Many of my clients are married and have credit cards that at least look like they are joint cards. It can be confusing to figure out which of the two of them is obligated on a credit card.

There are two types of bankruptcy usually used by individuals -- Chapter 7 and Chapter 13. Either can help you deal with your finances. Chapter 13 is a payment plan type bankruptcy, that lets you pay your bills, or a portion of your bills, over three to five years. Chapter 7, on the other hand, wipes out your dischargeable debt without a payment plan, and usually takes about four months.

Do you have a will or an estate plan? For about half of Americans, the answer is “No”. The website The Motley Fool says that estate planning is an opportunity to provide for loved ones and protect your own interests in the face of life’s uncertainties.

Debt can be a handy tool for purchasing property or assets that you cannot finance in a lump sum. At the same time, it can become a burden if your income is reduced, you lose your job, or take on more debt than you can handle. In the event of excessive debt and absolutely no way out, your last resort is to apply for bankruptcy.

Updated Dec. 3, 2020: I am in Minnesota; the guy I was talking about is in Pennsylvania. To my astonishment he called me today and asked to take down this post. He said he had just gotten out of prison. Because I have no reason to wish him ill, I have updated this entry to delete the guy's last name. He did say that if I had a client who was contemplating lying he could talk to the client and tell them how badly it turned out!