Jen|Lee|Law

Main Office Phone: 925-586-6738
Offices in San Ramon, San Francisco, and Tracy, CA
Contact Us
  • Blog
  • About
    • About Jen
    • About Connie
    • About Leo
    • Office Staff
  • FAQ’s & Resources
    • COVID-19 Resources
    • FAQ’s & Resources
    • Media
    • Monthly Newsletters
    • Testimonials
  • Services
    • Current Clients
    • Individuals
    • Employees Are Assets
  • Speaking Engagements
  • Schedule Appointment
  • Gift Cards

March 27, 2020 By Jen Lee

The CARES Act and Student Loans: What You Need to Know

College Student Loans

Lots of information out there about the new CARES Act and what it purports to do. It’s a huge document and has a lot of moving parts. In an attempt to pull out useful information for the average consumer and small business owner, we are working on a series of blog posts to help answer some questions. 

Student loans are discussed in § 3513 of the bill and there is some relief available, provided your loans are Direct Loans or FFEL loans owned by the U.S. Department of Education. Private loans, Perkins Loans, and FFEL loans not owned by the U.S. Department of Education are not protected by the CARES Act.

If your loan is covered, payments are suspended through September 30, 2020 and no interest accrues during that time. The suspension months also count towards forgiveness programs if you are enrolled in one.

In addition, if you have a wage garnishment or your tax refund is subject to interception for delinquent student loans, those collection efforts are suspended. Credit reporting during this time period is also included in this section and any payment that is suspended is treated as if the regularly scheduled payment had been made by the borrower.

Starting on August 1, 2020, suspended student loan borrowers will receive notices regarding when the normal payment obligations will start again and that the borrower has the option to enroll in income-driven repayment options at that time.

If your loan is not covered under this program, you will want to reach out to your lender or servicer to discuss forbearance options, the terms of a forbearance, and how to apply. Also, it is very important that you find out how the forbearance will be reported on your credit and understand how it may affect your future ability to obtain credit.

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: Student Loans Tagged With: CARES, COVID-19

February 5, 2020 By Amir Beg

Are You Having an Affair (With Your Finances )?

In a successful relationship, honest and open communications with a partner are critical foundations for long-term happiness. The same principles also apply when managing personal finances. Disagreements over spending and money management can lead to breakdowns in marital relationships, an increase in mutual distrust, arguments over money, and potentially divorce. In a recent survey from last year, 11% of respondents admitted they would leave their spouse over financial issues if they believed they were bad with money.1 Another study suggested that couples who argue weekly over finances were 30% more likely to divorce than their counterparts who only argued a few times every month.2 The longer it takes for parties to acknowledge and address the problem, the more likely it will escalate into a bigger conflict down the road.  

“It’s not you… it’s me.” 

Financial infidelity does not carry the same stigma in society as marital infidelity, but it is more prevalent than society cares to acknowledge. A 2018 study of 414 participants indicated that 27% had deceitfully kept a financial secret from their partner.3 The most recent study from insurance marketplace provider Policygenius provides some sobering statistics: 

12% of respondents had a credit card they did not disclose to their significant other. 

12% of respondents had a secret savings account. 

13% respondents had a secret checking account.  

12% also had hid a purchase from their partner within the prior 6 months. 

19% of respondents only tell their spouses before committing to any purchase.4 

This brings up an important question: why are people so reluctant to discuss issues concerning their finances? 

The “Money Talk”  

There is no one single cause for financial infidelity, but to be frank, some people just do not like talking about finances for personal reasons. In households where one partner happens to earn significantly more than the other (e.g. stay-at-home parents), there might be a tendency for the bread winner to think in terms of singularity (“his/her share” of the finances) rather than a joint contribution (“our” money). Problems can ensue when partners stop treating their “better half” as an equal in the relationship.  

