The letter K is for the stuff you keep through bankruptcy. The cartoon image of someone going through bankruptcy has them wearing a barrel instead of clothes. It’s a funny image but it’s not real. Most debtors keep far more of their assets than you’d image. Here’s why. Exemption law protects assets The Bankruptcy Code […]
California Courts Provide On Line Help
Individuals with matters before the state courts of California have an updated resource in the Self Help Center. The information here can be either good background if you have a legal problem or a treasure-trove if you expect to represent yourself in court. It even includes a section on bankruptcy, as part of the materials […]
Who Profits When Money Trouble Is Shameful?
Talking about our financial troubles is taboo in this society. In fact, we are more willing to talk about our sex lives than our money troubles. We lionize those who make a fortune. Everyone expects to live the middle class life. It becomes easy to think that something is wrong with you if you aren’t […]
Epedemic of DIY Chapter 13s to Stop Foreclosures End in Trajedy
Warning: virulent outbreak of do-it-yourself bankruptcies all around. Symptoms: panic over prospect of foreclosure Supposed remedy: file your own skeleton Chapter 13 bankruptcy to stop foreclosure Prognosis: enjoy the stay for about 2 weeks, followed by foreclosure relapse Homeowners facing foreclosure Three different would-be clients called in a 10 day period this month, to stop […]
How To Write A Contract Without A Lawyer & Make It Stick
Even in a world where people attempt almost any skilled task with the help of Google, YouTube, or Legal Zoom, people continue to ask: is this contract legal? They aren’t asking (usually) whether the subject matter of the contract is permitted by law. They really want to know: will what I’ve written be enforceable. What makes it […]
Don’t Trust Anything Your Lender Says On The Phone
Don’t trust the loan servicer for a moment, was my advice to the client who was trying to track payments he’d made on his home mortgage . The mortgage industry has created an inhabited accounting swamp around your home; the lender’s representative lives in that swamp. Don’t turn your back on a carnivorous predator. I’m […]
Reduce Your Tax Hit By Filing Bankruptcy Rather Than Settling Debts
Settle your debts outside of bankruptcy and you may be bitten by taxes you didn’t expect years later. Yet, everyone I talk to would rather cut a deal with their creditors than file bankruptcy. It’s universal. But here’s the killer reason why bankruptcy alone protects homeowners from a unexpected tax consequence down the road. Debt […]
The Causes of Bankruptcy Aren’t What You Think
The columnist who equated debt problems with irresponsibility nearly caused me to melt down, right in my law office. Irresponsibility, he said! The idea that people who find themselves with bills they can’t pay got in that mess through flighty behavior or self absorption is sooooo wrong. The real causes of bankruptcy Mindless spending is […]
Chapter 13 Keeps You In Control
You can’t decide between bankruptcy chapters until you really understand how Chapter 13 works to keep you in control. Control of your assets, control of your payment plan, control of who gets paid. You want to be at the helm of your case. Chapter 13 can do that. Chapter 13 protects more than assets Chapter […]
The Risks Of Filing Bankruptcy For Your Corporation
When your incorporated business fails, the instinctive reaction is to file bankruptcy for the corporation. But a corporate bankruptcy comes with risk to the shareholders. I know you incorporated to separate yourself as the owner from the risks of the business. As a separate legal “person”, the corporation is distinct from the individuals who own […]
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