Lately, a common question posed to me is, Should I take out a personal loan after the pandemic? This seems like a simple question. As such, my initial reaction is NO. Nobody should take out a personal loan after the pandemic. OR, AT ANY TIME unless they need it and have good reason for taking on the new debt. Truthfully, [...]
Amid this coronavirus pandemic, like everyone else, I am looking forward to better days ahead. Why? The answer is simple. I miss seeing people. While our office is open and we continue our clients’ work, remotely working with clients is not the same. I became a bankruptcy lawyer to help people. People call me when they are scared and unsure [...]
When should you use a personal loan to consolidate credit card debt? My knee jerk reaction and response to the question is always: NEVER! But then I take a step back. In some circumstances it may be the best choice. You really have to consider all the facts and the individual’s specific circumstances. Terms of Debt Usually, the lender for [...]
For businesses facing huge debts, avoiding closure and liquidation of assets are made possible by filing for Chapter 11 bankruptcy, commonly known as business reorganization. Under this type of bankruptcy, a business may renegotiate the terms in its contracts and leases, request creditors to discharge debts, and restructure payment plans in order to reach profitability. Declaring corporate bankruptcy will give [...]
Cutting household expenses during a financial crisis can be really hard. It is human nature to think the crisis will be temporary. Hence, you will get out of the crisis before you and your family need to change your lifestyle. The best thing to do is to start by cutting day-to-day little luxuries. Luxuries such as trips to the fancy [...]
I am receiving many phone calls from clients and potential clients. They are asking - Should I take a mortgage deferment during COVID-19? It is great that many lenders are working with their customers during these times. However, before deciding to take COVID-19 relief from your lender, know exactly the details of the deal. The key word in the question [...]
There is so much information being thrown at us. I came across an NPR article that is a good coronavirus update if you lost your job due to the crisis. There are several highlights in the article that should be of interest to people facing financial difficulties. Unemployment Benefits More people are eligible for unemployment benefits. From the article, Gig [...]
These are stressful and frightening times for all of us. I am receiving many calls about Chapter 13 cases during the COVID-19 crisis. Therefore, I am providing this update should you have a Chapter 13 case in progress or pending. The Court and Chapter 13 Trustees are finding ways to keep everyone’s Chapter 13 cases afloat through this crisis. However, [...]
Those who wish to declare bankruptcy have to go through necessary steps in order to enjoy the automatic stay and eventually arrive at a bankruptcy discharge. There are many elements involved in the bankruptcy process, and they have the potential to define one’s experience with personal bankruptcy. One of these influential factors is the list of bankruptcy exceptions that the [...]
The Corona Virus pandemic is a once-in-a-lifetime event. Every hour, there are more developments with no good news currently. Schools are closed, March Madness and other events have been cancelled, businesses are losing customers, and employees are questioning job security. While the government is working on financial relief, nobody is sure how or when it will happen. Nor do people [...]