Some individuals would bristle at the thought of making a budget or tracking expenses talking about money, finding the encounter as pleasant as running fingernails down a chalkboard. A Harris Poll conducted on behalf of the National Endowment for Federal Education found that 36% of respondents believed that some issues regarding their finances should remain private. On the other hand, 26% had discussed money issues with a loved one previously and were certain their spouses would disapprove.5  

Fear of disappointing a loved one can also play a role in financial infidelity. The Harris Poll indicated that 18% of respondents were embarrassed about their financial outlook and were concerned how their significant other would react; 16% would not discuss matters out of anxiety.6 From my perspective, a candid discussion is better than having both parties living in denial of their current situation. Although it may be more comforting to hear a loved one say, “I got the bills under control,” it is better to be truthful than hearing an admission three months later that, “I need to take $800 from our bank account to cover the minimum balance on my Visa this month. Oh, and I need to make the payment in 2 days.”7    

Let’s also acknowledge that society has played a role in segregating household accounts. Most families rely on two incomes to financially support the household. Compared to prior generations, people are also waiting longer before tying the knot (and managing their financial affairs).8 If couples are not discussing financial issues before moving in together, ongoing debt problems can come back to haunt them long after, potentially deferring lifelong goals such as saving for home ownership or retirement. 

Taking Control of Your Affairs 

Some people may be wondering: is there a right way to manage finances? Is it better to maintain joint accounts or keep separate records? Recommendations may vary, but there is no right or wrong way to take control of your financial affairs. It really is a matter of comfort and personal preference. Couples can (and have) successfully maintained their separate financial records just as well as those who jointly manage their assets. As one group of marital attorneys noted, “The key is for couples to discuss their views on money and to decide among themselves how they will make decisions about how the family money will be controlled…As long as the goals and attitudes toward money are shared, the mechanics of fiscal management are less important.”9 

New Year, New You 

With the start of 2020, there is plenty of time to make positive and healthy changes for your personal and financial health! As part of our one hour strategy session, we work with clients to discuss and develop debt and credit strategies, and fashion remedies to provide relief to their ongoing financial challenges. Feel free to schedule an appointment at one of our convenient locations by clicking the link at the top of the screen. 

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.


1 Hanna Horvath, “Couples & Money survey: 1 in 5 people think their partner is financially irresponsible” Policygenius. http://www.policygenius.com/blog/couples-money-survey-2019/
2 Preston Ni, “7 Keys to Long-Term Relationship Success” Psychology Today, https://www.psychologytoday.com/us/blog/communication-success/201210/7-keys-long-term-relationship-success
3 Jeanfreau, M., Noguchi, K., Mong, M. D., & Stadthagen, H. (2018). Financial Infidelity in Couple Relationships. Journal of Financial Therapy, 9 (1) 2. https://doi.org/10.4148/1944-9771.1159
4 PRSNewswire https://www.prnewswire.com/news-releases/policygenius-one-in-five-people-think-their-partner-is-bad-with-money-300927244.html
5 Harris Poll, “Celebrate Relationships, But Beware of Financial Infidelity”. Feb. 14, 2018. https://www.nefe.org/press-room/polls/2018/celebrate-relationships-but-beware-of-financial-infideltiy.aspx
6 Id.
7 As always, communications made to an attorney for the express purpose of seeking legal consultation or advice are held in complete confidentiality under attorney-client privileges.
8 Hanna Horvath, “They may share love, but many couples don’t share money.” Policygenius Sep. 24, 2018 https://www.policygenius.com/blog/couples-mange-money/
9 “Making Marriage Last”: A Guide to Preventing Divorce. American Academy of Matrimonial Lawyers.

Filed Under: Mindset

January 20, 2020 By Jen Lee

More Scams – Financial Education Requirement in Bankruptcy

It is increasingly difficult to stay on top of all of the scams out there when it comes to debt, credit, and financial issues. However, this one really struck a nerve recently when a client received this notice after filing for bankruptcy:

This looks pretty official, right? If you got this in the mail after filing your bankruptcy, you would probably be concerned that there is something wrong with your case, after all it says “Warning” at the top. This is NOT an official court document. This is an advertisement. Nowhere on the form does it tell you that it’s an advertisement. And, the code section at the top really has nothing to do with the actual requirement of taking the course.

When you file for bankruptcy, you are required to take a credit counseling course before filing and a financial management (or debtor education) course after filing. If you file with our firm, we send you different options for the courses at the proper times because timing is important. However, once you file for bankruptcy, there are companies that will bombard your email and mailbox with offers for the financial management course. This is one of those offers.

