FAQ Archives - Page 2 of 3 - Krekeler Strother, S.C.

Mar 17

What Do I Do If My Business Has Financial Problems

Blog , Business Debt , Chapter 12 Bankruptcy , Chapter 13 Bankruptcy , Declaring Bankruptcy , Financial Problems , General Bankruptcy

One of the least asked questions startup entrepreneurs ask themselves is, “What will I do if the business has financial problems?” There are lots of seminars and courses that talk about business plans, marketing, operations, and accounts receivable management, but rarely do these seminars or courses address how the entrepreneur should deal with financial difficulties. […]

Mar 17

Pros and Cons of a 30 Year Mortgage

Blog , Foreclosure , General Bankruptcy , Mortgages & Foreclosures

The pros and cons of a 30-year mortgage loan is a discussion I often have with my clients. They are often shocked by the amount of interest they will pay over a span of 30 years. My suggestion, though, is to get the longest possible amortization. The longer the amortization, the lower the required payment. […]

Dec 22

Should I file BK If My Credit Card Company Fell Off the Map?

Blog , Business Debt , Credit & Credit Scores , Creditors & Credit Cards , General Bankruptcy

I have not heard from the credit card company I owe for a long time. Should I still file bankruptcy? Probably not, although you should make sure that you could file a bankruptcy promptly if the need arises. I spoke with a client earlier this week whose only significant debt is a single credit […]

Dec 08

Holiday Spending and the Not So Friendly Math

Blog , Debt Collection , Financial Problems

A 2014 report on holiday shopping plans and finances found that about 55% of the respondents reported that money was their main source of stress during the holiday season. Despite this, more than half of those people planned to use their credit cards for holiday shopping, and they plan to spend about as much money […]

Sep 21

Money Issues We Don’t Talk About; But Really Should

Blog , Credit & Credit Scores , Creditors & Credit Cards , Declaring Bankruptcy , Financial Problems , General Bankruptcy

We don’t talk about things that make us feel uncomfortable, and many people are very uncomfortable talking about their financial problems. Often, people with such problems will hide all evidence of financial distress. Some people do this with a misguided sense of protecting their loved ones. If I don’t tell my spouse about the problems […]

Sep 21

Will my doctor (or dentist or landlord or friend that I owe money to) get notice of the bankruptcy?

Blog , Debt Collection , Declaring Bankruptcy , Financial Problems , General Bankruptcy

Yes. The court will mail a notice to all creditors. That notice will show the names of the debtor(s), the filing date, and the date set for the Meeting of Creditors. It will also show the deadline by which any creditor may file a request to have the discharge denied or to object to the […]

Sep 01

Steps to Take When You See Your Debt Mounting Before It Gets Out of Control

Blog , Business Debt , Debt Collection , Declaring Bankruptcy , Financial Problems , General Bankruptcy

How can you tell if your debt is out of control? There are various signs that a person has too much debt. These indicators include the following: You don’t know the balances on your accounts. You have made minimum payments for three or more successive months. This signals an inability to reduce the […]

Aug 30

Can I Take Out Debt Before Filing Bankruptcy?

Blog , Business Debt , Credit & Credit Scores , Creditors & Credit Cards , Declaring Bankruptcy , General Bankruptcy , Student Loans

I attend a lot of seminars and educational programs dealing with bankruptcy and related issues. Usually the information is valuable to my practice and to my clients, but I recently attended a seminar where an attorney stated to the audience that we should never advise our clients to incur debts while we are planning on […]

Aug 16

Should I go Bankrupt?

Blog , Declaring Bankruptcy , Financial Problems , General Bankruptcy

No one answer fits all people or all situations. Like everything else, bankruptcy has both costs and benefits which should be evaluated. Know the effects of a bankruptcy before proceeding. There are, though, some fairly common questions which can help you assess whether you should further explore bankruptcy options: Do you only make minimum payments […]

Jul 29

Debt and Shame

Blog , Business Debt , Debt Collection , Declaring Bankruptcy , Financial Problems , General Bankruptcy

Men are from Mars. Women are from Venus. But both men and women generally feel bad about carrying debt and not being able to pay it. Most of us are brought up to pay our debts. Our religious or moral code may reinforce this. Above all, people feel embarrassed if anyone knows that their debts […]

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