The Lee Law Firm

Vol. 3, Issue 6.

June 2013
Providing the Best representation at the Best price, Guaranteed!
Bankruptcy News
Debt. There are different types of debt, each of which has a point where it can help you or hurt you in the finance game. Unsecured debt like medical bills, credit cards and some loans are the most commonly held types of debt. While it is easier to obtain and have less risk involved if you default, it is also less helpful when looking to boost your credit profile. On the other hand, secured debt like a car or home loan comes with the ability to bump your credit and also with a higher level of risk. The trick for making these debts work for you is simple: know what balance you can afford before you make that purchase.
Although the need for bankruptcy rarely comes about solely due to poor balance planning, it can happen to anyone. The benefit that bankruptcy can offer over other debt relief strategies is its ability to work with a range of debts, while also protecting much of your assets. Unsecured debts are easily managed in bankruptcy, whereby your balances can be erased. Debt settlement and consolidation strategies are often thought to be a good solution for unsecured debts, but some unsecured debts actually cannot be managed in this way. Secured debts are also well managed in bankruptcy, some might even say best managed in bankruptcy over other options. Why? Because no lender or debt relief agency can guarantee protection of the asset tied to the secured debt the way bankruptcy can. Foreclosures and repossession prevention is one of the key benefits of bankruptcy, especially if you have already missed a payment.
 
Check Out Our Blogs!!
Mortgages After Bankruptcy
Refinancing and Foreclosure
HAMP vs. Bankruptcy
Q & A with Mr. Lee
What is the biggest mistake people make when it comes to getting out of debt?
In my experience this is a huge problem. People think that things will get better but they seldom do once a certain threshold of debt is reached. And so what happens, they stall, the do nothing, they wait. Doing nothing is the most harmful thing someone can do. Once a decision is made to move forward and take that next step by hiring a firm that specializes in dealing with consumers’ debt, things get better very quickly. So waiting for the problem to go away is the worst thing to do. Calling a professional firm, like the Lee Law Firm is the very best way to handle your debt problem.
Have a question for Mr. Lee? Want to see it in next month’s issue? Submit it to newsq@leebankruptcy.com and we may just pick your question to be featured next month!

"The mint makes it first, it is up to you to make it last."

- Evan Esar

Money Management Tips
For most people, debt is a fact of life. However, not all debt is bad debt. In fact, debt can be a healthy component to your financial situation. The key to financial success is knowing when good debt has become a problem debt. Here are a few signs your debt may have crossed the line into bad debt:
  1. You find yourself using credit cards to fund essential living expenses, such as food or gas. If you can’t afford to buy the essentials from your monthly income, using credit is only going to make the situation worse in the long run. Start by examining your purchases against your budget to identify ways to reduce unnecessary spending.
  2. You can’t afford to pay more than the minimum payment. This is one of the earliest signs of financial trouble. You either have too much debt or not enough income to support the payments you should be making on your accounts. Paying only the minimum payment is going to cost you much more in interest in the long run.
  3. You have missed at least one payment. This is typically when people decide they have a problem and seek a solution. Depending on the type of debt, you could be at risk of any number of consequences from debt collector calls to foreclosure. If you haven’t already sought help, now is the time to do so!
What Clients Are Saying
Kimberly and I had our 341 meeting today and it literally lasted perhaps 1.5 to 2 minutes and we were asked only 5 or so questions. We didn’t even have time to sign in before the Trustee said, meeting completed and had to sign in over at the side of the room so he could continue with others. I am personally taking this to mean all our ducks were in a row and you are all part of that. I know it’s just your job but there are those who do just their job and those who do their job very well and you all are included in the later. So a big thank you to the entire Christopher Lee law firm and especially to Jon, Heena, Erin and Rachel. I know we aren’t completely finished yet but this milestone seemed to us as one of the biggest after making our initial decision.
I will add that one of the obvious local attorneys at the 341 Meeting was quite interested in a face he didn’t recognize, Heena’s and asked where she was from. Heena told him the firm and stated she worked mostly in the Northern District. When asked why she was here in the Southern District her answer was so matter of fact “for MY clients”. That statement gave us both an even greater sense of peace knowing she looked at us in the manner of “her clients” not her firm’s clients but “my clients”. That in itself speaks volumes about the amount of caring, compassion and respect we have gotten. Thank you very much. — Daniel and Kimberly


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