Running a small business is hard work. Cash flow is tight; time is in short supply. When there’s just not enough in the bank to cover payroll, the easiest loan in town is from the Bank of Uncle Sam. There’s no application, no review, no waiting. You just give employees their checks, net of […]
Who Owns Your Business When You File Bankruptcy?
The bankruptcy trustee’s question was straightforward (if inartful) yet the business owner nearly blew the answer. The trustee asked: are you the sole owner of your business? When my client hesitated, she followed up: are you a sole proprietor? Focusing on the fact that he was the only person with an interest in the business, […]
Mortgage Forbearance For Non-government Backed Loans
Are you one of the homeowners whose mortgage isn’t eligible for the government’s COVID forbearance protections? Home loans not backed by the federal government are excluded from the protections for borrowers implemented by FHFA . But as much as one third of US home loans are not backed by the federal government. If that includes […]
When Is The Right Time To File Bankruptcy
It can be hard to know when it’s the right time to file bankruptcy. But I was blown away by the man who called my law office. Should I wait until all of my savings are gone to file bankruptcy?, the caller asked. And he didn’t mean, until my net worth is greatly reduced; he meant, until […]
Who Gets Grannie’s Cash – Grannie Or The Bankruptcy Trustee?
When there’s a joint bank account and a bankruptcy filing, good intentions can quickly go sour. The bankruptcy trustee sees a pile of money in the bank to which the debtor has access, even though the account also bears the name of someone not in bankruptcy. If the debtor can get the money, the trustee […]
Marital Separation Doesn’t Require Two Homes
Split the sheets in California, and your wages are no longer community property. That’s because property acquired during marriage but after a marital separation isn’t community property. That’s been California law for a long while. The sticky wicket has been drawing the line when the marriage has broken down and the couple has separated. “When” they separated determines […]
Myth Of The Corporate Credit Card
As far as myths go, the myth of the business credit card ranks right up there with unicorns, Big Foot, and leprechauns . Every struggling small business owner who crosses the threshold of my office believes that his corporate credit card is not a personal debt. Wrong. In 41 years of bankruptcy practice, I have never seen […]
New California Bankruptcy Exemptions
Californians filing bankruptcy got some new exemptions to protect their assets on January 1, 2023. Plus, we will see the triennial inflation increases in April, 2023. California has its own set of exclusively bankruptcy exemptions, as an alternative to the standard state law exemptions. California opted out of the Bankruptcy Code’s exemptions, in favor of […]
Mortgage Payments During California Shelter-in-Place
Is my house at risk if I have no income due to coronavirus? With economic activity at a dead halt due to COVID-19, California homeowners worry about next month’s mortgage payment. And the month after that, for as far as the pandemic can see. While it’s early days, and I fully expect broad governmental measures […]
How Chapter 13 Saves You Money
Why should I file Chapter 13 if I have to pay all my creditors in full? Because, I said, even a 100% repayment plan under Chapter 13 saves you money. This client had a fistful of equity in a home; that equity made a Chapter 13 the required choice of chapter for the man. But […]
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