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According to a post by Kevin Carey, New York Times, reports that the Education Department released new data suggesting that the student loan system is failing and that, the loan crisis hits hardest at colleges enrolling large numbers of students from low-income backgrounds. Students are not able to find well-paying jobs that allow them to repay the loans, assuming they even graduate.
Recent research finding that student loan defaults are heavily concentrated among the most economically marginalized students, the new data suggests that debt is a major financial obstacle for people who already face barriers to opportunity.
Some of the numbers are startling. American National University — a for-profit chain offering degrees in business, health care and information technology, both online and at 30 campuses in six Midwestern states — has an official default rate of 8.5 percent, well below the national average of 11.8 percent. But its five-year nonrepayment rate is 71 percent. Even after seven years, most of the university’s students, the large majority of whom borrow, have failed to pay back a penny of their loans.
Continue reading the main story
Note from Diane: How is this nightmare possible? Colleges learned how to beat the default reporting system which is supposed to hold them accountable. They offer deferments and other short term programs that will allow the default rate to appear lower than it really is. Meanwhile these colleges continue to pull more and more students in with the promise of “free money” for their education. Originally this greed was relegated to for-profit schools, but the reports now show the non-profit (tax payer supported) schools are on the same gravy train.
What are the consequences to the borrowers? Many are faced with a financial burden they can never hope to pay off. Others are taught that you can borrow money and don’t need to pay it back. Still others are just looking for a free ride. Have we become a society that promotes free loaders? I hope not, but wonder where this will stop. I also wonder why a problem has to become so widespread before anyone does something about it (e.g. the mortgage loan crisis). Sometimes the solution is more disastrous than the problem it was designed to solve.
The post Student Loan Defaults Worse Than We Thought appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
There are many ways to treat a vehicle when filing chapter 13 bankruptcy. Not one answer fits every case. In fact, the answer is going to vary depending upon whether or not the debtor is current on the vehicle, whether the vehicle was purchased within the last two and half years, and whether or not+ Read More
The post Should I Pay My Car Inside Or Outside Of My Chapter 13 Bankruptcy Case? appeared first on David M. Siegel.
People have no idea how much they owe on their student loans, and that’s a major reason why default rates as so high.
A December 2014 study released by the Brown Center on Education Policy at Brookings indicates that about half of all students in the U.S. underestimate how much debt they have. 28% of students with federal loans said they had no federal debt, and 14% said they didn’t have any student debt at all.
With just a little organization you’ be in a better position to repay your student loans. But it’s so overwhelming that you don’t know where to start.
Today on The Student Loan Show I go through a 10-step process that will help you get organized and keep things on track.
Resources
- Student Loan Help Facebook Group
- Credit Card Repayment Calculator
- Student Loan Repayment Calculator
- AnnualCreditReport.com
- Experian
Subscribe to The Student Loan Show
If you like what you hear, please subscribe to the podcast on iTunes. You’ll get automatic updates every time a new episode goes live.
http://media.blubrry.com/studentloanshow/p/www.studentloanshow.com/wp-content/uploads/2015/10/032.mp3
The post Get Organized To Keep on Top of Student Loan Payments appeared first on Shaev & Fleischman LLP.
A sophisticated phone scam has been used to target bankruptcy filers in several states. The scammers are using personal information from filings and posing as attorneys to get intended victims to wire funds to satisfy their debts.
If someone calls you, as your bankruptcy attorneys, asking you for an immediate wire transfer to satisfy one of your debts, it is not your bankruptcy attorney, it is a scam artist. Apparently bankruptcy filers in Virginia and Vermont have been receiving spoofed calls where the scammer uses software that enables him to appear to be calling from the debtors’ attorneys offices. Typically, these the calls come late in the evening or during non-business hours to make it difficult for debtors to verify the call by calling their lawyer back.
Consumers receiving this kind of call are advised to hang up and contact their bankruptcy attorney as soon as possible. Do not give any personal or financial account information to the caller. Thankfully there have been no reports of these scammers attempting to take money from Oregon or Washington filers, but you never know.
The original post is titled Bankruptcy Phone Scammers! , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
Chapter 7 Bankruptcy The Straight Story In my last article I went over for you the basics of bankruptcy and briefly described the two most common types of bankruptcy used by individuals. Now I am going to spend some time focusing on the number one most common type of bankruptcy; the Chapter 7, which is […]
The post Chapter 7 Bankruptcy The Straight Story appeared first on Tucson Bankruptcy Attorney.
