Before you file bankruptcy, you need to know what happens to your business in your bankruptcy. And like so many things, there’s no single, simple answer. Two factors drive the fate of the business. One is whether the business is itself a legal entity, like a corporation or LLC. The second is what chapter you […]
Do You Qualify for Chapter 13: The Debt Limits
Chapter 13 debt limits are one of the eligibility requirements to file for this form of bankruptcy reorganization. The test has two prongs: unsecured debt and secured debt. Come in under each prong and you meet the debt limits test. For cases filed on April 1, 2025 and afterwards, the Chapter 13 debt limits are: […]
Bankruptcy Alphabet: F is for First
In my Bankruptcy Alphabet, F is for First meeting of creditors. Lots of rumors exist about the that meeting; it produces unwarranted anxiety that is avoidable if you understand what’s up. Let’s check it out. The first meeting of creditors, also called the 341 meeting, is often the only time a debtor has to appear […]
Why File Bankruptcy? It’s Your Life Expectancy
Increasing life spans and the demise of pension plans is why filing bankruptcy now makes sense. Old debt has a way of sucking the air out of today’s budget. You can’t make repairs to your car or see to needed health care or accumulate an emergency cushion because you’re still paying for stuff you bought […]
What You Think About Chapter 13 Is Dead Wrong
The difference between bankruptcy’s Chapter 7 and Chapter 13 is often expressed this way: Chapter 7 is a liquidation proceeding Chapter 13 is a repayment plan And therein lies the biggest misconception about Chapter 13: 13 does not necessarily repay everything you owe. It’s a repayment plan alright, but not necessarily a 100% repayment . […]
7 Principles of California Community Property
Baffled by California community property? Think it makes you personally liable for the debts of your spouse? Lots of people do. But it doesn’t. California has been a community property state since it became a state in 1850. You would think we’d have gotten the hang of it long ago. But the community property system […]
Debt Settlement Is A Dud
Debt settlement is often dangled in front of the financially challenged as an alternative to bankruptcy. Sounds good: making a deal with your creditors has enormous appeal when you can’t pay everything that you owe. And debt settlement companies count on it. The pitch for “settling your debts” touches a nerve. Almost everyone WANTS to […]
The Tax Deductions That Hide In Chapter 13
It’s tax time: don’t overlook tax deductions in Chapter 13 bankruptcy case. Tax deductions lurk in the most unlikely places. If your Chapter 13 plan is catching up home loan arrears, there’s a deduction hiding in the trustee’s disbursement records. Most likely, the lender’s filed proof of claim in the bankruptcy case is full of […]
What Happens To Cash In Bankruptcy?
How much cash can you keep when you file bankruptcy? It’s not as though you won’t have living expenses after you file bankruptcy. You need to know how you’ll manage and what you’ll have to manage with. Funding that fresh start is what exemptions are all about. We are talking here about California because exemptions, […]
Planning For Bankruptcy: Keep Your Tax Refund
Getting a tax refund check from the government is usually a great thing. Or at least, if you ignore that the government is returning YOUR money as a tax refund. You’ve struggled without the money for a year while Uncle Sam used it without interest. But if you’ve filed bankruptcy during the tax year, the […]
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