many of us learn to accept the pain and find a way to live.…

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Published Monday, May 18, 2009 @ 4:30 pm

We see the commercials, hear the clever tag lines and are inundated with information about how to receive our credit report. So while a goofy guy singing catchy tunes about the perils of not knowing what’s on your credit report certainly has its marketing merits, his chorus doesn’t say much about what to do when you find something on your report that doesn’t ring true.…

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Published Monday, May 4, 2009 @ 12:44 pm

The automated credit score was created in 1959 by the Fair Isaac Corporation. While “Fair Isaac” may not seem so aptly named for those who are struggling with low credit scores, the FICO system is the most commonly used numeric benchmark by which our lending and credit system measures financial wherewithal.…

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Published Thursday, April 16, 2009 @ 11:03 am

Are you thinking you should pay back – or “reaffirm” — some of the debt that was discharged in your bankruptcy? Don’t fall prey to pressure tactics from creditors; if the debt was discharged, you have no liability for it. You may also think that reaffirming your old debts will allow you to rebuild your credit.…

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Published Wednesday, April 15, 2009 @ 1:08 pm

It wasn’t easy to come to the realization that filing bankruptcy was the right solution for you. You agonized over the decision, struggled with the shame and embarrassment of not being able to pay all of your monthly bills, worried about eviction, foreclosure, repossession, lawsuits, and exhausted by all of the stress.…

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