If you are facing foreclosure on your home, you may wonder what your best options are. Would it be best to list the home for sale and try to do a short sale? Should you file a deed-in-lieu of foreclosure? Should you do nothing and let the foreclosure process happen? Should you consider filing a Walworth County bankruptcy? Find out below how each of these processes may affect your credit score.
How a Walworth County Bankruptcy, Foreclosure, and Short Sale Affect Credit Score
If you go through with a short sale, deed-in-lieu of foreclosure, or a foreclosure, your credit score will drop 85 to 160 points (per FICO). If you file a Walworth County bankruptcy, your credit score will drop 130 to 240 points. However, don’t judge a book by its cover. A Walworth County bankruptcy is not necessarily the worst thing to do in these situations. Many other factors must be taken into consideration before making a final decision on what action is best for you.
Critical Criteria Important When Considering a Walworth County Bankruptcy, Foreclosure, or Short Sale
If you decide to go through with a foreclosure, you run the risk of the lender coming after you for more money. You may owe the lender the difference between the price your home sold for at public sale and what you still owe on your mortgage. Let’s say your home has a fair market value of $200,000 and it sold at public auction, after foreclosure, for $75,000. The financial lender can seek a judgment against you for the difference, which would be $125,000. That’s a lot of money, and another judgment on your credit report. However, if you decide to file a Walworth County bankruptcy instead, the $125,000 you would have owed the bank could be discharged in the bankruptcy proceeding and you would owe nothing. You do not even have to pay taxes on the forgiven debt. In this situation, a Walworth County bankruptcy looks like a much better option.
How a Walworth County Bankruptcy, Foreclosure, and a Short Sale Effect a Future Home Purchase
Do you plan on buying another home in the future? If so, then allowing a foreclosure to go through is not your best option. If you decide upon a bankruptcy, short sale, or deed-in-lieu of foreclosure, you will qualify for a home mortgage much sooner. Most banks follow Fannie Mae and Freddy Mac guidelines. Under these guidelines, if you place 20% down on your next home, you should qualify for a mortgage two years after performing a short sale or deed-in-lieu of foreclosure. If you have 10% to put down on a new home, you should be able to qualify for a new mortgage in four years. If you file bankruptcy, you will qualify for a mortgage two to four years from the date of your bankruptcy discharge, assuming you have been making all of your payments on time. If you let the foreclosure takes its course, you would not qualify for a new mortgage until seven years from the date of the foreclosure judgment. In addition, if the lender pursued a deficiency judgment against you for the difference between the price the home sold for at auction and how much you owed on the mortgage that deficiency judgment would have to be paid in full before you could close on a new home. In summary, if you are planning to purchase another home in the future, foreclosure may not be your best option.
Which Provides the Best Fresh Start Option: A Walworth County Bankruptcy, Foreclosure, or a Short Sale?
Although a Walworth County bankruptcy filing may initially drop your credit score, bankruptcy is the best option for a fresh start. During the time you are waiting to purchase another home, you can be rebuilding your credit and improving your credit score. Each person’s situation is different. If you are facing foreclosure, please seek advice from our real estate and bankruptcy attorneys. Please contact Wynn at Law, LLC for a free, initial bankruptcy consultation. Our experienced Walworth County bankruptcy attorneys can answer your questions and help you decide what the best option is for your specific situation. You can contact our Walworth County bankruptcy attorneys by phone at 262.725.0175 or by email via our website’s contact page. Wynn at Law, LLC has bankruptcy and real estate law office locations in Salem, Muskego, Delavan, and Lake Geneva.
Need Advice?
We assist clients in real estate and bankruptcy matters.
Call us.
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*The content and material on this web page is for informational purposes only and does not constitute legal advice.
When you’re served with a lawsuit for a credit card or other consumer debt, you’re like a deer frozen in the headlights. Maybe you don’t realize you’re being sued. Perhaps you don’t think there’s anything you can do to stop the wheels of justice from turning. Think again.
In courts all across the country, every day thousands of credit card issuers and debt buyers file lawsuits against people for unpaid debt. Stand at the clerk’s window and you’ll see people walk in with stacks of complaints that are inches high, and each one represents money in the bank for the credit card industry.
