Credit report accuracy may not be that accurate. Consumers often rely on credit reports and scores to establish credit. Mortgages, car loans and credit card accounts are some of the more common examples or creditors who look to consumers' credit scores to extend credit. The better the credit score
Sacramento Bankruptcy & Debt Relief Attorney
Debt is on the rise. This recent Bloomberg article reflects the mounting consumer debt in America. Sacramento consumer debt is no different. The Bloomberg article portrays trends in consumer debt. It analyzes debts aside from mortgages, and the trend is clear. Consumer debt is up. It is up in
Abbey Lee, the reality TV star of "Dance Moms," filed for bankruptcy several years ago. And the Dance Moms bankruptcy did not go well. Why? She didn't disclose all her assets when she filed for bankruptcy. That's bad! Filing bankruptcy provides protection from creditors. It allows you to eliminate
Not Alone Filing Bankruptcy
You are not alone filing bankruptcy. As this US Magazine story portrays, even celebrities file for bankruptcy. Even celebrities who earn millions file for bankruptcy. Why? The answer is simple. Debt beyond the ability to repay is a recipe for bankruptcy. This is true
Sacramento Bankruptcy: Bankruptcy Myths Exposed
Over the next few weeks and posts, I will expose some of the major bankruptcy myths out there. The first, and often the most common, is that bankruptcy is a financially irresponsible move. Or that it is financially irresponsible to incur more debt than
Bankruptcy Means Test Meaning
What is the bankruptcy means test meaning? What even is the bankruptcy means test? Many considering bankruptcy and other debt relief options want to know. Stated simply, the bankruptcy means test is a financial evaluation of whether you qualify for certain bankruptcy
Trump’s Take on Debt and Bankruptcy
Donald Trump’s take on debt and bankruptcy is pragmatic. Limit debt accumulation but, if you can’t, consider bankruptcy to eliminate it. This New York Post article reflects the Republican’s debt philosophy.
Bankruptcy is a tool according to Trump. He’s right
Bankruptcy Bad Idea
Bankruptcy affords you protection from your creditors and the elimination (or reduction) of your debt. But along with the benefits, bankruptcy comes with restrictions and responsibilities. One limitation is the amount of property you can protect in a bankruptcy. As discussed
50 Cent Bankruptcy
Rapper 50 Cent filed for bankruptcy protection this past sumer. In spite of his bankruptcy status, Curtis Jackson, his real name, posted pictures to social media posing in front of stacks of cash. As reflected in my recent post, if that cash was not disclosed, 50 Cent could be
Kanye West Filing Bankruptcy?
Is Kanye West filing bankruptcy? He could. But we’ll see if he does. The point of this post is that someone worth a purported $100 million can file for bankruptcy. Normally such wealth doesn’t warrant a bankruptcy. With $50 million in debt, though, maybe it will.
Sacramento Bankruptcy: Donald Trump Filed 4 Times (Don’t Be Deterred by a Supposed Bankruptcy Stigma)
Bankruptcy is a powerful tool to eliminate or reorganize your debt. When your debt is beyond your ability to repay, bankruptcy can be a way out.
Individual debt relief is no different than a business
Sacramento Bankruptcy: Improved Economy Prompts Bankruptcy Filings
Bankruptcy is a reflection of credit and the debt that goes along with it. As the economy slowly improves, credit is reemerging and, along with it, a confidence to use it. When that debt cannot be managed, bankruptcy may be a
Sacramento Bankruptcy: NFL (Not For Long) Bankruptcy History
With the start of the playoffs, ratings and revenue surge in the NFL and, along with it, players earn bonuses beyond their salaries. Those riches, though, are temporary. The average career in the NFL is less than 4 years. When football
Is debt discharged through bankruptcy considered income on taxes?
No. If a debt is forgiven or otherwise cancelled outside the bankruptcy context, that amount can be considered income on your taxes. Often people receive a 1099 (1099-C) for the amount of debt that is cancelled and must pay taxes on
Automatic Stay: What is It?
An “automatic stay” is legalese for the barrier between you and your creditors when you file for bankruptcy. It is the protective shield that prevents your creditors from collecting from you after you file for bankruptcy. Phone calls, letters, lawsuits, garnishments
Don’t Know Who All Your Creditors Are?
Don’t worry! Bankruptcy covers all debt accumulated before a bankruptcy is filed. Though you must list all the creditors you know, debts or creditors you aren’t aware of when you file bankruptcy are still considered part of your bankruptcy and discharge as long