• Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.

Make Major Purchases Debt Free!

An excerpt from Life After Bankruptcy by Seth Hanson

Most of my own financial mistakes have resulted from being unprepared for a situation I should have anticipated. As an Eagle Scout, I should have known better. In every scout meeting we would recite the Boy Scout Motto – “Be prepared.”

The concept of sinking funds is simple, but very powerful. A sinking fund is an account (or envelope if you are using the envelope system) that is dedicated to a large, infrequent expense or purchase. Common examples of sinking funds include: vacation fund, car repair fund, Christmas fund, home repair fund, medical expense fund, car purchase fund, and furniture purchase fund.

To show how sinking funds work, let’s walk through an example – the car repair fund. Car maintenance can be expensive, but it should not come as a surprise. We all know our cars will need new tires, new brakes, oil changes, a new battery, etc. Less frequently they will need something major, like a new radiator or CVC joints. It may be difficult to predict the precise timing of these expenses, but we all know the expenses will happen.

In anticipation of these inevitable expenses, we set up a car maintenance fund and contribute to that fund until it is fully funded in a pre-determined amount. That way when the expenses do occur, we have cash to pay for them.

The amount you should have in your car maintenance fund depends on your car and your circumstances. I would suggest you start with a goal of $500. If you contribute $100 per month, you can reach that goal in 5 months. If you meet that goal and have additional resources, I suggest you increase the amount to $1,000.

The same principals will apply to every major expense and purchase. Establish a sinking fund. Fund it, then pay in cash. By doing so, you will dramatically change your financial life. The keys to sound finances are anticipating, planning, preparing, being proactive, and being patient.

For more information contact your Yuba City bankruptcy attorney.

Categorized in: