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 […]
California Stimulus Checks Available Only When You File Your Tax Return
Are you eligible for a California stimulus check? This state program provides cash payments to low and moderate income individuals, regardless of immigration status. But the stimulus checks are tied to filing a tax return. No tax return, no California stimulus check. Mind you, this Golden State Stimulus is in addition to the federal stimulus […]
Stressed Families Can Take A Card From Trump Casino
From our archives, but still on point: Donald Trump’s Atlantic City casino operation filed bankruptcy, following in the steps of his other entities. What does that mean to ordinary folk here on the West Coast struggling with bills and the grind of staying afloat month to month? Why does this bit of news show up […]
When Can I File Bankruptcy Again
You can file bankruptcy tomorrow, so long as you don’t currently have a bankruptcy case pending. When you can get a discharge in that case is a different story. The Bankruptcy Code limits the frequency of getting a discharge, not the filing and completion of the bankruptcy case. My friend Gene Melchionne wrote a marvelous […]
When You Can’t Make Your Chapter 13 Payments
When your wallet’s as flat as this tire and you can’t make your Chapter 13 plan payments, what do you do? Chapter 13 promised a chance to reorganize, keep what’s important, and get out of a financial hole. But it just isn’t working. What now? In good lawyer style, I’ve got to tell you: it […]
Your Bankruptcy Discharge Has Teeth: Bite Back
Your bankruptcy discharge is more than a piece of paper. It’s a federal court order prohibiting action to collect the discharged debt from you. And it has teeth. When creditors ignore a federal court order, it has unpleasant consequences. Or should have consequences. So, my call to debtors is to stop being prey to unscrupulous debt collectors. […]
Bankruptcy Alphabet: O Is For Omitted
O stands for Omitted in my Bankruptcy Alphabet. Whether it’s creditors or assets that are left out, omissions can create trouble in a bankruptcy filing. So, O could also stand for Oops. When creditors are left out Omitted creditors usually create problems only for the person filing the bankruptcy. Bankruptcy works on notice, and, at […]
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