We hear about famous bankruptcies all the time. I mean, everyone knows that Donald Trump has filed bankruptcy multiple times. And we always hear about celebrities like Willie Nelson or Kim Basinger filing bankruptcy. We hear about the Teresa Giudice bankruptcy and how Eva Longoria just filed a business bankruptcy of her restaurant. Toni Braxton has filed for bankruptcy due to illness. Edit: Teresa Guidice, one of the real housewives, has also filed with her husband.
But the last president's day got me thinking. I wondered if any presidents have ever filed for bankruptcy.
So have any presidents filed for bankruptcy? ---I really expected the answer to be a big, fat no, but I did some poking around and was really surprised by what I found.
The following presidents have all had a bankruptcy--
Thomas Jefferson (twice), Ulysses S. Grant, William McKinnley and Abraham Lincoln have all taken advantage of bankruptcy protection!
I wish I had had this information when I filed for bankruptcy. I might have felt a bit better of it knowing that a founding father and Honest Abe were once in the same bankruptcy boat as me. After all, misery does love company, and that's pretty good company for misery to love!
Good luck to all,
ep
Showing posts with label bankruptcy. Show all posts
Showing posts with label bankruptcy. Show all posts
Monday, February 28, 2011
Thursday, January 27, 2011
The Bankruptcy Trustee
Who is the bankruptcy trustee? Basically.......
A chapter 7 bankruptcy trustee reviews your chapter 7 bankruptcy, making sure everything is in order, and liquidates the eligible assets of your estate. But, as I have stated before, the liquidation of assets is not that common so don't freak out. This bankruptcy trustee also presides over the 341 hearing (meeting of the creditors--more about that later).
If you have a simple chapter "no-asset" case, you won't have much dealings with the bankruptcy trustee. I saw mine only at the 341 hearing and he asked me questions for less than five minutes.
A chapter 13 bankruptcy will review your chapter 13 bankruptcy, and determine a payment plan for you, ensuring that you will be able to meet your obligations under the plan. He will oversee this payment plan for it's duration.
It sounds intimidating but really, if your bankruptcy is on the up and up, you shouldn't have to worry about the bankruptcy trustee. Bankruptcy is not as scary as you've been led to believe.
Good luck to you!
A chapter 7 bankruptcy trustee reviews your chapter 7 bankruptcy, making sure everything is in order, and liquidates the eligible assets of your estate. But, as I have stated before, the liquidation of assets is not that common so don't freak out. This bankruptcy trustee also presides over the 341 hearing (meeting of the creditors--more about that later).
If you have a simple chapter "no-asset" case, you won't have much dealings with the bankruptcy trustee. I saw mine only at the 341 hearing and he asked me questions for less than five minutes.
A chapter 13 bankruptcy will review your chapter 13 bankruptcy, and determine a payment plan for you, ensuring that you will be able to meet your obligations under the plan. He will oversee this payment plan for it's duration.
It sounds intimidating but really, if your bankruptcy is on the up and up, you shouldn't have to worry about the bankruptcy trustee. Bankruptcy is not as scary as you've been led to believe.
Good luck to you!
Thursday, January 13, 2011
Eva Longoria Bankruptcy
This rant is a little out of the norm for this blog but I can't help commenting on this topic.
I don't know about you but I am a sick of hearing about Eva Longoria's business bankruptcy. Eva Longoria's restaurant, Beso is said to have to declare bankruptcy. That's what I read.
And that's what I read. And read, and read, and read. I got it the first time I read it and subsequent articles have told me nothing new. Stop it already.
I don't care about the bankruptcy of Eva Longoria's restaurant, I really don't. I'm too busy trying to put food on my table to worry about anyone else right now.
I wish nothing but the best for Eva (if I may call her Eva and I'm not certain that I can) but I wish there was more focus in the media on those of us who really needed or need bankruptcy protection.
I had to file bankruptcy a couple years ago and went through it alone because of the stigma that it carries in this country.
It doesn't have to be that way. The media needs to STOP making it be that way. Hope Eva has a good bankruptcy attorney.
back soon
ep
I don't know about you but I am a sick of hearing about Eva Longoria's business bankruptcy. Eva Longoria's restaurant, Beso is said to have to declare bankruptcy. That's what I read.
