Managing Your Personal Finances During a Recession
Economists now agree that the American economy has entered a recession. Since March 2009, America has witnessed history’s longest bull market in which the S&P 500 rose 330 percent. Unfortunately, the party is over. The deadly and highly contagious coronavirus has shut down our economy. Since March 2020, tens of thousands of Americans have died, […]
Because You’re Ready for a Fresh Start
Because you’re not making enough money to live on. Or because your expenses just are out of control. Because life should be more than nonstop work and worry. You may be ready for bankruptcy. Because you have no assets to speak of. Or because you’re at risk of missing out on basic life necessities. Because […]
Pay Down Debt While Saving for Retirement
For many people, debt is the main factor preventing us from achieving our financial goals – without even including retirement savings. However, retirement cannot be left out if we are to be able to retire comfortably and securely when the time comes. 40 percent of retirees say that paying off debt is a current financial […]
How Much Will I Have to Pay in a Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is sometimes called the “wage-earner’s bankruptcy.” The Chapter 13 Plan requires a monthly payment over a period of 36 to 60 months. Self-employed people cut a monthly check to the Chapter 13 trustee. People employed by companies get automatic deductions taken from their paychecks. When you file a Chapter 13, you are […]
The Key to Saving is Living Below Your Means
Have you ever heard of Parkinson’s Law? It was first articulated by C. Northcote Parkinson in an article in The Economist in 1955. Parkinson’s Law is the adage that “work expands so as to fill the time available for its completion.” Parkinson’s Law has many corollaries, including: Expenses rise to meet income. In other words, people spend […]
6 Tips to Rebound from Bankruptcy
When you file for bankruptcy, you’re giving yourself a financial fresh start. Bankruptcy allows you to easily free yourself from debts you have no realistic ability to repay. Although there are many positive benefits from bankruptcy, your credit will still also take a hit. Before you even file, you should think about the proactive steps you can […]
Happy New Year! Time to Take a Fresh Look at Your Budget
Happy New Year from Lee Legal! Right now is the time to take a hard look at your budget. On January 1, all of your personal financial numbers are zero. Your year-to-date income, fixed expenses, and discretionary spending are all zero. Now is the perfect time to make any changes to your budget for the […]
Can I Buy a Car While in Chapter 13 Bankruptcy?
You are in Chapter 13 bankruptcy and you need some wheels. It is possible to purchase a car while in an active Chapter 13 case, but you will need to go through a few extra steps than the average car buyer. Considering that Chapter 13 bankruptcy last three to five years, you may wonder: Can I […]