We are starting a new section on Ask The Money Coach which will highlight new and noteworthy books written about personal finance, investing, small business and entrepreneurship.
Our first pick is a book entitledThe Road Out of Debt: Bankruptcy and Other Solutions to Your Financial Problems - written by the author team of Joan Feeney and Theodore Connolly. Joan is a highly respected, preeminent judge on the United States Bankruptcy Court for the District of Massachusetts and former chief judge of the court. Theodore is a noted finance expert and bankruptcy attorney at one of the largest law firms in Boston, Edwards Angell Palmer & Dodge LLP.
The duo have created a color coded warning system to help you determine whether or not you should file for bankruptcy. I spoke with Theodore about his book and decision tool during my interview with him on WalletPop. If you or anyone you know has been struggling with debt, I strongly recommend you read that article to know when it’s appropriate to seek bankruptcy protection – and when you shouldn’t. You should also check out a more detailed description of the book below and watch an interview I did on ABC News Now on the topic of bankruptcy and knowing when to file.
The recent credit and financial crises have probably affected you in one way or another, and prompted authors Joan N. Feeney, a preeminent Massachusetts bankruptcy judge, and Theodore W. Connolly, a highly respected finance and bankruptcy attorney, to create a book to help you understand and overcome the financial problems you may currently face.
Written in a straightforward and accessible style, The Road Out of Debt walks you through the steps you need to take in order to resolve your debts and rebuild your finances. Initially, it discusses your options for avoiding bankruptcy and managing your specific debts. It then moves on to examine when filing for bankruptcy might be the right decision. Along the way, you’ll quickly discover how bankruptcy really works, so you can effectively navigate through it either on your own or with the help of a lawyer.
With millions of Americans personally facing dire financial situations, job losses, home foreclosures, and other major financial challenges, no book could be more timely. Divided into four comprehensive parts, this reliable resource:
- Will help you assess your debt situation and achieve financial freedom either with or without bankruptcy
- Addresses how to handle specific debts, including credit card, mortgage, medical, student loans, auto, and tax
- Warns you about the dangers of debt quick fixes and scams
- Puts the bankruptcy process in perspective and discusses the different types of bankruptcy options available to you
- Presents stories of hypothetical bankruptcies based on real individuals, so you can understand and learn more about what can happen in a bankruptcy case
In addition to the information presented here, much more—including links to many of the resources mentioned throughout the book and additional checklists for evaluating your financial situation and dealing with debt—can be found at wiley.com/go/roadoutofdebt.
Filled with the insights of both a bankruptcy judge and a bankruptcy lawyer, The Road Out of Debt will put you in a better position to face your personal financial problems and deal with them. With this book as your guide, you’ll quickly learn when it’s best to avoid bankruptcy, when you should seek bankruptcy protection, and, most important, how to work through the bankruptcy process if you choose to take that path.