Fascinating individual story from the front lines of the economy. How does a financial planner end up six figures underwater on his home? Yahoo Finance has the story of Carl Richards of the New York Times, a financial adviser, who had to do a short sale on his big Las Vegas home. (image from Dreamstime)
Author Archives: Kurt O'Keefe
Financial Literacy For Couples
I have an aunt and uncle who were married many years ago. The priest told them, in advising them of the respective marital duties, that it was the husband’s task to run the family finances. This did not work from the start, but they endeavored to abide by the priestly directive. As long as they…
Are You Teetering On The Edge Of Bankruptcy?
Although bankruptcy filings are down, unemployment remains high and fewer people are going to credit counselors. Credit card debt went up again. Some people may just be giving up. No job, no income, no assets, means nothing for creditors to get; no reason to file bankruptcy. But, what happens when you get that new job? …
What Happens If I Get A Judgment Against Me?
“I am being sued by capital one for a credit card debt…I’m unemployed…will I still have to pay if I lose in court?” Someone posted this question to me. I never know what the enemy may do, but, here are the possibilities: So here comes the long winded answer about money judgments in St. Clair…
Why File Bankruptcy; I Can Settle My Debts
Yes, I know, I keep showing these rats. But they keep trying to take your money! These two are debt settlement company employees; you know, the companies you hear about on the radio all the time: Don’t file bankruptcy! We can settle your debt for pennies on the dollar! The secret the credit card companies…
Credit Cards Are NOT The Problem
Credit cards are neither good nor bad; they have no intrinsic moral quality. Just like a baseball bat; depends how you use it. Hit a home run? Cool. Break someone’s head? Not so much. Yes, that one is subjective. It is possible to use credit cards without going overboard, pay the balance every month, get…
The Truth About Student Loans
American youth has been sold a bill of goods, get that college education, you will make more money, it will pay off in the long term, buy now, pay later, get student loans! Lenders even market to unemployed people, borrow our student loan, get that degree that leads to employment! Yet, more college graduates are…
Planning For Hard Times
Short term advice is difficult to give, unless you are off the cliff and flailing in the sky already. Assuming you are not there, let’s look at some long range tough times Plan B advice. One, of my dozens of cousins, budgets for what he made at his last job, or before his last raise,…
Forgiveness Of Debt Income, What Everyone Ought To Know
DISCLAIMER: NOTHING IN THIS POST IS MEANT AS TAX ADVICE, CONSULT A PROFESSIONAL Some of my clients were about to pay income tax because of 1099-C forms received on rental properties they had abandoned. I was stunned. These people were bankruptcy clients, who had already filed Chapter 7 and received discharges. So they no longer…
