Can filing bankruptcy make you smarter? A new book, Scarcity: Why Having Too Little Means So Much, explains why filing bankruptcy can make you smarter about money. The book authors, Harvard Professor Sendhil Mullainatha and Princeton Professor Eldar Shafir,...
Lots of people, in current or recent bankruptcy, are getting letters from Bank of America forgiving their second mortgages. What’s going on? Here’s the story. Bank of America, during the financial crisis, lent a lot of money to Countrywide, the giant...
I get a question like this a couple times a week. My name is Ben Chambers. You handled my bankruptcy about 8 months ago it went well–thank you very much. I just have a quick legal question. At the time I decided to keep a car my Kia Sorento 2005 and pay the...
Many people who file bankruptcy are small business owners. Especially owners of one-person small businesses. People like the freedom of being their own boss, but it can be a tough way to make a living. A lot of those small businesses are set up as corporations or...
If you rebuild your credit, three years after your bankruptcy you can get a car loan at a good interest rate. But you can also get steered into a bad loan by someone who claims to be doing you a favor. So, with not-perfect credit, you need to shop–shop...
Don’t pay the second mortgage? After chapter 7 bankruptcy, I often advise my clients, just don’t pay the second mortgage. Now, if you don’t file bankruptcy and stop paying the second mortgage, two things would happen. They will call you day and night; and...
