Law Office of James Keenan
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Personal service since 1995
Debt can be crippling. Many in Sacramento are living with debt. And the situation is worsening. But how do you get out of debt? This recent news story offers tips to relieve your debt dilemma. But the options offered presume you have the money to, at minimum, pay down your debt. What do you do when you don't have the income to do that? Bankruptcy O...
Fast financial fix sounds like a catch-phrase for a scam. It can be. But there are options out there that allow you to fix your finances. And they can be fixed fast. Bankruptcy is one such option. And bankruptcy is far from a scam. It is a conservative legal undertaking to eliminate your debt. Normally bankruptcy is a last resort for consumers. But...
Bankruptcy refiling is a common question potential clients ask. Can you refile a bankruptcy they ask. Yes, you can refile a bankruptcy. But the effect of a subsequent bankruptcy filing varies depending on how long it has been since you last filed bankruptcy. It also depends on how the prior bankruptcy concluded. Was the prior bankruptcy case conclu...
Bankruptcy obligations are many. But so are the benefits. Some of the most basic requirements are to disclose all your debts. The same goes for all your assets. Listing your debts is obvious. The purpose of filing for bankruptcy is debt relief. Listing your debts in your bankruptcy paperwork is a given. It is how your creditors are notified o...
Bankruptcy may be a last financial resort for some. But it can be a good one. Bankruptcy allows you to reduce or, in many cases, eliminate your debt. At the same time, assets can be protected. This is an obvious benefit. Senior bankruptcy benefits can be even better. This New York Times article points out many of these benefits. Seniors often live ...
Beware of debt consolidation scams. Not exactly Shakespearean advice, but it is a worthwhile tip. Those in debt are also in need. They are in need of getting out of debt. When you can't afford the debt you have, there are few options available. This is particularly so for those on a fixed income That's most of us. Elderly are commonly considered th...
If you owe more than $8,000 in credit card debt, you are not alone. According to this news report, the average American household owes more than $8,000 in credit card debt. The level of credit card debt is soon to exceed the credit card debt levels prior to the Great Recession. That's a lot. There are certainly benefits to credit cards. Covering un...
Debt is on the rise in Sacramento, and it is elsewhere. In Sacramento bankruptcy protection may be an option for many seeking solutions to their financial troubles, or simply a way out. Bankruptcy is a legal option, but it is a good one for those in need. Bankruptcy will allow your to eliminate debts you cannot afford or, as put by the bankruptcy c...
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 of potential creditors, the more likely loans will ...
When to file bankruptcy is a common consumer question. There is no common answer to this question. But the need to file for bankruptcy is often prompted by similar debt circumstances. The biggest factor is a simple one. Can you afford your debt? If not, bankruptcy should be an option. Are you borrowing money from creditors to pay other creditors? I...
Bankruptcy credit repair is a way to get a fresh financial start. The common misconception is that filing bankruptcy is nothing but a negative on your credit. It's not. Filing bankruptcy, whether in Sacramento or elsewhere, is a way to eliminate debt. That is good for your credit, as most would imagine. The issue, then, is whether it is bette...
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 Sacramento the same as it is in the rest of the country....
Did you make a resolution to begin this year? Do you have debt? Perhaps you should make a debt resolution. If you owe more debt than you can afford to repay, make 2018 a year you do something about it! There is a lot of new consumer debt, as this NBC news story reflects. More so now, if not soon, than before the Gre at Recession. Consumer debt, par...
Bankruptcy protection is often the point of filing for bankruptcy. Filing bankruptcy allows to an automatic stay. That is a legal buzz word that means you are protected from your creditors when you file for bankruptcy. But protected from what? Well, everything. The bankruptcy automatic stay shields you from your creditors. This includes any efforts...
Debt is stressful. It is very stressful. Anyone living with debt knows this. But debt stress relief is possible. During the Great Recession, debt was rampant, leaving millions looking for relief. Following this financial collapse, credit dried up. Though this temporarily ended credit concerns, many were left in need of credit to regain their financ...
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. ...
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, ...
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.
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 for bankruptcy. The cost of debt is increasing. The average interest rate on credit card debt is around 17%. Debt can quickly snowball with such costs. Bankruptcy debt elimination may be the only option at some point. But it is a good one.
People are often reluctant to file bankruptcy. If they can afford their debt, they should be. For those, though, who can't financially mange their debt, bankruptcy is a solution. Though bankruptcy is a negative on credit, bankruptcy debt elimination is a positive. The question, then, is when does the elimination of debt through bankruptcy offset the negative of filing bankruptcy? The answer is different for everyone. Contact me for a free consultation to find where you stand financially. You may be better off!
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. Or even if he intended to repay the debt. But he planned neither. When he filed for
bankruptcy he didn't disclose his new debt or assets. That is a crime. A federal criminal, punishable by years in prison. That's exactly what happened in this Sacramento bankruptcy bust.
Is this a cautionary tale? Maybe for some. But doubtful for most. The message, though, is to be honest in filing for bankruptcy. Nobody wants to be the next Sacramento bankruptcy bust. Simply tell the truth and avoid that fate. Contact my office for a free consultation if you are in need of debt relief and considering filing for bankruptcy here in Sacramento. Make sure you don't become the next Sacramento Bankruptcy bust!