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Six Rotten Excuses Not To File Bankruptcy

By Bill Purdy

Six Rotten Excuses Not To FIle

I am not a bankruptcy attorney. I never have been.  I am a mortgage law attorney. But in the current financial climate, I see clients in my office daily who desperately need to file bankruptcy…And they won’t. The reasons they give, and the parade of horrors they’ve built up in their minds about bankruptcy, are heart-felt, […]

Filed Under: Considering Bankruptcy, How bankruptcy works Tagged With: guest post

How Consumer Remedies Were Gutted By Little- Noticed Tax Code Changes

By Bill Purdy

tax changes litigants

Tax code changes effective in 2018 inflicted a crippling blow to consumers who must sue to enforce their rights.  And few have yet noticed. The tax deduction for miscellaneous itemized deductions under IRC Section 212 is gone. So now, consumers who prevail under statutes that award attorneys fees to the successful plaintiff are denied a […]

Filed Under: Featured, Taxes Tagged With: 2019, consumer rights

How Guarantors Can Escape Tax On Soured Debt

By Bill Purdy

settlement tax

Tax lawyer Bill Purdy and I shared a client with a small interest in a failed corporation with a huge SBA loan.  Could our client escape the tax consequences should we be able to settle his  liability on a million dollars in unpaid loan.  Was the client looking at a million dollars of cancellation of […]

Filed Under: Featured, Taxes Tagged With: 2019, default, guarantor, tax consequences

Tax Form 1099 Needs A Closer Look: Chances Are It’s Wrong

By Bill Purdy

tax form 1099

  Tax attorney Bill Purdy says:  don’t take IRS form 1099 at face value. Hundreds of thousands of taxpayers at this moment are looking at, or thinking about, Form 1099-A or Form 1099-C documents they have received. Some arrived in the tax year a debt was allegedly cancelled. Others are issued by financial instructions many […]

Filed Under: Featured, Taxes Tagged With: 2019, cancellation of debt tax, tax form 1099

The Worrisome Truth About Silent Second Mortgages

By Bill Purdy

silent mortgages

Like a sleeping bear, long-silent second mortgages hibernate in people’s houses these days.  They are quiet, a snoozing predator, just waiting for spring. And it can be bloody when those sleeping mortgages awaken hungry and look around for something to fill its pocket. Here in California the coming slaughter is particularly noticeable because the value […]

Filed Under: Real property & mortgages Tagged With: 2016, foreclosure

When Mortgage Lenders Monkey With Your Loan

By Bill Purdy

  Spoiler Alert:  As a borrower, you  are an expendable resource in home loan servicing to be exploited for fees and charges. And those who could do something “hear no evil, see no evil, speak no evil”. Meanwhile, you and other borrowers are the enemy in something once referred to decades ago as “Combat Loan Servicing”. Borrowers […]

Filed Under: Real property & mortgages Tagged With: 2017

Getting A Loan Modification Is Only Half The Fight

By Bill Purdy

loan modification battles

For all of you who stressed, strained, fretted, wheedled, worried, fought, kicked, and even gouged to finally wrest a loan modification from the lender/servicer that controls of your home loan, I have a message. The fight may not be over. “We Don’t Have Any Record of Your Loan Modification.” I’ve seen and heard dozens of […]

Filed Under: Real property & mortgages Tagged With: 2017

Miracles Possible in Mortgage Mess

By Bill Purdy

INVOKE THE SECOND DIVINE MIRACLE OF THE VANISHING EQUITY Why Many Homeowners Need to Run,  Not Walk, to Bankruptcy Court and File for Chapter 13 Bankruptcy. The world has many sacred sites. Places that inspire great faith. Places where people go to express, renew, and sometimes discover their faith. Rome, Mecca, and the Holy Land […]

Filed Under: Considering Bankruptcy, Real property & mortgages

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About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

How Chapter 13 Cuts Car Loan Down To Size

Car lenders who make new car loans with an underwater trade-in will face the music in Chapter 13. The Supreme Court declined to review a 9th Circuit decision that stripped car loans of their protected specially protected status in bankruptcy; as a result, Californians will continue to benefit from the … Read more

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