Hope...

I found this beautiful Rumi quote that is very relevant for today's troubles. The painting is by my good friend and talented artist Shara Banisadr.

Never Lie to a Bankruptcy Judge

If you are tempted to fudge facts a little on your bankruptcy petition, don't. Kansas City Attorney Rachel Lynn Foley warns that lying during your bankruptcy can land you in federal prison for a good long while. Scary stuff, but you've been warned!

$Saver - Buy computer cables for less

I was shopping online for a USB cable for the digital camera that Santa brought my daughter last Christmas. (Santa, you forgot the cable!!) I was coming up with price tags of $35 and more for the one we needed. (Without the cable, we cannot download pictures to our computers.)

Now I know for some of you, this is old news, but for me I was astonished to learn that I could get the same exact USB cable for her digital camera for less than $2 on Ebay! Add in shipping and my total tab was just $6.90!

As long as you don't get carried away bidding on stuff you don't really need, eBay in amazing place to shop.

BTW: I bought my cable from Abacus Cables and I gave them a glowing review for price, service and delivery.

Bankruptcy: Obama Gets It Right, Suze Orman Gets It Wrong

Today I read two articles in the Bankruptcy Law Feed Blitz that my friend (and Asian restaurant lunch buddy) bankruptcy attorney Amy Boohaker turned me onto.

One reiterates Obama's position on the so-called Bankruptcy Reform Act (BACPA) that went into law in 2005. I was opposed to this law, and recently wrote on Creditbloggers about what a disaster it has turned out to be.

Obama voted against BACPA and his statement before the Senate about the bill mirrors my views exactly. Essentially, he expressed the view of many consumer advocates, labor unions, and some brave Senators and Representatives that this bill would unfairly punish thousands of Americans who fell on hard times without addressing the predatory lending practices that contributed to the problem.

You can read more about McCain and Obama's positions on this important credit issue here.

And what about Suze?

Susanne Robicsek, a North Carolina bankruptcy attorney, says that Suze Orman often gets it wrong when it comes to bankruptcy. I'll let you read the article to form your own opinion, but one point in the piece really stood out for me. Robicsek points out that Suze Orman frequently refers to bankruptcy as "a last resort" and that is dangerous.

I agree. I have used that language in the past but try to avoid it now. That's because when people treat bk as a last resort, they wait too long to get help. And they make costly mistakes in the meantime, like raiding home equity or retirement funds to pay credit card bills (big no no!), or transferring balances and using cash advances to pay bills (also a problem if you end up filing).

Yes, bankruptcy may be your last choice, but don't let that stop you from getting help from a bankruptcy attorney if you need it!