Deep Thoughts

America's Credit Rating

Recently the United States has finally had their credit rating called into question. The Wall Street Journal details years of unbalanced budgets and buying on credit finally resulting in ratings agencies questioning America's historic national debt coupled with its also historic budget deficits.

Things Looking Up - 09/15/09

A recent article suggests that either things are getting better in Arizona or at least not getting as bad as fast as other states. After dominating the top three top foreclosure states along with Florida and Nevada, Arizona now falls out of the top three for the first time in over a year.

A recent article about foreclosure (or here
http://www.bizjournals.com/phoenix/stories/2009/09/07/daily52.html?ana=from_rss) from the Arizona Business Journal confirms that things are getting better, comparatively speaking.

Private Student Loans - The convenience of not being able to discharge your debt with the interest rates of a big bank! 9/05/09

Student loans are difficult do deal with. If you listen to the conspiracy theorists you will find that they are simply a way for the government to control the populous with high payments that are not dischargeable. This plan will keep people working and paying taxes if for no other reason than they have loans to pay. Interesting idea.

Worse than student loans are private student loans. Private student loans come with high interest rates. Usually the high interest rates are to compensate the lender for the risk involved with lending. However, there is very little risk in this case. These loans have NO consumer protection like other loans. They are protected by the same laws that protect government backed student loans. Therefore, they are almost always a bad idea.

A CNN story http://www.cnn.com/2009/US/08/27/student.loans/index.html?iref=newssearch puts the expected interest rate at 18%. Without a showing of hardship, which is difficult to prove, you will fight with the interest of a credit card and the protection of a student loan. If you find yourself burdened by this type of loan, we might be able to help. Contact Us today for your free bankruptcy consultation to see how we can help with your debt.

Give Yourself a Stimulus Plan - Use Bankruptcy 8/21/09

With the government approving stimulus plans for banks, auto makers and insurance companies, don't you think its time to get your own stimulus plan. Don't wait for the government to do it. They are more interested in helping out big business and protecting campaign contributions.

Many people are deeply in debt to credit card companies and trying to stay afloat by paying the minimum payments on them each month while the balances continue to grow. People who are fortunate to be employed are living paycheck to paycheck while the credit card companies pillage their income until there is little left to live on. The Capital One Bank commercials hit it on the head with their raiding marauders portraying the credit card companies.

The easiest way to determine if you need financial assistance is to ask your self if you owe more today than you did yesterday. If so, your credit card debt continues to grow even if you are making your minimum payments. Is the government going to bail people like us out? Hardly. There is no bailout money for us. That all goes to big business so they can continue to pay their executives big bonuses. So why not give yourself a stimulus package. Discharge your debt in bankruptcy

Bankruptcy will wipe out most of your unsecured debt and allow you to use your hard earned money to spend on yourself. It is an easy fix for your financial problems. The government gave Chrysler and General Motors money that was supposedly to stimulate the economy. Both of them have filed for bankruptcy. If it helps them to solve their financial problems why won't it help you?

If you want to stimulate your own economy Contact Us and we'll get you started by giving you a fresh financial start.

If GMC filed for bankruptcy protection, WHY NOT ME? - 6/4/09

On June 1, 2009, General Motors Company filed for Ch. 11 bankruptcy protection, as part of President Obama's administration's plan to shrink the automaker to a sustainable size and give a majority ownership to the federal government. Do you remember GMC? Yes, they were once one of the biggest automakers in the world, let alone the United States. GM's bankruptcy filing is the fourth-largest filing in US history, and the largest for an industrial company. GM said that it has approximately $173 billion (BILLION!!!!!!) in debt and $82 billion in assets.

As GM reorganizes itself through its bankruptcy, the company will rely on $30 billion of financial assistance from the US treasury, with an additional $9.5 billion coming from Canada. Let us not forget that GM has already received $20 billion from the taxpayers as part of the federal government's overall recession bailout package.

Let me re-pose the above caption, "If GMC filed for bankruptcy protection, WHY NOT ME?" Your debt is a mere pittance compared to GM's billions (BILLIONS!!!!!!!!!!) Do not feel bad when you need to file bankruptcy because you have encountered substantial medical bills because you are uninsured or underinsured. Do not feel bad when you need to file bankruptcy because your home's value has decreased in half and are now having to pay an increased monthly payment because your ARM has readjusted. Contact Us as soon as you can, to speak to an experienced bankruptcy attorney.

You ARE the Government - 06/03/09

Whether you are in favor of the increased role of government or not, you are part of it. You will soon drive a car and own a house paid for, at least partially, with government money. The government has essentially forced you to buy GM stock by raising taxes on your children to repay a loan to China. At least your children will be able to get an education with borrowed government funds so they will not cause any problems while repaying the student loans over the remainder of their lives.

