Recently on our legal forum a user asked, “My son filed bankruptcy last year. Even though most of his debts were discharged he’s still struggling to pay his rent and buy groceries. He asked me for a $5,000 loan. I am wondering if it’s a good idea to loan money to him. I am afraid it could ruin our relationship, and I would forever be scrutinizing the way he spends his money. I am also afraid he would not pay me back. What are your thoughts?”
Recently on our legal forum a user asked, “My spouse and I filed for bankruptcy about eight years ago. We lost our house, a car, and several other assets prior to the bankruptcy filing. I feel like we’ve gotten our financial situation back in order. We’ve paid down all our debt, built an emergency savings account, and saved a little for retirement. We’d love to own our own home. What’s your thoughts? How do you know if it’s a good time to buy a house after bankruptcy?”
Recently on our bankruptcy forum a user asked, “My husband and I have both been out of work for six months. We were trying to avoid foreclosure and thought maybe we could negotiate a short sale of our home. Can you tell me whether this is a good idea? What are the risks of a short sale?”
Recently on our legal forum a user asked, “I have filed Chapter 7 bankruptcy. They mentioned that a US bankruptcy trustee would be appointed to review and manage my case. I am wondering who this is and what exactly they will do?”
When the economies good many people decide it’s the perfect time to ditch that corporate job and strike out on their own, often opening a business. Unfortunately, when the economy declines and their business fails, those same business owners may be shocked to find that their personal assets are in jeopardy as they struggle to pay their business debt, eventually having to file for bankruptcy.
Are athletes like Millionaire Warren Sapp seeking Chapter 7 bankruptcy protection because they did not learn the skills on how to manage money in college? Sapp has made almost $70 million dollars in his professional career, but he may now have to rely on his own knowledge and what professional skills he has learned in order to make a living. Will the fact the colorful athlete dropped out of college before he graduated hurt his chances for success? Continue reading