As tax season approaches, tax pros need a basic understanding of bankruptcy to serve clients well. Tax preparers stand a good chance of encountering clients who either have filed bankruptcy, or who may benefit from a bankruptcy filing. Here’s my list of bankruptcy nuggets that a good tax professional should have at hand. 1. Debts […]
Discharge Taxes in Bankruptcy: Move Beyond the Myth
Myths about discharging taxes in bankruptcy are as common as myths about fire-breathing dragons. Central to the bankruptcy tax myth is the claim that taxes can’t be discharged in bankruptcy. Not so. Bankruptcy can wipe out many kinds of taxes. And that discharge can restore order to a family’s economy. Which ones are dischargeable? Let’s see. […]
Do You Get The Bankruptcy Grubstake Exemption?
The word grubstake never appears in the Bankruptcy Code or the California Code of Civil Procedure where the exemptions available in bankruptcy cases filed in California are found. Yet every bankruptcy lawyer uses the phrase; and seemingly, every bankruptcy debtor struggles to understand it. What’s a bankruptcy grubstake Here’s the standard English definition of grubstake. […]
All I Want For Christmas Is A New Year And A Fresh Start
The best gift you can give yourself for Christmas may be a fresh financial start by filing bankruptcy. For many, this year has been rough. Jobs lost, small businesses struggling, people isolated. Even if you headed into the pandemic in reasonable financial shape, little good has come of the years after/ So, what would it […]
Can You Rescue Your Business With Chapter 13
Small business owners who are sole proprietors can enlist the power of bankruptcy’s Chapter 13 to rescue their business at a price they can afford. Everyone thinks of Chapter 11 as the “keep the business and ditch the debt” form of bankruptcy. But traditional Chapter 11 is cumbersome and just flat out too expensive for […]
How To Pick A Bankruptcy Lawyer
How do you pick a bankruptcy lawyer when you’ve never hired any lawyer and never before considered filing bankruptcy? What do you ask a bankruptcy lawyer to determine if the lawyer is the right one for you? After all, the conversation has to move beyond “what does bankruptcy cost?” Financial troubles are tough and bankruptcy […]
Step By Step Guide To Business Shutdown
There’s lots written on how to start a business. Not so much about business shutdown. Even pre-pandemic, half of all new businesses fail within 5 years. Post pandemic, the pain is so much greater. So let’s walk through how to manage a business shutdown, tie up loose ends, and minimize problems that may follow you […]
Client “wants to think” before getting good bankruptcy information
The caller with a pending foreclosure sale called and canceled an initial consultation with me last week. He wanted to “think about it” before coming in. Huh? Think about being homeless? Think about the cost of getting relief through bankruptcy? Think about confronting a dire situation? It was almost as if gathering information about options […]
Life After Bankruptcy: What’s It Really Like?
What’s life really like after bankruptcy? Everyone suffering through financial difficulties wants to know whether filing bankruptcy just trades one form of pain for another. Will you be shut out of the American dream forever? Unable to function in a world centered on electronic payments? Here’s a collection of our best stories and advice on […]
Bankruptcy Drives Credit Score Surprise
Bankruptcy improved my client’s credit score, almost on the spot. Before bankruptcy, a miserable credit score was no surprise. This client reported a 498 credit score before he filed. What was surprising is that, three month after he filed bankruptcy, his score was 614! That’s a 116 point increase in his score in three months. […]
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