So who repays the debt? Is it the Poor? Is it the government? Is it you? For better or for worse you are part of the government role in our lives. The government has another role in addition to helping big business and big banks. Its ultimate mission is to help it citizens. When its citizens find themselves in financial trouble, the government also prescribes a solution. Bankruptcy.

Bankruptcy is a federal program just like taxes and license plates. It does not have to be a pleasant thing, but it is sometimes necessary. If you find yourself in financial trouble, use the government system. It is the only system that guarantees that you can discharge all of your debt without negotiation or partial repayment. It is the respectable, responsible way to deal with overwhelming debt. Contact Us for a FREE consultation with an exclusive bankruptcy attorney near you.

DO NOT FEEL BAD for filing bankruptcy on substantial credit card debt - 6/1/09

Many individuals are forced into filing bankruptcy because they have incurred egregious late fees/penalties issued by their credit card companies. The overwhelming majority of these individuals realize that they used their credit cards to purchase necessary items and that they probably would not have been able to do so without the use of a credit card. However, that is where any sympathy/loyalty to your credit card company should end. The truth of the matter is that your credit card companies "chomp at the bit" to have the ability to raise your APR and lower your available credit limit.

Recently, way too many individuals have seen their available credit vanish and their interest rates skyrocket for no apparent reason. Good, hard working people have been paying their bills every month for years, and what seems to be out of thin air, they get word that their APR is changing from a 13.9% to an 19.9%, or their $10,000 credit limit has been slashed to $2,000. The fat cats in the credit card industry for years have been able to get away with this conduct simply because they could. However, recent federal legislation has been approved to curb these unethical practices. Further, if you have substantial credit card debt and are unable to pay it back, or even down, for that matter, you always have the right to file bankruptcy and receive a discharge as to your debt. For the individuals who are in this situation, Contact Us now for a free bankruptcy consultation to discuss your options.

Look here before Filing ANOTHER Bankruptcy - 5/30/09

The perception about filing for bankruptcy seemed to be that it was a once in a lifetime event. Filing your bankruptcy was going to give you the fresh start to get your life and finances in order. However, in the current economic mess, more and more people who have already previously filed bankruptcy are having to file again. Please keep in mind that there is a waiting period involved in being able to receive a discharge in a subsequent bankruptcy filing. If you have previously filed and received a discharge in a Ch. 7, and would like to file another Ch. 7, you must wait 8 years before being able to refile. If you have previously filed and received a discharge in a Ch. 7, but now would like to file a Ch. 13, you must wait 4 years before refiling. If you have previously filed and received a discharge in a Ch. 13, and would like to file another Ch. 13, you must wait 2 years before refiling. If you have previously filed and received a discharge in a Ch. 13, but would now like to file a Ch. 7, you must wait 6 years before refiling.

Please also remember that you can always file a subsequent bankruptcy immediately after receiving a discharge in your bankruptcy. However, you WILL NOT be able to receive a discharge in your subsequent bankruptcy.

I AM the Real Estate Problem - 5/29/09

It was me. I'm the one to blame. I was dumb and bought a home that I could inevitably not afford. I ruined the precious American economy. I am apparently dumber than the IV League educated fancy suit Wall Street barons that made obscene amounts of money from my Adjustable Rate Loan. I am seemingly dumber than all of those bankers buying the bad mortgages while smoking expensive cigars and drinking aged single malt passing the losses on the American public. The only real difference between the fat cats and me is that I intended to repay my debts. I trusted one of their ilk who said the appreciation of my home would keep me in front of the ARM. These are the same people that I am torn about not paying.

There is a way out! If I declare bankruptcy I could give my house back to the people that misled me. I could discharge my debt and never have to repay any of it to the banks that profited by putting me in this position. I could make them give me a better rate on my car or make them take it back since I owe more than it is worth. I could use my money on things that matter to me like my family and my well-being. I will not get any younger before tuition and retirement are a reality. I could simply skip a car payment or a house payment and use that money to pay my lawyer to get me out of this mess. My only other alternative is to pay on this debt until I die and become a slave to the system. I would be working for the banks that put me here. No way. I only get one life and it is too short to work for someone like that. I am going to contact my lawyer and stop this insanity. RIGHT NOW!

Taxes, Taxes, Taxes - 5/27/09

A growing number of clients are coming to this office seeking out our services to discharge old IRS tax liability. Back taxes owed to the IRS can be dischargeable in your Ch. 7 and or Ch. 13 bankruptcy case, as long as the taxes meet the following five requirements: