Why It’s Better to Lose Money Fast

Personal Finance

Why It’s Better to Lose Money Fast

Why It’s Better to Lose Money Fast

Most new things fail. Four of five new restaurants close within five years. Three quarters of venture capital-backed startups don’t return their money to investors. Most books don’t earn back the author’s advance. Failure is so common that Google executive Albert Savoia created a rule of thumb for it, called the “Law of Failure.” No… Read More

Will Bankruptcy Wipe Out All of My Debt?

Managing Debt

Will Bankruptcy Wipe Out All of My Debt?

Will Bankruptcy Wipe Out All of My Debt?

A reader, Susan, wondered if revised laws mean that bankruptcy no longer wipes out debt, and instead requires that debts be repaid. She wrote: You have to reorganize and pay what you owe, not wipe them out. Am I correct? Just asking. Glad you asked — it can be confusing, because it depends on what… Read More

How One Woman Survived Divorce & Bankruptcy

Managing Debt

How One Woman Survived Divorce & Bankruptcy

How One Woman Survived Divorce & Bankruptcy

Divorce can simplify finances — if for no other reason because there’s a lot less potential for miscommunication. Just one person is making household financial decisions, so it’s a lot easier to know what’s going on. Indeed, a recent Credit.com survey found that 51% of divorced women say that they are very satisfied with how… Read More

In a Coma & Going Broke

Managing Debt

In a Coma & Going Broke

In a Coma & Going Broke

You will never wind up in a coma. It only happens to those poor souls on the nightly news. Or in the movies.  It’s never people like you. Are you sure? Last week, I updated my will and other end-of-life documents. It did make me stop and think about a lot of things. My money… Read More

Should Bankruptcy Be an Option for Student Loan Borrowers?

Managing Debt

Should Bankruptcy Be an Option for Student Loan Borrowers?

Should Bankruptcy Be an Option for Student Loan Borrowers?

Last month, the Center for American Progress—a progressive think tank—published a report that calls for “a bolder approach” to making student loans more responsive to the needs of financially distressed borrowers. Briefly, the center is advocating for the creation of two new student loan designations: qualified and nonqualified. Qualified loans would be priced in accordance… Read More

2 Years After Bankruptcy, My Credit Is Still Bad — Why?

Credit Score

2 Years After Bankruptcy, My Credit Is Still Bad — Why?

2 Years After Bankruptcy, My Credit Is Still Bad — Why?

The decision to file bankruptcy isn’t an easy one, but it does offer a way out for those who are faced with debts that they won’t ever be able to pay. And while it offers a chance at a fresh start, trying to repair the damage bankruptcy does to your credit can be downright frustrating,… Read More

Can I Get a Loan During Bankruptcy?

Managing Debt

Can I Get a Loan During Bankruptcy?

Can I Get a Loan During Bankruptcy?

Recently, I heard from a friend who filed bankruptcy several years ago. Eager to rebuild her credit at the time, she asked me for advice and read everything she could find about credit repair. She disputed mistakes on her credit reports, got a secured card, and did everything she could to get back on track…. Read More

Detroit, You’re Not Alone: 7 Other Places That Filed for Bankruptcy

Managing Debt

Detroit, You’re Not Alone: 7 Other Places That Filed for Bankruptcy

Detroit, You’re Not Alone: 7 Other Places That Filed for Bankruptcy

Once the fourth-largest metropolitan area in the United States, the city of Detroit filed for bankruptcy last Thursday afternoon. The Motor City, birthplace of the automotive industry, now holds the record for the largest city in American history to file for municipal bankruptcy, both in population size and amount of debt. A 2012 estimate from… Read More

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