Blogs

When you are watching every penny, you sit at home and make financial calculations in your mind while other people are out engaging in leisure pursuits, or so the influencers on YouTube would have you believe, then you try to spend your free time on income-generating activities, or at least on doing things that do…

If you are bummed out about the fact that everyone in California has been in a foul mood for as long as you can remember, count your blessings. Try driving a few states east to Utah or Texas, where the older generations have managed to impress upon their daughters, even in these turbulent times, that…

In a perfect world, no one would need to use credit cards, but a perfect world is so far away that you have already maxed out one credit card with grocery purchases and other expenses that no one would consider luxuries, and now you are running up the balance on at least one other card.…

How bad your finances are is, at least partially, a matter of perspective. Sure, you don’t have any money left at the end of the month to put into savings. If you are so optimistic that you transfer a percentage of your paycheck into savings every payday, then you end up transferring it back into…

After introductory quotes from texts in Latin, Classical Greek, and Italian, T.S. Eliot’s poem “The Wasteland” begins, “April is the cruellest month.” It is true that April is not especially cuddly, but all of the months are cruel these days. It is as if the financial death toll of the Christmas holidays never ends. Chances…

Many Americans carry significant student loan debt. In the beginning of 2017, there were 44 million people in the United States holding over $1.4 trillion in student loan debt. This number is greater than credit card debt by $620 billion. This is a 6% increase over 2016. What is more, there is a delinquency rate…

Imagine that Mike is driving his car on the highway. Mike is in a rush because he is late to his son’s graduation. In his haste, Mike accidentally cuts off Steve while Steve is trying to change lanes. This causes Steve’s car, which is a brand new Ferrari, to go out of control and slam…

Consumers face debt for numerous reasons. Debt can be due to loss of income, decrease in income, disaster, unchecked spending, and more. A significant source of debt is due to medical bills, often caused by weak or no insurance coverage. Some individuals with serious and exploratory conditions may seek alternative treatment that is not covered…

Internationally, many people view the United States of America as the land of opportunity, where anyone has the chance to obtain wealth. Many immigrants have come to these shores with nothing but the clothes on their backs and have succeeded at achieving the American dream. Millions of illegal immigrants have come to this country, as…

Under the United States Bankruptcy Code, or the Code, individuals who are in debt can attain debt relief through Chapter 7, 11, or 13. Most commonly, individuals will file for either a Chapter 7 or Chapter 13, while businesses commonly file Chapter 11. Nonetheless, under certain circumstances, individuals will utilize the Code through a Chapter…

The United States bankruptcy code provides the honest debtor with the ability to attain a fresh start. Provided that a debtor meets all applicable rules and standards of bankruptcy, he or she can first stop collections through the automatic stay and upon completion of the bankruptcy process, be discharged of debts owed. The automatic stay…

The devastating effects of divorce often intersect with bankruptcy law. Couples who reside together share certain costs, like housing, food, bills, and more. When people split and go their separate ways, such expenses are not shared, leading to an increase cost of living expenses. This increase intensifies financial stress, wherein the parties have increased living…

One feature of the Bankruptcy Abuse Prevention Creditor Protection Act, or BAPCPA, was the creation of the 341(a) meeting of the creditors. The purpose of this meeting is to allow the trustee to verify the accuracy of the bankruptcy petition and to give the creditors a forum to discuss the petition and ask questions. Every…

Imagine a debtor who owes $500, $100 to each of Creditor A, B, C, D, and E. The debtor has $100 in his pocket. The debtor takes that money and gives it to Creditor A, thereby satisfying his $100 debt to Creditor A. In theory, the debtor could have given the same money to any…

Bankruptcy Through the Ages In ancient Rome, debtors who were unable to pay off their debts faced a cruel and harsh bankruptcy system. The creditors would seize all their property and sell it to one person. If that did not satisfy the debt, the debtor would still owe the remaining sums. The debtor would be…