Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Posts Tagged ‘Debt for Sale: A Social History of the Credit Trap

Alone, Yet Not Alone

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Total Black: -$304.86
Total Red: $228,252.66

As I predicted in yesterday’s post, Doing That Hustle, Bank of America has walloped me once again with multiple insufficient funds fees.  Some are clearly my fault.  Others are not.  But . . . I say, “Oh well.”  I get paid tomorrow, so once they’ve been “reimbursed” I’ll call the bank to get some reimbursement myself and fight a few of their fees.  One example: I transferred $40 from my checking account to my savings account.  Bank of America charged me a fee for that transaction because, once they rearranged subsequent transactions, it brought my balance further under.  Clearly I had the money in the account or I couldn’t have transferred it, so I don’t understand how a bank gets to charge you a $35 fee for moving $40 of your own funds.  They’ll hear from me on that one for sure.   Keep reading . . .

Debt, By Any Other Name

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Total Black: $137.54
Total Red: $227,685.50

Today at the temp gig, I got to talking with another contract attorney about the life of solo practitioners.  I touched on that option in a prior post, Hang a Shingle.  Seems like a brave new world out there.  Nearly everyone I know is starting a firm.  I’ve been asked to join one myself.  Oddly enough, I might even have a client of my own soon since my old law firm reached out to me about a case I worked on while at the firm.  I might need to take over as counsel of record.  Details still need to be worked out though.  One area that my quasi-officemate suggested I consider is loan modification and debt collection.  Naturally, I held my tongue.  I wasn’t about to come clean to a stranger about my financial woes.  Well, at least not without the cloak of internet anonymity.  And I’m glad I did because what she had to say about former clients and their financial habits was less than flattering.  She chatted at length about irresponsible clients who had lived beyond their means, leasing cars they couldn’t afford, mortgaging houses they couldn’t pay for.  She even commented about one client’s $500 grocery bill and claimed—incredulously—that they needed to put their kids on a diet because there’s no way they could possible need to eat that much food in a week.  She even pulled out the dreaded “welfare mom” analogy, albeit only to debunk that myth as being at the root of all our financial troubles.  Instead, as she summed it up, it’s solidly middle class people just living beyond their means.  Maybe.  But, as always, it’s not that simple. Keep reading . . .

If You Find Yourself in a Hole

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Total Black: $453.01
Total Red: $228,517.33

Just realized that total black never includes any cash in hand.  I suppose that’s ok since I rarely carry cash (even when I have money).  Another update: I interviewed today for an art sales position.  It’s a temporary gig tied to an exhibit here in Manhattan.  The hook: all the sellers have been displaced somehow by the Great Recession.  Check out the website: Great idea.  You’ll be sure to hear if I get selected. Keep reading . . .