Sacramento bankruptcy & injury law blog

Stay informed with the James Keenan Law Blog, where you’ll find helpful insights on personal injury law, legal tips, and updates that matter to you. Learn your rights, understand the legal process, and get expert guidance to help you make confident decisions after an accident.

Payday Loan Debt

 Payday loan debt is a problem. It is a big problem. And as the payday loan industry rivals fast food restaurants in numbers, the problem is growing. Payday loans are loans borrowed against your paycheck. They can be taken against any postdated check you write. A borrower goes into a payday loan business and writes a postdated check for $350. In return, the customer gets maybe $300 in return. That's on a good day. If the postdated check does not clear when promised, interest begins to accrue. Big time. Average payday loan interest rates are around 450%. On top of the cut the business gets making the loan in the first place, it spells ripoff.

But payday loan debt ripoff is a price, literally, people are willing to pay. To get over a hump. To handle an unexpected bill. Coping with a temporary income loss. All are examples leading people to payday lenders. It is true in Sacramento, as this Sacramento Bee story points out, and it is true elsewhere. Seemingly, it has become a necessary evil for many in today's world.

Perhaps the economy is not as good as portrayed. Maybe it's that incomes have not kept up

Read more

Rising Credit Card Debt

 Rising credit card debt is a byproduct of the improved economy. According to a CBS News report, credit card debt has surpassed a trillion dollars nationwide. That's a lot. The more the economy grows, the more credit that becomes available. And with it, debt.

Credit is beneficial in generating a stronger economy. It allows business expansion, home ownership and personal spending, all of which further stretch the economy. There's no problem with this concept. But with rising debt, particularly rising credit card debt, problems can arise. If consumer income does not rise at the same pace as consumer debt, defaults can occur.

How to deal with rising credit card debt is becoming a nationwide issue. And the problem is growing. Sacramento credit card debt increases are on par with national numbers. What, then, to do?

Paying off credit card debt is an option. But only an option. Most, though, can't do it. They can't afford it. The cost of living is rising along with the economy. Food, clothing, transportation and other essentials expenses are on the rise. This leaves less money available to pay off credit card debt. Interest costs are going up, too. This makes credit card

Read more

Bankruptcy Debt Elimination

Bankruptcy Debt Elimination

Get out of debt.  Now!  A recent CNBC news story cited credit card interest and fees topped a hundred billion dollars this past year.  That's a lot.  And this number is growing.  Bankruptcy debt elimination can be a way out.

Bankruptcy debt elimination is the end-result of a bankruptcy filing.  The bankruptcy term is discharge.  A discharge is a court order eliminating your debt.  Attempting to collect on a discharged debt is against the law.  Creditors can no longer collect following a bankruptcy filing and discharge.  It is the purpose of filing bankruptcy, whether here in Sacramento or elsewhere.

bankruptcy debt elimination

Consumers often file for bankruptcy seeking relief from their creditors.  Bankruptcy does this.  As soon as a bankruptcy is filed, an automatic stay goes into effect immediately.  This means that creditors are stayed, or legally blocked, from attempting to collect upon the debt. Bankruptcy debt elimination results when the bankruptcy case completes.

Debt is expensive.  Too expensive.  When the cost of debt exceeds consumer budgets, bankruptcy is a way out.  Paying back debt is always an option.  But only for those who can afford to do so.  Most who file for bankruptcy can't.  It is why they file

Read more

Sacramento Bankruptcy Bust

Sacramento Bankruptcy Bust

A recent Sacramento bankruptcy bust shed light on one of the basics of bankruptcy.  Tell the truth!  Filing bankruptcy is a powerful tool.  It allows you to eliminate debt you are unable to afford.  After filing for bankruptcy creditors can no longer come after you.  Lawsuits, collection letters, wage garnishments and even creditor phone calls must come to an end when a bankruptcy is filed.  Sounds good, right?  Well for those in need, it is.

But with the relief bankruptcy affords comes responsibility.  You are obligated, under penalty of perjury, to be honest in your paperwork when you file for bankruptcy.  This includes disclosing all your debts.  It also includes revealing your assets.  All of them.  A Sacramento resident who filed for bankruptcy didn't do this.  This Sacramento bankruptcy bust was revealed in a recent Sacramento Bee story.  He didn't list all his debts.  And perhaps more damming, he didn't list all his assets.

Before this man filed for bankruptcy, he acquired lots of debt.  Hundreds of thousands in credit card debt.  With his borrowed money he bought real estate.  This wouldn't be a problem if he payed the debt back.image.png  Or even if he intended

Read more

Page 3 of 17