I’ve seen statistics saying that 80% of the credit card lawsuits filed in New York end up in a default judgment, and the numbers are higher elsewhere. Each one of these default judgments leaves consumers responsible for tens of thousands of dollars. The results include income executions, bank account restraints, and an ever-deepening cycle of financial difficulty.
In my firm, we see people every day with default judgments. Personally, I think that 80% figure is a low-end estimate.
If only people followed these simple steps to avoiding default.
Open Your Mail (No Matter How Scary It Is)
We’re raised to think the only way we can be served with a lawsuit is by personal service. Though that’s the preferred method, New York law allows the plaintiff (that’s the entity suing you) to serve you by mail if they can’t get it in your hand.
A copy needs to be posted on your door, but if you live in an apartment building there’s no telling how long that’s going to last before someone rips it down.
Maybe that’s the rule where you live. Maybe not.
To be safe, open the mail. If you’re being sued, you’ll get a copy in an envelope.
Read The Mail
Letters look like … well, like letters. Lawsuits have a different look to them.
Some courts say that a consumer credit lawsuit needs to have an indication at the top telling you that you’re being sued. Other places require the creditor to use certain color paper.
In any event, a lawsuit does NOT look like a letter.
If in doubt, take the complaint to a lawyer or the county clerk to have someone explain it to you.
Act Immediately
You get only a short amount of time to respond to a lawsuit before it goes to default, so don’t waste a minute.
Some states give you 30 days to answer the lawsuit, others give a different response deadline based on how your got the papers.
Most people have no idea of what the rule is in their state because it’s not something they’ve ever had to know. That’s why you should always act as if the response is due today.
Don’t wait, don’t forget, and don’t do it tomorrow.
Get down to the court to file an answer or speak with a lawyer to map out a defense. Every minute is precious.
Agree To Nothing
A lawsuit is nothing more than someone claiming something against you. In the case of a credit card collection suit, it’s just someone claiming you owe them money.
In order for them to get a judgment, they need to prove every single element of the case.
It’s your job to make them work for it.
Don’t call the creditor and give an excuse for nonpayment. Don’t agree to pay them any money. And whatever you do, don’t imagine for one minute that they’re trying to help you.
Remember That Words Mean Nothing
A phone call to the credit card collector or their lawyer will not protect your rights. Sending a letter begging for help doesn’t mean a thing.
The only way to protect yourself is to file an answer to the lawsuit. Anything less than that requires that you trust the debt collector to hold off on a default while you make a deal.
And if you trust the debt collector’s word then you’re in for a bad ending.
Get Help
For some people, defending the case is the right move. For others, bankruptcy or other settlement strategies work better.
You should spend some time with a lawyer like me who defends credit card collection lawsuits and also advises people about these other options.
If you find out that you can’t afford to hire a lawyer to defend you, find out if they offer reduced fees to help on a more limited basis.
And if that doesn’t work out, go to the court and ask the clerk if there are any pro bono (free) lawyers who can give you some pointers to handle it on your own.
At the very least, most courts will have some basic information on defending yourself.
Either way, you’re going to want to sit down with someone like me who can navigate the collection lawsuit waters.
The post 6 Steps to Preventing a Default Judgment appeared first on Shaev & Fleischman LLP.
The Bankruptcy Abuse Prevention and Consumer Protection Act turned 10 years old today. I guess I should say thanks. After all, the same relief that was available before the Act’s passage remains available today, but the level of complexity of the bankruptcy laws has expanded exponentially and the number of procedural niceties that must be met in order to obtain relief has likewise increased tenfold. In other words, bankruptcy attorneys can get the same relief that they have always been able to get for their clients, but the Act has made us a more necessary part of the bankruptcy process than ever.
My own self-interest aside, I find else to applaud as The Bankruptcy Abuse Prevention and Consumer Protection Act lives to see another decade. The process that led to its passage served as a model of duplicity and greed as Congress virtually whored itself to the consumer credit industry. Consumers were falsely lead to believe that bankruptcy was no longer for an available option for years. Ultimately, the end result of the Act’s passage it that consumers can get what they have always been able to get, they just have to pay more to get it and jump through more hoops. Thanks, I guess.