And that's what I read. And read, and read, and read. I got it the first time I read it and subsequent articles have told me nothing new. Stop it already.
I don't care about the bankruptcy of Eva Longoria's restaurant, I really don't. I'm too busy trying to put food on my table to worry about anyone else right now.
I wish nothing but the best for Eva (if I may call her Eva and I'm not certain that I can) but I wish there was more focus in the media on those of us who really needed or need bankruptcy protection.
I had to file bankruptcy a couple years ago and went through it alone because of the stigma that it carries in this country.
It doesn't have to be that way. The media needs to STOP making it be that way. Hope Eva has a good bankruptcy attorney.
back soon
ep
Sunday, December 12, 2010
Why Bankruptcy? Reasons For Bankruptcy Continued
It occurred to me, after writing my last post, Reasons For Bankruptcy, that while I may have addressed the questions Why bankruptcy? and What are the reasons for bankruptcy?, I may not have answered the question: For what reasons is a person granted a bankruptcy discharge?
If you are reading this, you already likely know the reasons that people file for bankruptcy. At least you know why you are considering filing bankruptcy. What you may be looking for are the reasons why bankruptcy discharges are granted.
Am I right? If so, keep reading....there are some bankruptcy myths that you should know about.
First of all, you don't need a "valid" reason for bankruptcy. You can either pay back some or all of your debts or you can't. Unless you are committing bankruptcy fraud (that's a topic for another post and one that you should discuss with an attorney), there are no "invalid" reasons for bankruptcy. For example, you may have lost your job but even if you QUIT your last job, you can still file for bankruptcy.
Every situation is different, of course, and you should discuss yours with a bankruptcy attorney, which I am not. However, in most cases, the court will only look at the bottom line and see if you pass a means test. The bankruptcy means test is exactly what it sounds like. It is basically a six month look back at your finances and assets and it will determine if you have the means to pay back some or all of your debts. Then you will do so according to a court order.
In a chapter 7 bankruptcy (which not everyone qualifies for), all of your debts are discharged but your assets (beyond an allowable exemption which varies from state to state) may be seized and sold to pay your creditors.
In a chapter 13 bankruptcy, you are required to pay back some or all of your debts and put on a payment schedule for up to five years.
Common Bankruptcy Myths include:
· The 2005 bankruptcy laws made it impossible to file for bankruptcy
· You can't file for bankruptcy if you have quit your job
· Your credit rating will be ruined if you file bankruptcy
Oh, let me address that last one really quick. Sure, bankruptcy does not help your credit rating. But for the average filer, the credit rating is already shot. Bankruptcy, believe it or not, will not make this worse in many cases. Again, always talk to a bankruptcy attorney before acting upon any advice you find on the internet. Best of luck to you!
If you are reading this, you already likely know the reasons that people file for bankruptcy. At least you know why you are considering filing bankruptcy. What you may be looking for are the reasons why bankruptcy discharges are granted.
Am I right? If so, keep reading....there are some bankruptcy myths that you should know about.
First of all, you don't need a "valid" reason for bankruptcy. You can either pay back some or all of your debts or you can't. Unless you are committing bankruptcy fraud (that's a topic for another post and one that you should discuss with an attorney), there are no "invalid" reasons for bankruptcy. For example, you may have lost your job but even if you QUIT your last job, you can still file for bankruptcy.
Every situation is different, of course, and you should discuss yours with a bankruptcy attorney, which I am not. However, in most cases, the court will only look at the bottom line and see if you pass a means test. The bankruptcy means test is exactly what it sounds like. It is basically a six month look back at your finances and assets and it will determine if you have the means to pay back some or all of your debts. Then you will do so according to a court order.
In a chapter 7 bankruptcy (which not everyone qualifies for), all of your debts are discharged but your assets (beyond an allowable exemption which varies from state to state) may be seized and sold to pay your creditors.
In a chapter 13 bankruptcy, you are required to pay back some or all of your debts and put on a payment schedule for up to five years.
