The caller to my law office kept telling my assistant: I just want to ask Cathy a question. To which my assistant replied: you need to first fill out our questionnaire and make an appointment. But I don’t want a meeting, I just want to ask a question. At which point, both sides of the call […]
The Biggest Lie About Bankruptcy
Read anything about Chapter 7 and you get, “Your possessions are sold in Chapter 7 bankruptcy.“ That is, flat out, the biggest lie about bankruptcy. It’s a liquidation proceeding and your stuff will be sold to pay creditors, the lie goes on. No wonder people are scared off from getting relief from debts they can’t […]
The Worst Reason To Choose Debt Settlement Over Bankruptcy
The guy with an old debt asked if bankruptcy or debt settlement would cause greater damage to his “credit”. The money advice columnist gave the right answer to the wrong question. She got it backwards. She advised that bankruptcy was more damaging given that the nagging debts were already three years old and would drop off his […]
The Bankruptcy Problem Your Lawyer Can’t Fix
The problem even the best bankruptcy lawyer can’t fix is the one you hide. Sometimes it’s a problem you don’t want to face yourself, or a debt your spouse doesn’t know about. Maybe it’s a claim you hope to bring after the bankruptcy. You’re tempted just to say nothing to your bankruptcy lawyer. Who will know? […]
Does Bankruptcy Bar Retirement Savings?
Ongoing retirement saving by Chapter 13 debtors has been a touchy subject since the means test became a part of the bankruptcy scene. The means test was intended to squeeze every available dollar from consumer debtors. It works by limiting the expenses that can be deducted from income in figuring what a debtor can/must pay […]
Can You Spot The Signs Of A Collection Scam
It’s pretty scary when a $300 payday loan turns into an investigation by the Federal Crimes Bureau. Not only was the recipient of the collection letter below being “investigated for crimes”, his Social Security number would be suspended, and a court case initiated against him immediately. At great cost and embarrassment. Unless, of course, he sent the […]
Get real information about what’s happening with your mortgage loan payments
What have they been doing with my mortgage payments? The client has been making a mortgage payment according to the HAMP formula for almost 18 months of her Chapter 13. Yet without a 1098 form, her very capable tax preparer told her she couldn’t deduct mortgage interest on her tax return. Never fear. We have a new […]
Bankruptcy Without A Discharge: Why Chapter 20 Works
What does a Chapter 13 bankruptcy get you if it doesn’t get you a discharge? Lots, actually. It’s complicated. Powerful, but complicated. Let’s see how all the parts interact when your Chapter 13 is filed before you’re eligible for a discharge. Law limits discharge The bankruptcy code doesn’t limit when you can file bankruptcy; it […]
The Essential Step To Get Your Day In Court
When you’re sued on an old debt, it’s easy to imagine appearing in court to tell the judge your side of the story. I’m not the person who owes this debt This debt is too old to be enforced I never heard of the person suing me You imagine the judge considering your argument and […]
What A Bankruptcy Lawyer Is Thankful For
On Thanksgiving, I’m mindful of how precious the American approach to insolvency is. In the U.S. a bankruptcy discharge provides the proverbial fresh start to move forward with life. Money troubles do not have to cloud a life forever. Bankruptcy is widely available and broadly effective in getting people a fresh financial start. On the individual level, […]
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