Underwater House Becomes Cash Cow

I have to share an awesome story that I just heard from a former client of mine. When I first met them in October 2014, they were hoping to save their house. But it was worth $310,000, and they had a $394,000 adjustable-rate mortgage on it,…

How does bankruptcy affect my credit score?

Typically if you have a low credit score, within about a year after a  bankruptcy it will go above 600, and increase from there. Below are several actual credit scores from actual clients for which their credit report predicts their credit…

Car Title loans can be a sticky mess

Sometimes people desperately need to pick up some quick money, and wind up with lenders who require them to sign over a security interest for their vehicle. These are sometimes a short term loan with a balloon payment, along with an exorbitant…

Romance Scams

Romance scams are one of the more interesting, albeit sadder, reasons leading people to financial distress and bankruptcy. There are websites devoted to the types of scams that are out there, but typically it revolves around a person overseas,…

When is the best time to file bankruptcy?

The best time to file bankruptcy is probably a year or two ago. While I say that somewhat tongue-in-cheek, it is largely true – most people that I see probably could have and should have filed bankruptcy a year or two ago, but they held off,…

It now takes only two years to get a mortgage after a bankruptcy or foreclosure

Fannie Mae, a quasi-governmental authority which backs a significant portion of mortgages in today’s market, has recently reduced the waiting period for getting a new mortgage following a bankruptcy or foreclosure, from four years to two years.…

Can I file bankruptcy without an attorney?

Yes, it is legal and possible to do this. And it may end up working out. There are online video tutorials, and as of December 1, 2015 and now there are “user-friendly” fill-in savable forms, which increased the length of a typical bankruptcy…

Bankruptcy helps you live longer

People don’t always think of debt relief as a part of financial planning, but it often is. Having counseled people in financial trouble for over 25 years, I know that the fear of bankruptcy being imminent, and trying to determine whether there…

How do I protect tax refunds in bankruptcy?

Tax refunds are considered property of a bankruptcy estate, regardless of whether you have received them and have the cash proceeds, check in your hand, or money in the bank, or whether you haven’t filed yet. It’s my job as a bankruptcy…

Will bankruptcy affect my ability to find rental housing?

The better person to ask that question would be a potential landlord. It depends on the landlord. I happen to be a landlord myself, and if a person comes to me looking to file bankruptcy, I know two things. First, they don't have all that…