Author Archives: Jay Butchko
Boy Scouts Considering Bankruptcy
In a surprise announcement, the Boy Scouts of America have reported that they are considering bankruptcy. The news is especially surprising given the organization’s recent decision to begin allowing girls into the program—a move that was largely viewed as the death knell for the Girl Scouts. However, the Boy Scouts have been laboring under… Read More »
Will I Lose My Life Insurance Policy if I File for Bankruptcy?
Life insurance policies provide peace of mind to millions of people around the country. Should you die, you want your family to be provided for. This concern is particularly intense if you are the main breadwinner in the family. By purchasing a life insurance policy, you guarantee a sum of money to your family… Read More »
New Year’s Financial Resolution
The start of a new year is a great time to make some changes to your lifestyle so that you can be on firmer financial footing. Of course, many people fail to achieve their resolution, particularly weight loss goals. To make things manageable, we will avoid stuffing this article with hard-to-achieve goals that will… Read More »
Toys ‘R Us Bankruptcy Hit Toys for Tots Program
The recent bankruptcy filing and closure of giant retailer Toys ‘R Us made it harder for parents to find toys for their children this holiday season. The bankruptcy filing also hammered the famous Toys for Tots program, hampering the charity’s ability to obtain the toys it needs to distribute to needy families. Toys for… Read More »
What are Allowed Living Expenses in a Chapter 13 Repayment Plan
The repayment plan is the centerpiece of a Chapter 13 bankruptcy. This plan can last up to five years, and it identifies how much you will pay to your creditors. Any debt that remains at the end of the repayment period gets wiped out, and you can walk away free. At its simplest, a… Read More »
Bankruptcy & Mobile Homes in Florida
Indebted consumers in Florida can typically choose between two bankruptcies—Chapter 7 or Chapter 13. With a Chapter 13, consumers do not lose any property, but they will need to stick to a repayment plan for 3-5 years before debts are discharged. With a Chapter 7, however, debtors can lose non-exempt property, which the trustee… Read More »
Florida Companies File for Bankruptcy
Although giant retailers like Sears and Toys R Us get all the attention, smaller Florida businesses have also been filing for bankruptcy protection recently. Whether these companies can reorganize their debts successfully remains to be seen, but if your small business is struggling, realize that you are not alone. Promise Healthcare Group Seeks Chapter… Read More »
Tangible Benefits of Filing for Chapter 13 Bankruptcy
A little discussed research paper by the National Bureau of Economic Research (NBER) has highlighted the many benefits of filing for Chapter 13 bankruptcy. Looking at roughly half a million filings, the two researchers found that those who complete a Chapter 13 tend to make more money and live longer than those who don’t…. Read More »
Hoping to Win the Lottery? It Could Lead to Bankruptcy
Gigantic lottery jackpots have been in the news recently. First, there was the $1.6 billion Powerball lottery in 2016. Then, in late October 2018, Mega Millions offered a $1.5 billion lottery jackpot—which was won by a single person who bought a ticket in South Carolina. We wish that we could tell the public that… Read More »
Credit Card Debt Continues to Increase
According to Value Penguin, the average American household had $5,700 in credit card debt as of November 2018. The median (or midpoint) debt was $2,300. However, these numbers also include the households that carried no debt. By narrowing the analysis to households with debt, the numbers were much scarier: an average debt of $9,333…. Read More »