The reason I hate these advertisements is because our clients are stressed enough with filing bankruptcy. They don’t need extra stress in the form of an unofficial document that makes it look like something is wrong with their case. Now, we get to send a warning to all clients to try and ease the stress before they get something like this in the mail.

Here’s what the bottom of this letter looks like (with the name of the agency redacted):

This language makes it sound like the government requires you to obtain the certificate from this particular agency, which is absolutely not true. There are many accredited providers out there who offer this course.

Also, the icing on the cake, is that it tells you not to research the company by typing the company name into a search engine. If you do type it in, you get a bunch of alternatives to this company and they don’t want you to know that there are other options.

So, please check with your lawyer when you receive things like this and please don’t panic. Our goal is to reduce stress in your life, not create it!

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, Bankruptcy Process, Mindset

November 8, 2019 By Jen Lee

Are Your Finances Making You Sick?

I often talk about people I meet who have various illnesses and health problems because of the debt and financial stress they are facing. The reason I talk about it is because people often feel isolated and alone, so they hesitate to get advice or find out their options because others will think less of them.

Some of the things I see on a regular basis are depression, insomnia, stomach issues, headaches, and anxiety. I once had someone tell me that she could not remember the last time she slept through the night without waking up in a panic. That kind of stress has a profound effect on your health.

An article in the NY Post this week also talks about this issue. The article has some alarming statistics about consumer debt, which is now over $14 trillion and significantly higher than consumer debt was back in 2008.

The stress also makes people more susceptible to scams and services that are not necessarily the best way to resolve the problem. Make sure you find out all of your options and not just the one the person on the phone is trying to sell you. We talk to people every day who signed up for a service and did not fully understand the long-term consequences, which caused even more stress.

Remember, you are by no means alone in dealing with financial stress. You would be very surprised at the number of people in your everyday life who have the exact same issues and everyone is afraid to talk about it. Your best step is to find out what you can do for your situation and make an informed decision.

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

October 31, 2019 By Jen Lee

Interest Rates

138% Interest?!

Once again, this week’s blog post is related to things we are seeing in the news and with clients. In the news, Bloomberg published an article this morning titled, “America’s Middle Class is Addicted to a New Kind of Credit.” In our office, we saw a disclosure on a loan agreement that consisted of 138.44% interest that the borrower would pay on a loan, which is crazy. Let’s break it down and figure out why this is a bad deal for the borrower.

The borrower needs $3,025 and went to an online lender to try to borrow the money. The lender quoted a 138.44% interest which included the $3,025 that the borrower needed, PLUS $13,813.36 in interest. That means that the borrower is going to have to pay $16,838.36 over 4 years (48 months). Now, most people’s eyes glaze over when we start talking about numbers, but we hope you can see that this is NOT a good deal for the borrower.

So, how do you avoid these types of loans and debts? Sometimes, easier said than done, but here are a few ideas:

  1. Create a budget or spending plan to help understand where your money is going. Look at your last 6 months of bank statements and credit card statements to figure out if you have any expenses you can cut to help with building a cushion.
  2. Have an emergency fund that you don’t touch unless it’s actually an emergency. Anything requiring you to borrow $1,000 at 138% interest had better be an emergency and having a small amount set aside for those kinds of situations can help stabilize your budget.
  3. Evaluate your options. If you are at the point where you are borrowing money at 138% interest, there is likely a bigger issue with your credit and/or finances. That’s ok and it is much better to get a handle on the issue before taking on more debt than after possibly making a mistake.

If you are considering one of these loans, please do anything you can to avoid signing on the dotted line. Also, please remember that you are not alone when it comes to dealing with debt and credit issues. It’s more common than you realize.

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: Credit

  • « Previous Page
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • …
  • 15
  • Next Page »

Schedule an Appointment

Schedule an Appointment

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…

Follow Me

Facebooktwitterlinkedinyoutubeby feather
NACBA logo         NACA logo

© Copyright 2021 Jen Lee Law. All Rights Reserved.