Jeena and Jeff discuss one of life’s most painful experiences – root canals and going to the dentist. They also discuss grieving as it relates to people suffering from too much debt.

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Written by San Francisco Bankruptcy Lawyer, Jeena Cho

When I was a prosecutor, I was assigned to the Domestic Violence court. One of the most frustrating and difficult part of my job was getting the victims of domestic violence to see that the abuser was abusive. I would have victims with black eyes, broken arms, or bruised lips look me straight in the eyes and say “Oh, but he’s been so good to me. I don’t want to end the relationship.” I’d think to myself what? Are you kidding?

As a bankruptcy attorney, I have a similar reaction when my clients will tell me that he or she really “likes” Bank of America (Chase, Wells Fargo, etc.) and don’t want to end the relationship. “I’ve been with them for years and they’ve been good to me.” Maybe your bank isn’t breaking limbs, but they can certainly be Continue Reading »

Written by San Francisco Bankruptcy Lawyer, Jeena Cho

Recently, I was reading an email exchange on a bankruptcy lawyers’  Listserv. One attorney mentioned the “five stages of grief” and his client’s struggle through the stages. Most of us probably have experienced these five stages sometime in our life. When a traumatic event happens, such as a loss of a job, divorce, loss in stock market, death of a spouse, etc. It’s natural to go through these stages.

Here are the five stages of progression.

Denial - “I’ll avoid opening the mail, answer my phone, just ignore it.” “It can’t be that bad.” “Something will change.” The first stage is only temporary defense.
Anger - “Why is this happening to me?” “It’s so unfair!” “It’s my ex-boss, ex-wife, ex-husband, children’s fault.” Once in the second stage, the individual recognizes that denial cannot continue.
Bargaining - “Maybe I can wait until next year.” “Maybe if I just pay the monthly minimum Continue Reading »

Written by San Francisco Bankruptcy Lawyer, Jeena Cho

I meet with many people that remain in the denial stage for a long time and hoping that something will change. Maybe he will get a big bonus, or win the lotto, or will find a better paying job. Oftentimes, the client will go on for months or years, hoping that the situation will magically change. Of course, most often, it does not. In the meantime, the client is burning through his precious resources to stay afloat.

It’s similar to a tooth decay. I have for years avoided going to the dentist. I had tooth aches but I just thought “Oh, it’s nothing. I’m fine.” (Denial.) When the pain became unbearable, I finally went to the dentist. As expected, the news was not good. I needed several fillings but (good news was) I did not need a root canal… yet. I was Continue Reading »

Written by San Francisco Bankruptcy Lawyer, Jeena Cho

Do you remember that scene in Fight Club where Brad Pitt’s character says “You are not your bank account”? If you have not watched the movie, I highly recommend it. To view the clip I’m referring to, click here. So, what does Fight Club have to do with your credit score? Because, to quote from the movie,

“This is your life and it’s ending one minute at a time.”

Consider for a moment, your life and think about your goals. Let’s start with 5 years. Where would you like to be? What accomplishments have you achieved? How about in 10 years? In 20?

I don’t know what’s on your list, but I would probably guess correctly if I said – making monthly minimum payments on my credit card is not on that list. Maybe you would like Continue Reading »

In this Podcast, San Francisco bankruptcy attorneys Jeena Cho and Jeff Curl discuss the basics of Chapter 7 and Chapter 13 bankruptcy. Answering commonly asked questions: “Can I keep my home, car, property in bankruptcy?” and “How about my failing business?”

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Written by San Francisco Bankruptcy Lawyer, Jeena Cho

You may have heard there is a “credit counseling” requirement before you can file for bankruptcy. This mysterious counseling class seems to give many people great anxiety. In fact, it is one of the first questions clients ask about. “What is this CLASS I have to take?” It’s easy to think the the class is a semester long, and you have to pay hundreds of dollars to attend. Nothing can be further from the truth! Credit counseling classes can be completed online, over the phone or in person. It will generally take you less than an hour. Costs vary between $15 to about $50 depending on where you go. One company I like is DECAF.

The credit counseling class was part of the 2005 Bankruptcy Amendment and it’s just another hurtle for people to have to get through before filing your bankruptcy. Continue Reading »

Written by San Francisco Bankruptcy Lawyer, Jeena Cho

In this economy, when couples are contemplating divorces, they are not fighting over who’s going to get the silverware, but who is going to pay the marital debt. Frequently, there are no assets to distribute in divorce – only debt. Divorces are of course expensive. It’s costly not just in terms of having to pay for two attorneys, but the emotional toll as well. Just this week, I met with a client who had racked up over $30,000 in attorney fees all in an effort to take on as little of the marital debt as possible. Now she is contemplating bankruptcy to get rid of the attorney fees.

So, is it smart to contemplate bankruptcy before the divorce? If you are on amicable terms with your soon-to-be ex spouse and the only issue is how the debt will be divided, it may make a Continue Reading »

By: Jeena Cho, Bankruptcy Lawyer

When you hire a bankruptcy lawyer, you are not just hiring someone to fill out the bankruptcy forms. If you wanted someone to simply fill out the forms, you can hire a document preparer for a couple hundred dollars. What you are paying for is the attorney’s knowledge about the bankruptcy law.

So, what goes into planning for a bankruptcy? Why hire an attorney for your bankruptcy?

Here are few items to consider.

Timing. As with most things in life, timing is everything. Many potential problems with bankruptcy can be avoided by properly timing the bankruptcy. Just as an example, I review my client’s most recent credit card statements to see if there are any red flag items. If there is, I may recommend waiting.
Exemption. Exemption govern the property you can keep through bankruptcy. If you have “non-exempt” property, we may consider Chapter 13 to keep those Continue Reading »

Written by San Francisco Bankruptcy Lawyer, Jeena Cho

I came across an excellent article by a fellow Charleston Bankruptcy Lawyer. Russell DeMott, which addresses the impact of bankruptcy on credit report. If you are concerned about impact of bankruptcy on your credit report, consider the following:

Your Credit Rating is Already Screwed Up!

My answer to this question is usually the same: “you already have bad credit.”  The vast majority of clients who see me are delinquent on their debts.  This, of course, is why they came to me in the first place.  They have 30 day lates, 60s, 90s, lawsuits, judgments, and everything in between.

Having debts problems is like a tumor, though.  You get rid of it two different ways: (1) you pay off the debt–and that’s not an option much of the time, or (2) you file bankruptcy and discharge it.  If you do nothing, the tumor just grows and grows.  Continue Reading »