It is the end of August already, and we know a few families that are sending their children off to college for the first time. These parents are excited for their kids and have spent the summer encouraging them to take advantage of every opportunity they have to learn and to grow, to explore their new surroundings, whether close to home in Chicagoland or father afield. These parents are also wondering how they will pay the tuition. College costs a lot more today than it did 20 years ago.
Bankruptcy is as much about learning how to manage debt going forward as it is about dealing with the pile of bills. When we are deeply in debt, we want relief from the headaches, the creditor calls and the past due notices. We also want a fresh start -- we want that clean slate so we can plan ahead after spending so much time and energy reacting.
The debate over Social Security has been going on for some time. Will the fund go dry? Will Congress act? Will there be anything left for baby boomers, much less millennials? For some, Social Security benefits are the main source of income after retirement. For others, those government checks will supplement retirement plans just enough to make ends meet.
There is a stereotype about entrepreneurs that they are in perpetual motion, that they eat, sleep and breathe their business. The entrepreneur will give up everything to make that business a success, and that enthusiasm and sense of adventure are infectious. Everyone in the family believes this person can make it if anyone can.
Homeowners facing foreclosure often believe that the public auction is the end of the process. After all, by the time the auction comes around, the bank has taken possession of the home, and the redemption periods have passed. When the bank sells the home, the borrower is off the hook and can put the whole thing behind him, right?