When creditors contact you after your bankruptcy, you need to know what actions violate the discharge, and which are permitted by law. Having been through the financial wringer and having been proactive to get out from under old bills, you hope for a tranquil and prosperous life after bankruptcy. When creditors violate the discharge, they […]
The Unexpected Loss When Tax Returns Filed Late
Late tax returns can cost you big-time. File seriously late returns and you get no credit for toward your Social Security. Betcha didn’t know there was a connection between income taxes and your Social Security benefits. This was a new one for me. I’ve written often about the negative consequences of putting off filing tax returns. But […]
Six Tips For A Worry-Free Bankruptcy
What happens after filing bankruptcy ? Your bankruptcy case is filed. After you’ve assembled all the paper, after you’ve answered endless lawyer questions, and after you’ve filed all the bankruptcy schedules in your case with the court. what do you need to do now? Actually, relatively little happens after you’ve filed your bankruptcy. The heavy […]
What’s After Forbearance
Last spring, the CARES Act entitled everyone with a federally backed home mortgage to a forbearance of 6 months, extendible for another 6 months. 15 USC 9056. The end of the mandated forbearances is approaching for many. But the law provides no clue as to what comes after forbearance. Fannie Mae (the Federal National Mortgage […]
Who Files Bankruptcy In The Face Of Booming Bay Area Economy?
Silicon Valley is booming; our highways are so full of people getting to work that we can’t get to work. Employment is approaching the level of the dot.com bubble. Property values are outrageous. So who files bankruptcy in this pocket of prosperity? All kinds of people, it turns out. Let’s look at the people who sought […]
What You Need To Know About Reaffirmation In Bankruptcy
Decisions, decisions. Are you going to reaffirm the car loan? Your bankruptcy filing requires that you state your intentions about reaffirmation right up front. Translated, that means what are you going to do about the car after bankruptcy. The car on which you still owe money and need to get to work. In the midst […]
Three Reasons To Divorce Your Bank Before Bankruptcy
Banks do funny things when a customer files bankruptcy. Only many are not so funny. Whether your relationship with your bank has been good or not, there may be grounds for divorce before you file your bankruptcy case. Or at least consider whether there are grounds for a separation. Set off Your bank owes you […]
It’s Who You Owe In Bankruptcy
WHO to list in your bankruptcy case is a question I hear lots. My response: bankruptcy is all about WHO you owe, not so much about HOW MUCH you owe, when you file. WHO, WHO, WHO. Which is why one of the most important tasks in filing bankruptcy is to write down everyone you owe […]
Asset Protection For Free
Before you sign up with the guy in the ad, explore free asset protection, courtesy of Uncle Sam. Everyone would like to enjoy their money without worry about creditors taking it from you. That’s the point of asset protection. A substantial industry run by expensive professionals will scatter your money between interlocking partnerships and off-shore corporations […]
Can A Trust Protect You In Bankruptcy?
Can a living trust protect your assets in bankruptcy? Or, anywhere else? According to the lawyer advertising and the self-help books, everyone needs a living trust. The asset protection industry loves irrevocable trusts, another much touted trust. An irrevocable trust gets assets out of your name for all time. Unless of course, they are attacked in […]
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