Cash out your equity, get money to pay debts, and live happily ever after. Better watch out.
Last week I spoke with a wonderful woman with $50,000 in credit card debt, medical debts approaching six figures, and no equity in her home. She’s retired, 74 years old, and looking to file for bankruptcy.

Most often when you think about filing bankruptcy the process is completed by the debtor seeking protection.  Yet, there are special circumstances in which a debtor may not be able to file a petition due to mental, physical, or financial challenges.  It may actually make sense for them to file bankruptcy, but they are unable [...]

Courts have largely rejected a restrictive definition of the term debt allowing coverage of a broad spectrum of “consumer debts” beyond what you might normally expect including such diverse obligation as rent, student loans, utility and insurance bills,condo and attorney fees, judgements, debts already discharged in bankruptcy, car rental agreements and even campground memberships.

Written by: Robert DeMarco

Halsey Minor, founder of CNET, filed for bankruptcy in Los Angeles on May 24, 2013. What’s the lesson for the small business owner?
Let’s say you’ve hit on a grand business idea. You take a risk, throw a bunch of money at the venture, and dive deeply.
A few years later, you’re deep in the red.

Not all debts are covered by the Fair Debt Collection Practices Act. Consumer debts are the only debts that fall within the ambit of the Act. Though a collector may violate Washington or Oregon state collections laws by engaging in collections activity that would normally violate the FDCPA, if the debt itself is commercial rather than consumer, there is no violation of the Fair Debt Collection Practices Act.

The Fair Debt Collection Practices Act limits the places and times for a collector to contact an Oregon or Washington consumer. The Act also severely limits third-party contacts and bars a collector from contacting a consumer represented by counsel.

You’re sitting at the kitchen table, poring over the bills – again. What impact does it have on your family?
If you’re deep inside your own financial problems, you’re probably not in a frame of mind to think about those around you.
You don’t see their faces as they watch you grimace over the past-due bills.

Sallie Mae splits into two companies. Why should we all be worried?

Comedian David Adkins, better known as Sinbad, filed for Chapter 13 bankruptcy protection.  He filed for bankruptcy protection previously in 2009.  The 56-year-old funny man jokingly claims to be broke, but documents related to his filing claim he makes $16,000 per month. This may not seem like typical pocket change but the comedian reportedly owes [...]