New Mexico Bankruptcy Law Blog

From time to time, a Guest Blogger will share voice at the New Mexico Bankruptcy Law Blog. Today, we welcome Russell A. DeMott, a Charleston, South Carolina bankruptcy lawyer who helps clients file Chapter 7 and Chapter 13 bankruptcy. Russell also is a Contributing Author at the Bankruptcy Law Network, an ABA “Top 100 Law Blogs.”

Russ has written a 3-part series for the New Mexico Bankruptcy Law Blog on  “Lien Avoidance in Bankruptcy.”  It starts next Thursday. Topics include:

• What is a Lien?
• How Does the Bankruptcy Code Treat Liens?
• Why are Liens a Bad Thing?
• So I’m Protected as Long as I Don’t Have Much Equity?
• Here’s Where the Bankruptcy Code Comes to the Rescue

Welcome, Russ! We look forward to your series!

Unemployment rates continue to frighten most anyone who is watching. People are losing jobs, and it can be horribly difficult to find a new one, especially one that approaches the salary and benefits of an earlier one.  Times are different and they are difficult.

One of my favorite legal self-help publishers has an article I’m running in a series, on Tuesday  1/19, 1/26, 2/2, and 2/9.

Ways to keep a job loss from becoming a financial disaster, Part 2.

7. Consider getting a roommate. If you have the space, a short-term roommate can help mitigate the cost of your mortgage or rent. You might also consider a part-time roommate, someone who commutes from afar and needs a bed only a few nights a week.

8. Take on odd or part-time jobs while you search. House-sit, walk dogs, or be a companion for an older person. These and other part-time, low-commitment jobs can offer immediate income while allowing you time to conduct your search for a new job in your field.

9. Don’t use credit cards (unless you absolutely have to). One major risk of unemployment is spiraling debt. Credit card debt is notoriously difficult to get out of and should be avoided. Do everything you can to avoid getting into, or deeper into, any kind of debt.

10. Don’t lose heart. Remember, millions of others have faced a job loss and lived to tell about it. Many successful people have lost their jobs, only to go on to better things. And losing an income is not a reflection on your worth as a person, or even on the quality of your work. With the right attitude, you can use this opportunity to take a step back and consider new directions that may well prove to be more rewarding both personally and financially.

Whether you choose to do all or just some of the above, you’ll be taking important and useful steps to manage your finances during this difficult time.

Reprinted with permission from the publisher, Nolo, Copyright 2009, Nolo

Unemployment rates continue to frighten most anyone who is watching. People are losing jobs, and it can be horribly difficult to find a new one, especially one that approaches the salary and benefits of an earlier one.  Times are different and they are difficult.

One of my favorite legal self-help publishers has an article I’m running in a series, on Tuesday  1/19, 1/26, 2/2, and 2/9.

Ways to keep a job loss from becoming a financial disaster, Part 1.

1.Tie up loose ends and collect all compensation due from your job. Before you sever ties with your former employer, make sure to turn in all of your expense reports and to receive a paycheck for all your work, through your very last day. (For information on how soon you can expect your check, see Chart: Final Paychecks for Departing Employees.) If your state’s law or employer’s policies give you the right to be paid for unused vacation time, make sure that’s included in your final paycheck. A few employers pay out unused sick or personal leave, too.

2. Explore freelance or part-time work options before you leave. If you and your employer parted ways on good terms, ask your supervisor (or anyone you know at the organization) whether you might be hired to do freelance or part-time work. Sometimes a downsizing company might rehire you in another capacity, or a sympathetic supervisor (or manager of another department) may be helpful in providing you with leads.

3. Apply for unemployment benefits as soon as possible. State rules for unemployment compensation vary, but in general, if you are not at fault for losing your job, you are probably eligible for unemployment benefits. Laid-off workers are typically eligible for benefits, while fired employees will be eligible unless they were fired for misconduct. (For more information, see When You Are Entitled to Unemployment Compensation.)

Reprinted with permission from the publisher, Nolo, Copyright 2009, Nolo

Reprinted with permission from the publisher, Nolo, Copyright 2009, Nolo

This is a link to part of a series I’m doing over at the Bankruptcy Law Network called, “I’m Filing, My Spouse Isn’t — What Happens?”

#5 What About My Spouse’s Privacy?

This is a tough season when money is tight (and always a tough season for resisting impulse buying).  One of my favorite legal self-help publishers has an article I’m running in series, on 12/1, 12/8, 12/15 and 1/14.

Tips to keep in mind, thanks to Nolo.

Hope you survived the shopping part — now is the time to focus on paying for what you bought:

When it comes to paying your holiday bills, follow this advice:

Pay by cash, check, or debit card. The best way to avoid finance charges from credit card bills is to keep your credit card in your wallet. Pay by cash, check, or debit card instead.

