Author Archive

The Great Recession as Recorded by Your Credit Report

It has now been almost 7 years since the Lehman Brothers Bankruptcy in September of 2008.  Though the Great Recession officially began in December of 2007, it was this dramatic event that brought the economy to its knees.  Millions of Americans found themselves out of work, defaulting on debts and ending up in foreclosure, bankruptcy […]

Read this before you spend your tax refund


News | by — January 14, 2015

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If you Google “how do Americans spend their tax refund”, you will find some interesting data. More than 40% of Americans surveyed will use their tax refunds to pay down debt, with another 25% or so using their refund for everyday necessities such as clothes or repairs. Indeed, with so many working households living check […]

Bottom 90% continue struggling to increase income. The silver lining? Our debt burden is easing.


News | by — September 8, 2014

The Federal Reserve has released its latest Survey of Consumer Finances (check out the video on this site for a nice overview).  The report reflects the situation of American consumers about one year ago.  This short article from MarketWatch gives a quick summary. The report confirms what we continue to hear from our clients, and experience […]

Parent who co-signs on child’s private student loans, be aware! It is not always the good kind of debt.


News | by — August 11, 2014

I read an interesting article recently, cautioning parents about the hazards of co-signing on private student loans for your children.  It is advice worth repeating, to try and counter the strong pull all parents feel to help their child with their education. In our law practice it is something that we frequently find ourselves counseling […]

Women Suffer Financial Hardship after Divorce more than Men


News | by — August 5, 2014

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Financial literacy and earning power are two huge factors that contribute to the financial success of an individual as they “uncouple” and find themselves single again, according to this recent article.  Studies show that women are hit significantly harder on this front; particularly older woman.  A quarter of divorced woman over 60 years of age […]

Can I get rid of Private Student Loans in Bankruptcy?


News | by — October 29, 2013

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Can I ever eliminate Private Student Loans in a Bankruptcy? The short answer is that it is not likely, but you can, with the right facts.  In 2005 the U.S. bankruptcy laws were changed.  Among the many changes, private student loans were given protected status, making them generally non-dischargeable in a bankruptcy proceeding. It is […]

What does my credit score mean?

The range of possible credit scores is 330-830. Most individuals have credit scores between 600 and 750. A credit score over 700 is usually considered “good.” While a credit score below 625 is usually considered “bad.”   Who creates a credit score?  There are three credit reporting agencies. They are Experian, Transunion and Equifax.   […]

How to handle being served a summons and complaint by a creditor or debt collector


News | by — October 6, 2011

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It can be an understandably emotional experience when an individual is struggling to manage their debt load. Feelings of stress, fear, embarrassment, confusion and anger, to name a few, are normal. If a creditor initiates a lawsuit against an individual, then these feelings only intensify. If an individual’s financial picture has gotten to the point […]