In a little over a month from now the consumer bankruptcy laws will change radically once again. The number of forms that consumers will need to submit to the court will nearly double. They say that it will make things better. I think they said that last time as well.
The original post is titled The Bankruptcy Abuse Prevention and Consumer Protection Act is Ten Years Old! , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
Chase Bank agreed in July 2015 to pay more than $200 million to settle claims made by 48 states as well as the Consumer Financial Protection Bureau that it sold faulty credit card debts to third-party collectors.
Understanding what happened provides valuable lessons to anyone who’s being sued for a past due credit card debt.
Chase Halts All Collection Lawsuits
The story began with a report in American Banker from January 2012 that JPMorgan Chase had suddenly halted all of debt collection lawsuits nationwide amid allegations that it falsely overstated the balances of thousands of delinquent accounts it sold to a third party.
Just a few months later, in September 2012, American Banker reported that JPMorgan Chase Bank was being investigated by lawyers representing Mississippi Attorney General Jim Hood, and other states are following suit.
Whistleblower Reveals Robosigning
The inquiries came as a result of a whistleblower suit filed by Linda Almonte, a former midlevel employee who documented a range of improprieties over the years at the banking giant. Those lapses included:
- failure to reconcile the inconsistent past-due balances generated by the bank’s computer systems;
- pressure from management to collect delinquent debts even in the absence of complete or accurate records; and
- robosigning of affidavits that brings into question the legal integrity of Chase’s claims against tens of thousands of consumers.
Internal bank documents and other employees backed Almonte’s accusations, which forced Chase to cease operations in a collections unit previously responsible for billions of dollars in annual revenues.
Consent Order
In 2013 Chase entered into a Consent Order with the Office of the Comptroller of the Currency after similar allegations were made against the banking giant.
Specifically, the federal government found what it termed as being, “unsafe or unsound practices,” in connection with:
- the Bank’s sworn document and collections litigation practices; and
- the Bank’s efforts to comply with the Servicemembers Civil Relief Act (“SCRA”)
Though this Consent Order wasn’t directly related to the actions pending by the states, it was an indication that something was amiss.
California Attorney General Takes Action
The State of California took its own action against Chase in May 2013, alleging widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period.
On one day alone during the period in question, Chase filed 469 debt collection lawsuits in California. The Attorney General’s complaint against Chase claimed that, to maintain this pace, Chase employed unlawful practices as shortcuts.
Those shortcuts, the suit alleged, allowed Chase to obtain judgments, garnish wages, and place liens on property from California consumers at a rate that wouldn’t have otherwise been possible.
The state’s lawsuit seeks penalties of $2,500 for each violation of California law as well as an additional $2,500 for each violation against a senior citizen or person with a disability.
Chase argued that California legal authority precluded the In the lawsuit filed by California State Attorney General Kamala Harris. Superior Court Judge Jane L. Johnson in Los Angeles rejected that argument and in January 2014 denied the bank’s request that the lawsuit be thrown out.
As of this writing, the California lawsuit is ongoing.
A Lesson If You’re Sued For A Debt
Up until the investigation, Chase was filing tens of thousands of lawsuits around the country each month. Most of the people who were sued took no action to defend themselves, ending up with default judgments against them.
Those who stood up to the bank and demanded proof often won the case.
When you’re sued for a debt, the creditor or debt collector is required to prove to the court that you owe the money, that it’s a legally valid debt, and that it’s collectible.
It’s up to you to raise those defenses and demand proof, but when a debt collector can’t prove the case then it’s going to lose.
In many cases, companies that file debt collection lawsuits don’t have the proof they need to win.
Suing Debt Collectors
The Fair Debt Collection Practices Act regulates the ways in which debt collectors can try to collect money from you. In California, our Rosenthal Act provides most of the same protections but extends the regulations to original creditors such as Chase.
Under the FDCPA, a debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt. That includes misrepresenting the character, amount, or legal status of any debt.
If you’ve been contacted by a debt collector, you likely want to get some proof that you owe the debt before forking over your hard-earned money. If the numbers don’t match up or if the proof is (ahem) unavailable, you may want to talk with me about taking action.
Always Be Watching
The bottom line is this: when it comes to debt collectors, you’ve got to be on the lookout at all times.
Keep notes, demand proof, and talk with a lawyer who knows the score. An ounce of prevention will not only protect your rights, it might also save you a fistful of cash.
Related News Stories:
- Chase Whistleblower Suit Reveals Total Disregard For Consumer Protection
- Attorney General Kamala D. Harris Announces Suit Against JPMorgan Chase for Fraudulent and Unlawful Debt-Collection Practices (State of California)
- Consent Order Between Chase and Office of the Comptroller of Currency (OCC Website)
- JPMorgan sued by Mississippi AG over credit card misconduct (Reuters)
- California Lawsuit over Chase’s Debt Collection Practices is Still On (InsideARM)
- JPMorgan Fails To Dismiss California Debt Collection Case (Bloomberg)
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The post Lessons From the Chase Bank Credit Card Robosigning Scandal appeared first on Shaev & Fleischman LLP.
No one expects to be over their head in debt and thinking about bankruptcy. But sometimes there’s no other way out of your debt problems, and the only way to get your financial house in order is to wipe the slate clean.
Bankruptcy is designed to be a final option for resetting your finances, bringing your debt under control in an orderly fashion.
But debt freedom doesn’t come for free, so it’s important to understand the full scope of the costs you can expect when you file for bankruptcy.
We’ll deal with the emotional costs of bankruptcy first, then the financial ones.
The Emotional Costs of Bankruptcy
The biggest costs associated with filing for bankruptcy are those that don’t involve opening your wallet.
We’re accustomed to tying our financial position with our sense of self-worth. Historically this has been more pronounced for men because they were the breadwinners in the household. As more women entered the workforce over the past 30 years, the problem has become more widespread.
Bradley Klontz, a clinical psychologist and co-author of The Financial Wisdom of Ebenezer Scrooge: 5 Principles to Transform Your Relationship with Money, notes that the financial and psychological stresses involved in bankruptcy can lead to a loss of personal control, depression, anxiety, shame and relationship problems.
According to Stephen Ilardi, PhD, author of The Depression Cure, “In depression, social isolation typically serves to worsen the illness and how we feel. Social withdrawal amplifies the brain’s stress response. Social contact helps put the brakes on it.”
Some of the best ways to combat the psychological costs of filing for bankruptcy include:
Log out of Facebook. An article titled Is Facebook Making Us Lonely? details how social media is actually making us more isolated rather than more connected with one another. That isolation serves to increase depression and anxiety.
Get Out in the World. Take a shower, put on clean clothes and walk out the door. Sunshine lifts serotonin, a neurotransmitter that regulates your mood, creating a natural way to combat depression.
Talk With Someone Face-to-Face. A study published in the Journal of the American Geriatrics Society revealed that regular face-to-face communication reduces the risk of depression in older adults by half. Alan Teo, M.D., M.S., lead author, assistant professor of psychiatry at Oregon Health & Science University, and researcher at the VA Portland Health Care System, said:
All forms of socialization aren’t equal. Phone calls and digital communication, with friends or family members, do not have the same power as face-to-face social interactions in helping to stave off depression.
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Stop Comparing Yourself to Others. Everyone looks happy, organized and wealthy on the outside. Even people who are less financially stable seem happier because they have more friends and deeper family connections. The problem here is that none of it is true. Everyone’s got their own problems; they just don’t share them with the world.
Put Together a Budget. A budget isn’t just a list of what you spend each month, it’s also a reflection of what you think is important. Writing it all down reminds you of your personal priorities while also giving you the sense that you’re regaining control of your life.
Emotional costs as well as financial ones come with filing for bankruptcy.Click To Tweet
Financial Costs of Bankruptcy
Most people think in dollars and cents when it comes to filing for bankruptcy, and with good reason – when they’re not enough money to go around, spending a lot of it to get out of debt seems counterintuitive.
Approach it properly and you’ll be able to bring costs in line to an amount you can afford without skimping on the quality of your results.
Credit Counseling. The bankruptcy law requires you to complete a 20-30 minute credit counseling session – sometimes referred to as a “pre-bankruptcy” or “before you file” course – online or by phone. There’s no way around it, and the process should set you back less than $30. Here’s a list of agencies approved by the U.S. Department of Justice that can provide the required credit counseling session.
Credit Report Fee. Even if you think you know how much you owe and to whom, get your credit reports before filing for bankruptcy. This will minimize the chances of you leaving a debt off your bankruptcy schedules or notifying the wrong creditor.
