Frequently Asked Questions

Why Would I Need Professional Financial Coaching?

• You have too much month left over at the end of the money and are falling further behind in your bills each month.
• You can't build a budget that will work for you.
• You have no savings.
• You are making your payments but can't seem to get ahead. You have nothing left over for retirement or the kid's education.
• You are behind on your payments and creditors and/or collectors are calling you.
• Your financial situation is affecting your family relationships.
• You have no financial plan and don't know how to make one.

Will My Personal Finances Be Kept Confidential?

Don't You Only Coach Those Who Are Having Financial Hardships?

Do You Ever Recommend Bankruptcy?

Bankruptcy is a gut-wrenching, life-changing event that causes lifelong damage. Avoid bankruptcy if at all possible. Here are the facts:

• Chapter 7 bankruptcy, which is total bankruptcy, stays on your credit report for 10 years.
• Chapter 13 bankruptcy, more like a payment plan, stays on your credit report for seven years. Debtors who file Chapter 13 voluntarily agree to pay some portion of their debts over a 3-5 years period. Two out of three debtors that file Chapter 13 do not make it through the repayment plan. Why? Because bankruptcy fails to change the debtors behavior with their money. Bankruptcy courts and attorneys are not in the business of teaching you how to manage your money.
• Many people are under the illusion that filing bankruptcy is a good "quick-fix" to their financial problems. The truth is that bandruptcy negatively affects many areas of your life including your marriage, your job, and other areas. Our proven plan will get you out of your financial problems as long as you do what is required. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. A common misconception is that you can use credit repair services to fix the damage from filing bankruptcy. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.

Should I consider using debt consolidation or credit counseling services?

The reason that we do not use debt consolidation to get out of debt is because it doesn't work. You end up paying about the same amount, which doesn't really help you pay your debts off faster. Most people end up taking on more debt after consolidation and several end up in bankruptcy. Here are the facts:

• Debt consolidation companies promise that will lower your interest rates and payments but fail to mention that this is done by extending your payments which keeps you in debt longer! When you prolong your debt payoff, you pay the lender more money which is why they are in the debt consolidation business.
• Working with these companies will trash your credit in a sever way. Information on your accounts can stay on your credit report for seven years after the last activity. Then if you apply for a mortgage, you will be treated as if you had filed a Chapter 13 bankruptcy.

  The bottom line is that these companies will actually leave the individual in worse shape and with more debt than was originally placed into the program. Debt consolidation and credit counseling services do not work because they do not address the problem. We will actually address the problem and teach you how to deal with your debt. We will work with you to develop a strategy designed specifically for you and teach you how to make correct financial decisions.