A substantial new California exemption snuck into law in 2021, the college savings account exemption. It protects 529 college savings accounts from the creditors of parents. The exemption applies in all California collections and to California bankruptcies when the CCP 704 exemptions are selected. The eyeopener is that a parent (or other donor) can contribute […]
The Real Rules To Sell Stuff Before Bankruptcy
Thinking about filing bankruptcy? Need cash? Folk wisdom supplies many “rules” about the period leading up to actually filing bankruptcy: This kind of thinking will have you frozen in time and space like this insect in amber. Only, this folk “wisdom” is all wrong. Here’s how to sell assets before filing without messing up your […]
Bankruptcy Questions Have Few Quick Answers
The caller to my law office kept telling my assistant: I just want to ask Cathy a question. To which my assistant replied: you need to first fill out our questionnaire and make an appointment. But I don’t want a meeting, I just want to ask a question. At which point, both sides of the call […]
The Worst Reason To Choose Debt Settlement Over Bankruptcy
The guy with an old debt asked if bankruptcy or debt settlement would cause greater damage to his “credit”. The money advice columnist gave the right answer to the wrong question. She got it backwards. She advised that bankruptcy was more damaging given that the nagging debts were already three years old and would drop off his […]
Does Bankruptcy Bar Retirement Savings?
Ongoing retirement saving by Chapter 13 debtors has been a touchy subject since the means test became a part of the bankruptcy scene. The means test was intended to squeeze every available dollar from consumer debtors. It works by limiting the expenses that can be deducted from income in figuring what a debtor can/must pay […]
Can You Spot The Signs Of A Collection Scam
It’s pretty scary when a $300 payday loan turns into an investigation by the Federal Crimes Bureau. Not only was the recipient of the collection letter below being “investigated for crimes”, his Social Security number would be suspended, and a court case initiated against him immediately. At great cost and embarrassment. Unless, of course, he sent the […]
Get real information about what’s happening with your mortgage loan payments
What have they been doing with my payments on mortgage loan? The client has been making a mortgage payment according to the HAMP formula for almost 18 months of her Chapter 13. Yet without a 1098 form, her very capable tax preparer told her she couldn’t deduct mortgage interest on her tax return. Never fear. We have […]
Bankruptcy Without A Discharge: Why Chapter 20 Works
What does a Chapter 13 bankruptcy get you if it doesn’t get you a discharge? Lots, actually. It’s complicated. Powerful, but complicated. Let’s see how all the parts interact when your Chapter 13 is filed before you’re eligible for a discharge. Law limits discharge The bankruptcy code doesn’t limit when you can file bankruptcy; it […]
The Essential Step To Get Your Day In Court
When you’re sued on an old debt, it’s easy to imagine appearing in court to tell the judge your side of the story. You imagine the judge considering your argument and challenging the other side to prove otherwise. It’s a comforting image, but it will never happen if you haven’t taken the first step in […]
5 Things To Do When You Have Been Sued
The ring on the doorbell was a process server. Bingo! You’ve been sued in a California court. Now what? Breathe deeply and work your way through this five step check list. Then I’ll suggest some options. Scout the territory 1. Look at the caption: It identifies the parties to the suit. It’s right below the […]
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