Common Bankruptcy Myths include:
· The 2005 bankruptcy laws made it impossible to file for bankruptcy
· You can't file for bankruptcy if you have quit your job
· Your credit rating will be ruined if you file bankruptcy
Oh, let me address that last one really quick. Sure, bankruptcy does not help your credit rating. But for the average filer, the credit rating is already shot. Bankruptcy, believe it or not, will not make this worse in many cases. Again, always talk to a bankruptcy attorney before acting upon any advice you find on the internet. Best of luck to you!
Friday, October 1, 2010
Going Bankrupt Is Not As Hard As They Say
Before I enter another post about my own bankruptcy, I need to dispell a myth. I keep hearing that you can't go bankrupt anymore unless you are Donald Trump or some other mega mogul. This is bugging me because it's flat out wrong.
If you are thinking about going bankrupt, and you are not familiar with how bankruptcy works, you may think that having a successful bankruptcy is next to impossible. You have probably heard that you can’t anymore. And you probably heard this from people who have never had to file for bankruptcy. People who don’t know what they’re talking about.
In 2005 the bankruptcy laws changed and the news from on high was that simple folk like us could no longer declare bankruptcy. Or that is was next to impossible. We believed this news. I know I believed it and was scared to death that I wouldn't be able to file.
It is true that the 2005 bankruptcy law changes made it tougher to file for a chapter 7 bankruptcy. Income and expenses are now used to determine which chapter of bankruptcy a debtor will qualify for. It is now also required that debtors complete credit counseling classes to receive a discharge (don’t worry—these are fairly easy and cheap and can be taken online). The purpose of these changes was to reduce number of people that were wiping out debts that they could afford to pay back.
A chapter 7 bankruptcy is one in which your assets, above and beyond what you can exempt, are liquidated and the proceeds are distributed to your creditors. Don’t panic at that thought! Most of what you have is not worth what you think it is and nobody wants your old furniture or clothing. For more information see Chapter 7 Bankruptcy Information.
More people are forced into a chapter 13 now than before the 2005 bankruptcy code changes. In a chapter 13 bankruptcy, you are determined to have enough income that you can pay some or all of your debts to your creditors and you are put on a payment plan which lasts up to five years. This is a rigid program and you must live up to the terms of your bankruptcy, but it is far easier than swimming in a mountain of debt that you will never be able to pay back.
Don’t get me wrong. Going Bankrupt is a tough thing to go through. Especially emotionally. But it is not as difficult an achievement as a lot of folks would have you believe.
Whether or not absolved of some, most, or all debt, bankruptcy may be the only way back to financial health for the insolvent debtor. Much will depend on your unique situation----no two bankruptcies are alike. Make an appointment with several attorneys to discuss your options. For help selecting your attorney, read my Bankruptcy Attorney Tips.
As always, best of luck!
If you are thinking about going bankrupt, and you are not familiar with how bankruptcy works, you may think that having a successful bankruptcy is next to impossible. You have probably heard that you can’t anymore. And you probably heard this from people who have never had to file for bankruptcy. People who don’t know what they’re talking about.
In 2005 the bankruptcy laws changed and the news from on high was that simple folk like us could no longer declare bankruptcy. Or that is was next to impossible. We believed this news. I know I believed it and was scared to death that I wouldn't be able to file.
It is true that the 2005 bankruptcy law changes made it tougher to file for a chapter 7 bankruptcy. Income and expenses are now used to determine which chapter of bankruptcy a debtor will qualify for. It is now also required that debtors complete credit counseling classes to receive a discharge (don’t worry—these are fairly easy and cheap and can be taken online). The purpose of these changes was to reduce number of people that were wiping out debts that they could afford to pay back.
A chapter 7 bankruptcy is one in which your assets, above and beyond what you can exempt, are liquidated and the proceeds are distributed to your creditors. Don’t panic at that thought! Most of what you have is not worth what you think it is and nobody wants your old furniture or clothing. For more information see Chapter 7 Bankruptcy Information.
More people are forced into a chapter 13 now than before the 2005 bankruptcy code changes. In a chapter 13 bankruptcy, you are determined to have enough income that you can pay some or all of your debts to your creditors and you are put on a payment plan which lasts up to five years. This is a rigid program and you must live up to the terms of your bankruptcy, but it is far easier than swimming in a mountain of debt that you will never be able to pay back.
Don’t get me wrong. Going Bankrupt is a tough thing to go through. Especially emotionally. But it is not as difficult an achievement as a lot of folks would have you believe.
