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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

January 6, 2021 By Jen Lee

A Lesson in Internet Headlines

Yesterday (January 5, 2021), news websites reported the following two headlines:

PANDEMIC SPURS MOST BANKRUPTCY FILINGS SINCE 2009
The sky is falling, the sky is falling!

BANKRUPTCY FILINGS HIT 35-YEAR LOW THANKS TO GOVERNMENT PANDEMIC AID

Wait, what? I thought the sky was falling.

How can both of these headlines be true? Because the reporters cherry-picked statistics to make the most sensational headlines. As far as business bankruptcies go, it’s true that bankruptcy filings were way up in 2020. However, consumer bankruptcy cases were way down in 2020. So, it was the best of times, it was the worst of times.

To explain, businesses struggled with shutdowns and lack of funding to pay leases, payrolls, and expenses with no revenue. Many businesses have held off filing for bankruptcy to see what a recovery may look like before jumping into bankruptcy, but many were not able to hold off, which resulted in high business filings compared to recent years.

However, consumers and individuals are currently struggling with how to predict the future. It did not make sense in 2020 for most people to file bankruptcy without knowing what debt and income looks like going forward. Also, the pandemic unemployment helped many people stay current on bills. Finally, the eviction and foreclosure moratoriums, along with court closures, have made it less urgent to file immediately to stop those proceedings.

So, take your headlines with a big grain of salt these days. It also helps to remember that you are not alone in facing difficulties. Get advice for your specific situation and use the tools that are available to you.

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 Process, Business, Mindset

June 15, 2020 By Jen Lee

I Didn’t Know You Help With That!

I always say that one of the most frequent sayings I hear is, “I didn’t know…” and it happened again on Friday.

I was reminded this week that people may not realize how we help individuals and business owners with debt and credit strategy (or maybe what that means). A networking partner reached out to me to ask when I would get involved with a business that has not been able to operate due to COVID-19 and had some debt they were worried about how to pay.

Here was my response:

Thanks for your email! I’ve been doing a lot of strategy sessions to look at various options for businesses. We generally are looking at potential personal liability on the debts, what happens if revenue doesn’t come in, and the possibility of settling debts when needed. Also, if there’s a personal guarantee on the lease, that’s something that would need to be planned around.

The session on my website is offered as a COVID-19 Financial Stress Strategy Session (link in my signature).

The networking partner responded that she had no idea that I did these 1-hour sessions and that is a very valuable resource for those needing advice.

This really gets to the heart of getting advice at the time it is needed instead of waiting until it’s too late or trying to book free consultations with various attorneys to piece together advice. Many of our clients do not need expensive legal solutions or a bankruptcy. They just need to make sure they are on the right track and not making more mistakes that will lead to expensive legal solutions or bankruptcy in the future. That’s what our strategy sessions offer. Clients leave with a plan, an outline of options, and a discussion of pros/cons of those options.

So, yes, I help with that!


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: bankruptcy, 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

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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.

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