Actor Fred Thompson used to appear on my Sunday morning news program every week touting the benefits of a “government insured”, safe, reverse mortgage. Get the money you deserve to live the good life, he urged. I’m watching the aftermath of that sales pitch play out for one of my clients, and it’s not “the […]
When Chapter 20 Bankruptcy Adds Up
You can look a long time in the Bankruptcy Code without finding Chapter 20. Chapter 7 is there; so are Chapters 11 and 13. But no 20. But you find it in bankruptcy courtrooms and in the arsenal of good bankruptcy lawyers. So, what’s up? Chapter 20 is really bankruptcy slang. It’s a Chapter 7 case […]
The Most Compelling Reason To File Bankruptcy
Shedding debt so you can save for retirement is the most compelling reason to file bankruptcy in my book. Get rid of the debt that’s dischargeable so you can pay for retirement, I exhort. Between the crippling cost of housing in the Bay Area and parent loans for college, there is so little margin for […]
Last Minute Tax Break For Distressed Homeowners
Days before the end of the tax year, the massive tax bill changed the rules retroactively. And for once, the change benefited individual taxpayers. The tax bill revived, for tax year 2017, the exclusion from income accorded to phantom income upon foreclosure, short sale, or loan modification. The provision that created an exception protecting […]
IRS Shakedown Happening In Bankruptcy Court
The latest IRS scam is happening in bankruptcy, out in the open. Now usually when I write about IRS scams, I’m talking about genuine bad guys either pretending to be the IRS to hijack your money or pretending to be you to the IRS, to hijack your money. But nobody is pretending in the trick […]
Warning: Wells Fargo Can Freeze Your Account
Preparation for filing bankruptcy should include getting your money out of Wells Fargo Bank. Unless, of course, you’re willing to have Wells freeze your money for days or weeks, on its own initiative. Wells says they are “helping” the bankruptcy trustee by denying you access to your money. Only the bankruptcy trustee didn’t ask for […]
Taxes: Building Block of Financial Literacy
You’re a first time employee. Congratulations. Welcome to the world of tax forms, withholding, and tax deadlines. Taxes are the price we pay for civilization, according to Oliver Wendell Holmes. In fact, the first day on your new job you’ll be presented with an IRS form w-4. It’s like a rite of passage into adulthood. Even families […]
Are You Stuck With The Lawyer Who Filed Your Bankruptcy Case?
Your bankruptcy case is filed. It’s not going as smoothly as you expected. In fact, you’re worried you’re going under. Can you change bankruptcy lawyers after your case is filed? Certainly, you can always fire your lawyer. It may be disruptive. It will certainly cost more money. To decide you need to know So, how […]
Your Creditors Lie In Wait For Your Kids
Is your legacy to your kids an encounter with your unpaid creditors? Debt problems for those over 65 may not be problems for the elder at all. Income and assets are largely protected by law from creditors. But that doesn’t trouble creditors: they’ll simply wait and get their money from your kids. Seniors enjoy protection […]
How Your Property Gets Sold In Your Partner’s Bankruptcy
It isn’t just marriage that can get you roped in to a bankruptcy case that isn’t your own. Own community property and a bankruptcy filing by your spouse or your soon-to-be ex can drag you into a bankruptcy court. But the issue is broader: joint ownership of any kind of asset in any state, community […]
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