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Author Archives: Kevin Paysinger

Can Bankruptcy Help You Fend Off Foreclosure?

The process of foreclosure might be a necessary evil for the mortgage lenders, but it is a nightmare for a homeowner unable to keep his or her head above water to make the mortgage payments.  Foreclosures follow a specific pattern, which every homeowner in financial trouble should know about in advance. 1. The bank sends […]

Two Things You Never Bargained For: Bankruptcy and Divorce

There is a well-known adage that the thing husbands and wives fight about most is money.  Financial tension can put serious strain on a marriage and can often lead to divorce. It should therefore come as no surprise that when many marriages fail, the spouses wind up with financial difficulties, as well. Couples should consider […]

The Presumption of Fraud under BAPCPA

Most agree that every effort should be made to curtail abuses of the bankruptcy system. Some, however, argue that the last major change to the Bankruptcy Code went too far.  The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) has been widely regarded as one of the greatest successes of the banking industry.  […]

How To Discuss Financial Problems With Your Kids

Many parents who are facing the prospect of a bankruptcy may be wondering whether they should be discussing their financial difficulties with their children. In all likelihood, your kids already have some sense of what’s going on. Research shows that a child’s perception of financial distress without explanation or assurances can cause long-term psychological problems […]

Debts That Cannot Be Discharged in Bankruptcy

Former NBA star Dennis Rodman is currently in court trying to get his large child and spousal support payments reduced.  However, rumors that he is planning to file for bankruptcy may be just speculation since his domestic support obligations — including the nearly $1,000,000 he owes in back child support — cannot be discharged in […]

The Automatic Stay

In 2012, a call from Wells Fargo ended up costing Anne Sessions even more than she owed the bank – a phony claim by the bank’s collection agent to the police stating that Ms. Sessions had threatened suicide led to an involuntary hospital visit for the 85-year-old, along with $1,055 in medical bills. When creditors […]

How To Rebuild Your Credit

If your credit score is less than ideal, you’re not alone.  Over the past five years, millions of Americans have suffered from low FICO scores due to unexpected illness or accident, job loss, real estate issues or high credit card debt. Your FICO score will not improve unless you take some positive steps to rebuild […]

Don’t Let Old Habits Pull You Back into Bankruptcy

Those who don’t learn from the mistakes of the past are doomed to repeat them. So if you have recently emerged from bankruptcy, it is important to take a long hard look at what got you there and resolve to avoid making the same mistakes again. While some people end up in bankruptcy due to […]

Good Money after Bad — Using Retirement Funds to Save an Underwater House

Buying a home is one of the proudest days in most people’s lives. Letting go of that home when things get tough can be a very difficult thing to do. But when the housing market dropped and the value of many homes plummeted, many people in the United States found themselves trapped in mortgages that […]

Track Your Spending to Avoid Unmanageable Debt

We’ve talked before how it is often the small everyday expenses adding up over a period of time that contribute most of the debt problems many American households face. Of course major expenses like mortgage payments, car payments and utility bills contribute as well. But getting swamped by small recurring expenses is an easy trap […]