Part One, Complete Table of Contents
Typical Debt Situations and Current Walkaway Realities

Introduction

A Short Note On Morality and Moving Forward

Will Walking Away Solve My Problems?

Financial Case Study: Soft Landing vs. Hard Landing • The Bottom Line To Plans A and B: Going Broke - or Time & Money To Rebuild • The Case For Total Walkaway Instead of "Strategic Default"

Real-Life Debt Situations and Solutions

    Underwater Homes

Single In Florida With Apartment Underwater

30's Couple In Nevada With House 60% Underwater

    Credit Card Debt

$60,000 In Credit Card Debt Spread Across Five Cards

$45,000 In Debt On One Credit Card

    Combination of Too Much Mortgage and Credit Card Debt

40's Couple In New York With Equity In Home and Credit Card Debt

30 In Texas With Underwater Home and Credit Card Debt

    Major Medical Bills

50's Couple In Illinois With Major Surgery Coming

    The Paycheck Advance Trap

Single Mother In Arizona Paying Credit Cards With Cash Advances

    An Opportunity With Risk

40's Couple In California Buying A Home Before Their Credit Crashes

    The Perfect Walkaway

Partial Walkaways • Total Walkaway

The New Credit Rules

    The Old Rules

Bad Credit Reports: How Much and How Long They Actually Affect You • The Legalities of Credit Reporting • The New Rules of Credit Reporting (including job hunting)

    Opinion On the Future Of Credit

The Rich Still Need Our Money • How important will FICO be?

    Fears and Realities of Collections and Credit

The Collections Agents Will Hound Me To Death! (not if you don't want) • Ending the Phone Calls and Letters • Rogue Collection Agencies • Collections Agents Can't File a Lawsuit Against Me (yes and no....) • What To Do If a Creditor Files a Lawsuit Against You • Dealing With Legal Judgments For Property Or Wage Garnishment

Laying Out Your Financial Situation

    Adding Up Your Assets, Debts - and Cashflow

Assets • Debts • Projected Income (be conservative) • Current Expenses • Possible Expenses (be liberal) • The Big Financial Variables: Medical Insurance and Job Security • Other "Assets" To Consider: Kids and Credit Rating

Tools For Walking Away

    Simple Walkaway

    Short Payoffs (homes, credit cards, medical bills)

    Short Sales (both homes and autos)

    Bankruptcy (Chapter 7 or 13)

Bankruptcy Has Become Socially Acceptable • Declaring Bankruptcy - Yes or No? (3 different scenarios) • Bankruptcy Pros and Cons • The Best Timing For a Bankruptcy • Choosing a Bankruptcy Lawyer Or Paralegal (Legal Document Assistant)

    Asset Protection (the other "Ultimate Weapon" besides bankruptcy)

    Avoiding Scammers and Ripoff Artists

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