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June 14, 2022 By Jen Lee

The Business Power Hour with Deb Krier

Jen Lee is a debt and credit attorney and owner of Jen Lee Law, Inc., a law firm with offices in San Francisco, San Ramon, and Tracy, California. She is a leading expert on debt, credit, and financial stress, having been featured in Consumer Affairs, US News & World Report, and other national publications. Jen is the creator of several innovative programs to deal with financial stress and rebuilding after financial disaster.

Watch the interview below!

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.

Filed Under: Uncategorized

June 10, 2022 By Jen Lee

Managing Business Debt on PROFIT with a Plan

Listen to the full podcast here!

Marcia talks with credit & debt Attorney Jen Lee about the traps & benefits of business credit. The traps can truly affect your profitability. The benefits cut costs & open the doors to many opportunities. She also shared the facts that almost everyone has or has had credit challenges & to stop hiding from it. Credit can be fixed easier if you ask for help early on. Wait too long and nothing but trouble arises. 

Jen is the host of a helpful podcast @ www.mydebttherapy.com. She also has great resources on her site www.JenLeeLaw.com. =================

Join Marcia on her FREE webclass “How To Make Your Business Sale-Worthy….Even If You Aren’t Thinking of Selling It Yet on Wednesday at 6 pm PT. Register @ www.exitwithaplan.com

Please subscribe & ring the bell for reminders about next week’s show.

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About Marcia: She is a business growth strategist helping service-based professionals to strengthen their business so that it is worth selling someday. She works closely with her clients to turn their business into an attractive & profitable business asset they can enjoy until they decide it’s time to stop. She helps them get a return on their business investment. Marcia is the CEO of Trajectory Consulting & can be found at www.TrajectoryBiz.com

Curious? Book a complimentary call. (949) 229-2112

Want to connect? Go to www.HeyMarcia.com

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.

Filed Under: Uncategorized

June 10, 2022 By Jen Lee

MONEY LOVES WOMEN Podcast

Ending the Stigma Around Bankruptcy, with Jen Lee

Listen to Entire Podcast Here!

Download file | Play in new window | Recorded on May 25, 2022

Subscribe: Apple Podcasts | Stitcher | Spotify

Jen Lee is a debt and credit attorney and owner of Jen Lee Law, Inc., a law firm with offices in San Francisco, San Ramon, and Tracy, California. She is a leading expert on debt, credit, and financial stress, having been featured in Consumer Affairs, US News & World Report, and other national publications. Jen is the creator of several innovative programs to deal with financial stress and rebuilding after financial disaster.

Jen is the co-author of Preventing Credit Card Fraud: A Complete Guide for Everyone from Merchants to Consumers, published by Rowman & Littlefield in March of 2017.

What You Will Learn:

  • How 70% of Americans have a debt or credit problem, but the stigma around talking about our finances makes us feel alone in our struggles
  • Why lack of education and major life events are the main cause of bad financial situations
  • Why we should look at bankruptcy as a tool rather than something to be ashamed of
  • What the consequences are of filing bankruptcy, and how Jen helps her clients recover
  • How to successfully rebuild credit after filing bankruptcy
  • Why reshaping the conversations around finances and offering actionable steps helps build self-esteem and improve overall mental health
  • Jen’s actionable advice for women looking to take control of their finances today

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.

Filed Under: Uncategorized

October 5, 2021 By Jen Lee

And the lesson is…

And the lesson is…don’t take financial advice from a fashion magazine?

If you have followed me at all, you may notice that I tend to read a lot and like to write or do videos about the bad information I find on the internet. So, here we go.

An article titled, “6 Important Things to Consider Before Filing for Bankruptcy” sounds like it would be right up my alley. Let’s take a look.

#1 – It Affects Your Credit. 

Great. That statement is true. However, the explanation that followed got it wrong. The article states that it will affect your credit negatively and will be “significant and swift.” If you already have bad credit, filing bankruptcy makes your score go up. Read that again.

It gets worse. The article then says you are “required by future employers to know of your bankruptcy status.” First of all, that statement doesn’t even make sense. Second, it totally depends on the state you are in, the application, and the type of job you are applying for at the time. Finally, most employers prefer that you not have overwhelming debt distracting you from your job. In fact, qualifying for a job based on credit is often resolved through a bankruptcy filing because now the problem debts have been handled.

