Bankruptcy can provide tax relief, if your timing is right. Tax troubles are at the heart of so many bankruptcy filings. It makes sense: bankruptcy is a powerful and predictable tool to get out of tax debt. But filing bankruptcy before the end of the year may fix only a part of your tax problems. […]
Damaged Credit Heals More Rapidly Than You Think
Will filing bankruptcy hurt my credit? Probably. [Keep reading, there’s more.] Should that hit to your credit keep from filing bankruptcy? Not by a long shot. Incredibly, I encounter people drowning in debt who think their credit report is more important than their financial health. Their thinking seems to be that credit, once damaged, is never […]
Give More Than Thanks
Ever feel the disconnect between buying your groceries for the Thanksgiving meal, then dropping some loose change into the kettle for the needy? Lots for my family, but leftovers for those who are hungry That seems to be the message you’re sending. Those of us who are prospering are doing well, but lots of neighbors and elders […]
2026 California Homestead Exemption Grows Again
It’s time to check out the California homestead numbers for 2026. The 2021 expanded California homestead not only brought the exemption amount closer to the real cost of housing, it provided for annual adjustments for inflation. The original legislation created a $300,000 floor on the exemption and a $600,000 cap for homeowners, based on the […]
Debt Is Nothing To Shrug Off
When this site was young, U.S. Armed Services disclosed that a significant number of service personnel could not be deployed overseas because they had too much debt. The military said that excessive debt both distracts from job performance and makes the G.I. vulnerable to corruption. It’s the same for the rest of us who aren’t […]
How Much Is My Chapter 13 Payment
Intrigued by Chapter 13, but worried about how much your Chapter 13 payment might be? OK, let’s walk through what your payment must be by law and what you want that payment to cover to get a fresh start. Part of the power of Chapter 13 is that you write the plan, with the help […]
New CA Foreclosure Law Can Save Your Equity
California homeowners have new, powerful rights to stop a foreclosure sale and sell their homes themselves. The new law became effective January 1, 2025. When you’re faced with a foreclosure sale date and a Chapter 13 bankruptcy case won’t work, the CA legislature has created an opportunity for you to put off the foreclosure so […]
What looks bad to the trustee in prebankruptcy conduct
Wondering what bankrutpcy trustees look for when they ask for bank statements and question you at the 341 meeting? Worried that a bankruptcy trustee will examine your situation and somehow disqualify you from bankruptcy because of something you did (or didn’t do) right before you filed? Not to worry. Your bankruptcy discharge does not depend […]
What’s The Income Limit for Filing Bankruptcy
Actually, there’s no income limit for filing bankruptcy. None, nada, no way. Instead, there’s the infamous means test, an awkward and complex formula, written by Congress, to identify individuals who are entitled to file Chapter 7. Not everyone has to take the means test. The means test doesn’t apply to individuals whose debt is primarily […]
Bankruptcy Is Not Your Last Resort
Every personal finance guru intones that “bankruptcy is the last resort.” In my opinion, they have it wrong: bankruptcy is the big gun in getting out of a financial mess. But it shouldn’t be the last thing you try to get financially healthy. You shouldn’t mess around with lesser solutions if those solutions don’t do […]
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