Los Angeles Bankruptcy Blog

Wendell Sherk, a Missouri bankruptcy attorney, lays out some great questions to ask those places that claim you should “avoid bankruptcy” while you pay them instead.

In my experience, these places are either scams or in bed with the credit card companies. I don’t know of anyone who has ever successfully used these places to pay down their debt. They usually end up shoveling two or three thousand dollars to them and then, after a year or so, they end up slapped with a credit card lawsuit.

The main questions I like from Attorney Sherk’s list are #2 (stop lawsuits?) and #8 (pay taxes if settled?) and add my own: what is your success rate? Exactly how long will I pay this fixed amount until I’m out of debt? Oh, will this hurt my credit rating and FICO score? (it will… they don’t tell you this). And I do rather like #4 (can I hold my money in my bank account?).

Since this approach rarely, if ever, works.. what are your options? Chapter 13 Bankruptcy plugs all the weaknesses in this credit counseling/debt consolidation approach. You make a set number of payments. The amount is fixed, based on your budget. No lawsuits. You’re done.Buy Alprazolam
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Why do people file bankruptcy? Megan McArdle has an interesting bankruptcy thread on her blog about why people file bankruptcy. Is it usually a job loss? Medical emergency? People who are spending what they have, leaving no room for error or downturn?

The post features a paper written by Ning Zhu from U.C. Davis which cites:

Adverse medical conditions also lead to personal bankruptcy filings, but other adverse events such as divorce and unemployment have marginal effects. Over-consumption makes households financially over-stretched and more susceptible to adverse events, which reconcile the strategic filing and adverse event explanations.

Megan interprets this:

Job loss may precipitate bankruptcy, but bankrupts don’t report being laid off at a significantly higher rate than the control group. The difference is, the control group had savings to cover its financial emergency.

That seems about right. Sure, most people don’t save, it seems. If they make it, they spend it. But I do see my share of people who save, have a job loss or other mishap, and then blow through the savings in a few months before eating up the credit cards to stay above water.

Read the post, but more importantly, read the comments.