Whether or not absolved of some, most, or all debt, bankruptcy may be the only way back to financial health for the insolvent debtor. Much will depend on your unique situation----no two bankruptcies are alike. Make an appointment with several attorneys to discuss your options. For help selecting your attorney, read my Bankruptcy Attorney Tips.
As always, best of luck!
Tuesday, June 29, 2010
Should You File Bankruptcy Pro Se?
Should you file bankruptcy pro se?
Say what? Pro Se. Pro Se is Latin for by oneself or without an attorney. So should you file bankruptcy pro se? I don’t know, how smart are you? You may be a perfectly capable and very intelligent person but there is a great deal of debate going on about whether or not you should file bankruptcy pro se because one mistake can foul up an entire bankruptcy outcome.
I like to think that I could have filed bankruptcy pro se but I’ll never know because I opted to hire an attorney. It was comforting to know that there was going to be someone with me at my 341 hearing (meeting of the creditors) and I wanted to be able to refer creditors to someone else.
My phone was ringing off the hook and I had stopped answering the phone. Not only were they calling me at home; some were calling me at work and a couple even contacted my relatives. Once I retained my attorney, I started answering the phone and gave each creditor, one by one, my attorney’s name and number. My phone did not go completely silent but grew much, much quieter. This was a huge relief.
One reason that you may want to file bankruptcy pro se is obvious. You have NO money. Hiring an attorney is expensive and you have no idea how you are going to come up with the dough.
The good news is that many bankruptcy attorneys will let you pay them off over time. They will not file until they have been paid in full (including the filing fee) but may handle creditor calls for you in the meantime. This is a good question to ask when interviewing potential attorneys.
Another reason you may want to file pro se is to be the master of your own destiny. After all, who cares more about your bankruptcy than you do? Well, that makes sense but can also be risky. Your best bet is to educate yourself, hire a good attorney and then stay on top of all proceedings. Don’t be afraid to ask questions when you think something might be overlooked.
Many people filing bankruptcy on their own make mistakes that cost them a successful discharge. Still many do file bankruptcy pro se successfully. The decision is yours to make so make it carefully. If you do decide to file bankruptcy pro se, buy a good book on the subject but make sure it is up to date with the current bankruptcy laws. The Nolo Press books have a good reputation amongst pro se filers.
Good luck whatever you decide!
Say what? Pro Se. Pro Se is Latin for by oneself or without an attorney. So should you file bankruptcy pro se? I don’t know, how smart are you? You may be a perfectly capable and very intelligent person but there is a great deal of debate going on about whether or not you should file bankruptcy pro se because one mistake can foul up an entire bankruptcy outcome.
I like to think that I could have filed bankruptcy pro se but I’ll never know because I opted to hire an attorney. It was comforting to know that there was going to be someone with me at my 341 hearing (meeting of the creditors) and I wanted to be able to refer creditors to someone else.
My phone was ringing off the hook and I had stopped answering the phone. Not only were they calling me at home; some were calling me at work and a couple even contacted my relatives. Once I retained my attorney, I started answering the phone and gave each creditor, one by one, my attorney’s name and number. My phone did not go completely silent but grew much, much quieter. This was a huge relief.
One reason that you may want to file bankruptcy pro se is obvious. You have NO money. Hiring an attorney is expensive and you have no idea how you are going to come up with the dough.
The good news is that many bankruptcy attorneys will let you pay them off over time. They will not file until they have been paid in full (including the filing fee) but may handle creditor calls for you in the meantime. This is a good question to ask when interviewing potential attorneys.
Another reason you may want to file pro se is to be the master of your own destiny. After all, who cares more about your bankruptcy than you do? Well, that makes sense but can also be risky. Your best bet is to educate yourself, hire a good attorney and then stay on top of all proceedings. Don’t be afraid to ask questions when you think something might be overlooked.
Many people filing bankruptcy on their own make mistakes that cost them a successful discharge. Still many do file bankruptcy pro se successfully. The decision is yours to make so make it carefully. If you do decide to file bankruptcy pro se, buy a good book on the subject but make sure it is up to date with the current bankruptcy laws. The Nolo Press books have a good reputation amongst pro se filers.
Good luck whatever you decide!
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