Monthly Archives: June 2023
Does Bankruptcy Affect Your Security Clearance?
Although most people believe the answer to this question is “yes,” the B-word does not appear in Guideline F of DoD Directive 5220.6, the relevant document in these situations. However, Guideline F does touch on a number of bankruptcy-related matters. It simply says some very unexpected things about the relationship between bankruptcy and a… Read More »
If I File Bankruptcy, Can I Buy A Car?
Absolutely, and it’s a good thing too. Most new cars last about 175,000 miles. At 15,000 miles per year, a typical mileage rate for Chicagoland, that’s a little over eleven years. So, in some cases, a debtor might need another vehicle during bankruptcy. Assume Phil drives a ten-year-old car when he filed Chapter 13… Read More »
Why Does A Person File Bankruptcy?
The simple answer is people file bankruptcy because they owe more than they can pay. Generally, if you spend more than about a third of your income on mortgage debt, credit card debt, and other fixed monthly obligations, that’s too much debt to comfortably repay. Families in this situation have basically two choices. They… Read More »
