Chapter 13 debt limits define who can take advantage of the power of Chapter 13. The debt test has two prongs: unsecured debt and secured debt. Come in under each prong and you meet the debt limits test. For cases filed on April 1, 2025 and afterwards, the Chapter 13 debt limits are: UNSECURED DEBT […]
Bankruptcy Alphabet: F is for First
In my Bankruptcy Alphabet, F is for First meeting of creditors. Lots of rumors exist about the that meeting; it produces unwarranted anxiety that is avoidable if you understand what’s up. Let’s check it out. The first meeting of creditors, also called the 341 meeting, is often the only time a debtor has to appear […]
What You Think About Chapter 13 Is Dead Wrong
The difference between bankruptcy’s Chapter 7 and Chapter 13 is often expressed this way: Chapter 7 is a liquidation proceeding Chapter 13 is a repayment plan And therein lies the biggest misconception about Chapter 13: 13 does not necessarily repay everything you owe. It’s a repayment plan alright, but not necessarily a 100% repayment . […]
Debt Settlement Is A Dud
Debt settlement is often dangled in front of the financially challenged as an alternative to bankruptcy. Sounds good: making a deal with your creditors has enormous appeal when you can’t pay everything that you owe. And debt settlement companies count on it. The pitch for “settling your debts” touches a nerve. Almost everyone WANTS to […]
The Tax Deductions That Hide In Chapter 13
It’s tax time: don’t overlook tax deductions in Chapter 13 bankruptcy case. Tax deductions lurk in the most unlikely places. If your Chapter 13 plan is catching up home loan arrears, there’s a deduction hiding in the trustee’s disbursement records. Most likely, the lender’s filed proof of claim in the bankruptcy case is full of […]
Planning For Bankruptcy: Keep Your Tax Refund
Getting a tax refund check from the government is usually a great thing. Or at least, if you ignore that the government is returning YOUR money as a tax refund. You’ve struggled without the money for a year while Uncle Sam used it without interest. But if you’ve filed bankruptcy during the tax year, the […]
Bankruptcy Discharge Slays IRS Form 1099
In a duel between a tax Form 1099 and a bankruptcy discharge, bankruptcy wins every time. The prize? no tax on debt discharged in bankruptcy. So, if you’ve already gotten your discharge, the creditor’s 1099, with your social security number on it, is no threat. But you do need to file another form to secure […]
Your Business Partnership Needs A Prenup
Financial partnerships are at least as challenging as marriages. And business deals don’t have love to smooth the rough spots in the relationship. The traditional marriage service ends with the charge that what God has joined together, let no man put asunder. That’s great with love, but not so great with money. Something will likely asunder […]
California Homestead Exemption: The Truth Isn’t What You Think
“They can’t take my house, whatever happens. Right?” The young man in my office “knew” how the California homestead works: he insisted that his home was exempt as a California homestead, even if he filed bankruptcy. He “knew” that credit card debt was dischargeable. And that “knowledge” lead to his conviction that , in bankruptcy, […]
The Essential Step To Get Your Day In Court
When you’re sued for debt, it’s easy to imagine appearing on the court date to tell the judge your side of the story. You imagine the judge considering your argument and challenging the other side to prove otherwise. Or tempering the creditor’s demand for an amount you can afford to pay. It’s a comforting image, […]
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