Discharge Income Taxes in Bankruptcy?

In the American Bar Association Journal last week, I read about a California attorney who has been accused by the state attorney general of operating a “heartless scheme” that takes retainers from thousands of clients while doing little or nothing to help them. Yes, even lawyers can act like debt settlement companies, many of which take [...]

Expose on Debt Settlement Company

We’ve written extensively about the perils of using debt settlement companies here. Before dealing with one of these organizations, do your research. Here’s a video explaining the nightmares some debtors have encountered from working through debt settlement companies.

Small Business Owners, Plan to Stay OUT of Bankruptcy

A recent column in Business Week about small business lending examined the role of the personal guarantee. “Given that most business loans are unsecured, a lender has little recourse, when a loan goes sour, beyond the personal guarantee of principals. And if the principals backing a loan are broke, a personal guarantee is virtually useless.” [...]

How Debt Settlement Works

The nonprofit Consumer Credit Counseling Service of Orange County produced an excellent video on how debt settlement works — usually against you. We’ve written on this topic several times on our blog as well. If you decide to hire someone to help you settle, consolidate or otherwise manage your debts, then be very wary of [...]

Strategic Default: Part 2 of 3

The term “strategic default” has been in the news. With 25% of American homes valued at less than the balance of the mortgage, and some of those “underwater” mortgage holders out of work it’s no wonder. For those who can’t stay up late enough to watch Stephen Colbert, here’s a video clip on this subject. [...]

Subcontractor Squeeze

In this week’s Charlotte Observer story about tough times in the commercial construction sector, we learned that liens filed in Mecklenburg County against general contractors by their subs spiked by about 70% in the last two years.  Experts say they will continue rising. The article sparked a lively discussion in the “comments” section online. What’s [...]

Consumer Debt Headlines 8/09

News on mortgage and auto delinquencies, student loan debt and bankruptcy rates for August, 2009.

Asset Protection Basics

Many people want to come in and talk about asset protection are surprised to learn that they have no assets to protect. “How can this be? “I own a car and a house!” Asset protection comes in to play if you own non-exempt property — property that creditors can reach; or if you anticipate that [...]