By law, you’ve got the right to get copies of your credit reports from all of the three major credit reporting agencies once each year. The official site for free credit reports from all three credit reporting agencies is annualcreditreport.com, so you should go there to save some money and get the information you need.
If you’ve already gotten your free credit report, you should get a new one from each of the three major consumer credit report agencies: Experian. TransUnion, and Equifax. The costs associated with a credit report are usually about $40 for all three combined into a single report.
Court Filing Fees. You’re going to have to pay a filing fee to the bankruptcy court when you file your case. Those fees vary according to what kind of bankruptcy you’re filing. Currently the filing fee costs are:
- Chapter 7 – $306
- Chapter 13 – $281
- Chapter 12 – $246
- Chapter 11 – $1,213
If you can’t afford the cost of the full filing fee at the time your bankruptcy case is filed, you can ask the court for permission to spread out those costs over time in installments. If that’s still above your means, you can apply to have the filing fees waived entirely.
Official Forms:
- Application for Individuals to Pay the Filing Fee in Installments
- Application to Have the Chapter 7 Filing Fee Waived
Financial Management Certification Fees. In addition to the credit counseling required to file your bankruptcy case, the law requires you to complete a Financial Management (or Debtor Education) course. You must complete the course within 45 days of your Meeting of Creditors or your case may be closed without a Discharge.
It should cost you less than $20 to complete this course, but the process can be exceptionally helpful. Click here for a list of agencies in your area that provide Financial Management courses certified by the Executive Office of the U.S. Trustee.
Legal Fees For Your Bankruptcy Case
I left this part for last because you’re not required to hire a lawyer. You can file your case on your own, represent yourself, and eliminate those costs entirely.
If you choose to go the self-help route, you can hire someone to type up the bankruptcy papers. Most courts have held that paying a typist more than $200 is overcharging, and always remember that they’re not qualified to give you legal advice.
You can opt to do all the paperwork entirely on your own, in which case you won’t pay any money – just time. All of the forms have been revised effective December 2015 (click here to get them official forms) to make it easier for people to draft their papers on their own.
Though it’s time-consuming, you may be able to handle a simple Chapter 7 case on your own. If you’re going to file a Chapter 13 case, I’d think twice about going without a lawyer. Most Chapter 13 cases filed without a lawyer are thrown out of court because they’re complex and require a deeper understanding of the law and local procedures.
Either way, deciding the best type of case to solve your debt problem is where the lawyer should come in. Talk with an experienced bankruptcy lawyer even if you’re not going to hire one for your case. The cost of a complete bankruptcy analysis can vary based on your local culture, but you should expect to pay up to $400. The money you spend on an attorney can save you a lot of time and money in the long run.
If you decide to hire a lawyer to represent you, the fees are going to vary depending on the type of case you need to file and the complexities of your situation. For a Chapter 7 case, legal fees can range from $900 all the way up to $5,000 for a bankruptcy involving business matters.
For Chapter 13 cases, the legal fees are usually a blend of flat fees for routine work and hourly rates for more complex tasks. Many courts have adopted a no look fee that dictates acceptable fees that bankruptcy lawyers are allowed to charge in for such routine work.
One thing worth mentioning is that the lawyer with the lowest fee isn’t necessarily your best option. A lower legal fee may mean that the attorney is less experienced, less qualified or delegates more of the complex analysis to other people.
Whether you decide to meet with a bankruptcy lawyer for an analysis of your situation or full-blown representation, do your research. Make sure they’ve got a level of experience that makes you comfortable, and that you’re going to be given a level of service that fits with your needs.
If you can’t afford the full legal fees right away, ask about whether the attorney offers a payment plan. Chapter 7 legal fees need to be paid in full before your case is filed (unpaid legal fees would be wiped out at the end of your case), but some Chapter 13 fees may be paid after the case is filed.
Understanding the Costs Allows You to Prepare
Not all of the costs associated with bankruptcy involve out-of-pocket expenses. The financial costs aren’t trivial, but can be managed with careful planning and making choices based on your goals.
As far as the emotional costs of bankruptcy, recognizing them will help you recover quickly so you can thrive once you’re debt free.
The post What Are the True Costs of Filing for Bankruptcy? appeared first on Shaev & Fleischman LLP.
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