#3 (but actually #2) – Different Types of Bankruptcy.

Starts out ok. There are two main types of bankruptcy for consumers, Chapter 7 and Chapter 13. Then, it goes downhill fast. “You will need to sell off non-exempt assets, though, to pay off your debtors.” Where should I start?

First, you don’t sell off non-exempt assets. A Chapter 7 Trustee is assigned to your case when you file and they are the ones who would be responsible for selling non-exempt assets.

Second, YOU are the debtor. You are attempting to deal with your creditors. So, selling your non-exempt assets to pay your debtors makes absolutely no sense. The person who files bankruptcy is a debtor, the people and companies you owe money to are creditors.

Third, most Chapter 7 cases do not involve the sale of assets. An attorney can advise you on assets that may be at risk and often, a different chapter of bankruptcy is selected if there are assets you want to protect from sale.

#3 (the second #3 on the list) – Not All Debts Will Be Wiped Out.

True statement, but the rest is wrong. Yes, child support is not discharged in bankruptcy. However, taxes are often discharged in bankruptcy. Student loans are an interesting area because some can be discharged, but a lot cannot be at this time.

The second paragraph talks about creditors being able to challenge the debt you are discharging and that the court can rule in their favor so that the debt is not discharged. This is extremely rare and it’s usually when some sort of fraud or intentional misrepresentation is involved. This is not your average credit card debt that most people discharge in a Chapter 7.

#4 – It Isn’t a Quick Fix.

Not sure anyone thinks bankruptcy is a quick fix, but it’s often the most efficient fix. This section also talks again about losing assets. Luckily, it does say to talk to a lawyer to make the right decision, which is excellent advice.

#5 – Your Income Matters.

Hmmm. Yes, your income matters when determining if you are able to come up with a plan to pay off debt, whether that’s in bankruptcy or not. Your income matters if you are trying to qualify for Chapter 7 and have consumer debts. Your income comes into play in a Chapter 13 when we determine how much you have to pay towards debt. But the last sentence, “The more you make, the better off you will be in bankruptcy…” is wrong. Timing of the bankruptcy filing when you have lower income can help qualify for Chapter 7 or have a lower payment in Chapter 13. Talk to a lawyer, please.

#6 – There Are Other Ways.

Of course there are. But, which way is best for you and your goals? Because negotiating with 10 creditors and keeping track of 10 payment plans may be more stress than it is worth. Consolidation can also be helpful, but can also negatively affect your credit score. There are also a lot of companies out there willing to take a lot of your money to put you in a debt settlement program, which is actually worse on your credit than bankruptcy. But, no one tells you about that feature.

I promise to get off my soapbox now. Here’s the link to the article.

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.

Filed Under: Bankruptcy, Debt Consolidation

May 14, 2021 By Jen Lee

Financial Wellness: The Forgotten Wellness Topic

I recently wrote an article for the Contra Costa Lawyer on attorneys and financial wellness. Much of the article applies to non-attorneys as well and are thoughts that we come across every day in our law practice.

Most people do not want to talk about their finances. No one wants to admit their finances are not their strong point or that they may need help figuring out. After all, no one else has these problems, right?

Wrong.

This idea that no one else has the same problems is why we have an elephant (Bernadebt!) as our team mascot. The elephant in the room is that way more people are struggling with financial stress than we realize. The other thing we see a lot is this worry about what others will think. Trust us, no one else is paying attention to your financial problems because they are so worried about their own and what YOU will think of theirs!

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.

Filed Under: Mindset Tagged With: debt

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Disclaimer and Additional Information

LEGAL ADVERTISEMENT. The information included on this website is not intended as legal advice. You should consult with a lawyer before acting on any information contained in this website.

Jen Lee Law, Inc. is a federally designated Debt Relief Agency. Jen Lee helps clients file for bankruptcy protection under the laws of the United States.

Recent Blog Posts

  • The Business Power Hour with Deb Krier
  • Managing Business Debt on PROFIT with a Plan
  • MONEY LOVES WOMEN Podcast
  • 5 Ways Small Businesses Can Recoup Pandemic Losses
  • And the lesson is…

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