Pay your credit card bill quickly. Avoid large interest payments by paying off your credit card bill in full. If you can’t do that, pay as much of the bill as you can each month.

Consider transferring the balance to a low-interest card. Look for low-interest credit cards to which you can transfer your credit card balance. You’ll save yourself a bundle if you pay off your $1,000 balance at 6.9% a year rather than 18% per year. But be careful. People who constantly juggle cards often get into financial trouble. And too many open and closed accounts may lower your credit score.

For more information on budgeting and dealing with debt, check out Solve Your Money Troubles: Get Debt Collectors Off Your Back & Regain Financial Freedom, by Robin Leonard and attorney John Lamb (Nolo).

Reprinted with permission from the publisher, Nolo, Copyright 2009, Nolo

This is a tough season when money is tight (and always a tough season for resisting impulse buying).  One of my favorite legal self-help publishers has an article I’m running in series, on 12/1, 12/8, 12/15 and 1/14.

Tips to keep in mind, thanks to Nolo.

This is Part 2, “Shopping Tips” continued:

Get started early. Good deals are often available before the official holiday shopping season starts on the day after Thanksgiving. Prices are usually lower, you have more time to take advantage of mail order bargains, and you can find some great deals on models that are being phased out toward the end of the year.

Look for good gifts that are also good buys. Learn about the features and options available on particular products, especially expensive items such as cameras, video equipment, sporting goods, stereos, and computers. Read up on different makes and models so you won’t be swayed by the more costly recommendations of zealous (and commission-hungry) salespeople.

Once you’ve narrowed the field, look for bargains. Studies have shown major price variations — often 50% or more — in the same area for identical products, especially audio-video and computer equipment. Don’t assume that prices are always lower in catalogs or on television shopping channels, no matter what their ads claim.

Know the store’s return policies before you buy. Because sales help is often transient during the holiday season, and temporary employees may not be fully informed of store policies, ask the clerk to write the refund policy on the receipt if it’s not printed there.

Avoid buying unnecessary warranties. Resist the pressure to buy an extended warranty or service contract for most products. Extended warranties often duplicate the product’s existing warranty and rarely are worth the extra cost.

For every rule, there’s an exception, however: Consumer Reports does suggest that you consider extended warranties for laptops and some types of TVs: LCD, plasma flat panels, and some rear-projection TVs.

Keep records of all your purchases. To make sure you stay on track, keep all sales receipts. Receipts will also come in handy when monitoring your credit card statements.

Reprinted with permission from the publisher, Nolo, Copyright 2009, Nolo

This is a tough season when money is tight (and always a tough season for resisting impulse buying).  One of my favorite legal self-help publishers has an article I’m running in series, on 12/1, 12/8, 12/15 and 1/14..

Tips to keep in mind, thanks to Nolo.

This is Part I:

If you want to save money, this is the time to make your resolutions — not after the New Year.

Cut your gift list. The easiest way to reduce how much you spend during the holidays is to exchange gifts with fewer people. You might even talk to some people in advance and agree that you won’t exchange gifts but will get together to do something you both enjoy — such as taking a stroll downtown to see the holiday lights.

Find alternatives to purchased gifts. Be creative with alternatives to purchased gifts. Homemade treats, a coupon for your services (such as babysitting), pre-addressed and stamped envelopes so an older person can easily keep in touch, a family photo, or a tax-deductible contribution to a charity are all thoughtful gifts.

Make a budget. Once you’ve figured out who you want to buy gifts for, determine your overall budget and decide how much you want — and can afford — to spend on each person. This will help you avoid the temptations of last-minute impulse buying.

Spend within your budget. Stick to your budget. This takes tremendous discipline, and you may want to enlist help. Shopping with someone who can provide the voice of reason is the best way to keep from overspending.

Reprinted with permission from the publisher, Nolo, Copyright 2009, Nolo

This is a link to part of a series I’m doing over at the Bankruptcy Law Network called, “I’m Filing, My Spouse Isn’t — What Happens?”

#4 We Have a Post Marital Agreement — Does That Change Anything?

This is a tough season when money is tight (and always a tough season for resisting impulse buying).  One of my favorite legal self-help publishers has an article I’m running starting today and then on Tuesday 12/8,  12/15 (both “Shopping Tips”) and  Thursday 1/14, “When the Bills Come In” (that’s why it follows the holidays proper).  Tips to keep in mind, thanks to Nolo.

This is the introduction to the body of the article:

A little budgeting during the holidays can save you from financial disaster.

Many people get carried away during the holidays. In fact, consumers spend more money in the three months before New Year’s — on presents, travel, and entertaining — than at any other time of the year. And much of that buying is done on credit, which can lead to major debt problems for months or even years to come. To keep your cheer intact before and after the holidays, we’ve compiled a few tips that will help you be generous without inviting disaster.

Reprinted with permission from the publisher, Nolo, Copyright 2009, Nolo