Former Bankruptcy Attorney to the Kansas City UAW: Ford and GM workers, now assisting the general public in Missouri and Kansas with regaining financial control using the Bankruptcy Code. 816-472-HELP (4357).

 

Author: Rachel Lynn Foley, Esq.

07 Aug Bankruptcy And The Adult Child.

More often than not I see parents filing bankruptcy in part because they are taking care of adult children. These parents do not understand the court does not care that they have chosen to take care of a healthy adult child. Is this a harsh stance? [caption id="attachment_42401" align="alignleft" width="269"]Families are often complicated. Families are often complicated.[/caption] Harsh or not it is the reality of the system. If you want to reorganize or eliminate your debts you must abide by the system or have your case dismissed. In two of my cases the parents were willing to lose their home and/or vehicles in order to continue to care for their healthy and capable adult children. These adult children did not have specials needs but rather could not afford the life style they were living and are not willing to change their lifestyle.
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07 Jun Bankruptcy & the French Manicure.

[caption id="attachment_41891" align="alignleft" width="318"] French manicures & bankruptcy do not go hand & hand.[/caption] It is not uncommon to envision a penniless pauper when you mention the term bankruptcy.Some might even envision someone who is disheveledand whose nails are a complete disaster.The truth is folks who file bankruptcy are ordinary folks whose expenses exceed their income.With that said there is still a perception of a certain lifestyle that accompanies those who file bankruptcy. “The principal purpose of the Bankruptcy Code is to grant a ‘fresh start’ to the ‘honest but unfortunate debtor’.”Marrama v. Citizens Bank of Massachusetts,127 S.Ct. 1105 (2007)So as a bankruptcy attorney I must guide my debtor’s budget to show that they deserve a fresh start because they honestly cannot afford their debts as a result of unfortunate circumstances.Sometimes this is tougher than one might think.Let’s circle back to the French manicure.
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07 May Sometimes In Bankruptcy It Is Good To Focus On Something Besides Yourself.

[caption id="attachment_40029" align="alignleft" width="230"]Life Focus Sometimes you must focus on something besides yourself.[/caption] The term bankruptcy often sends people into a spiraling state of panic as I have discussed in prior articles. It is not unusual when discussing the bankruptcy process for people to break out in a cold sweat. Their pupils dilate as their flight or fight system kicks in from the fear that washes over them. As well a lump develops in their throat and a gnawing sensation swells in their gut from the fear and anticipation when discussing bankruptcy. These feelings and physiological responses are great if you are getting ready to compete in any athletic event but not so much when you are dealing with the reality that your finances appear to be beyond your control. So what do you do?
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07 Mar Bankruptcy: When Fear Knocks, Let 2 Timothy 1:7 Answer

fearWhat is the first thought entering your mind when you think of filing bankruptcy? For most it is FEAR! Fear of the unknown. Fear of being a failure. Fear that others will know. Fear that you will lose everything. Fear of etc... Joel Osteen says "Fear is using your faith in the wrong direction. " Fear and faith are at opposite ends of the spectrum. Guess what, you have the ability to choose which end of the spectrum that you are going to live in. Are you going to let creditors and the unknown to continue to hold you down in fear or are you going to step out in faith and take control of your financial life?
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07 Feb Bankruptcy and PayPal

When you file for bankruptcy you must fill out a set of forms. One of those forms is titled Schedule B where you MUST list all your personal property. This means listing everything you own whether it is above the earth, below the earth or in another country. One asset that is often overlooked is money. Money in the form of cash stored throughout a residence, an un-cashed check, funds in a bank account located in another country or in an account that is housed on the Internet.
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02 Feb Bankruptcy and the Almighty FICO Score

ficoPeople filing for bankruptcy ask before anything else, "what is my FICO score going to be?" The general response is, "[l]ook what your FICO score has done for you so far." If you listen to Dave Ramsey that comment will certainly be familiar to you. In the past the FICO score was not the main reason for filing a bankruptcy. However, in today's FICO score driven society that view may be changing. Previously bankruptcy would lower your credit score but recovery was possible once you made regular payments and when your debt to income ratio came back into alignment. Today it is harder but certainly not impossible to make that recovery if you cannot prove your creditworthiness. This is true irregardless of filing bankruptcy. If your credit score is low it WILL affect many aspects of your everyday life.
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