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? […]
The Real Causes of Bankruptcy
The columnist who equated debt problems with irresponsibility nearly caused me to melt down, right in my 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 seldom […]
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 […]
Separate Finances Doesn’t Protect Spouse From Financial Disaster
By keeping separate finances, this California couple thought they had insulated the wife from the financial woes of her entrepreneur husband. They didn’t share bank accounts nor credit cards while she carefully kept her distance from his business dealings. Her name was not on anything tied to his business. But “separate” isn’t enough to overcome […]
Laboring Over Bankruptcy Papers
Why is filing bankruptcy so much work? Paper. Statements. Tax returns. Car contracts. Pay stubs. Appraisals. Title reports. Credit counseling. It gets tedious fast. So, why is bankruptcy so complicated? Do you want the polite, professional answer, or the pointed, political answer? Bankruptcy bargain Polite answer first: the bankruptcy bargain, your deal with the legal system […]
What Does A Bankruptcy Lawyer Do For You
Lawyers cost money and you’re considering bankruptcy because you don’t have enough money. What would a bankruptcy lawyer do for you? The existence of official bankruptcy forms make it seem that bankruptcy is just filling out forms. Unfortunately, that isn’t so. Forms are only part of the picture. An important part, but not the whole […]
DIK Remedies For Foreclosure Breed Bankruptcy Tragedies
Warning: virulent outbreak of do-it-yourself bankruptcies all around. Symptoms: panic over prospect of foreclosure Supposed remedy: file your own skeleton Chapter 13 bankruptcy Prognosis: enjoy the stay for about 2 weeks, followed by foreclosure relapse Homeowners facing foreclosure Three different would-be clients called in a 10 day period this month, facing foreclosure. And all three […]
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 […]
The Real Rules To Sell Stuff Before Bankruptcy
Thinking about filing bankruptcy? Need cash? Folk wisdom supplies many “rules” about the period leading up to actually filing bankruptcy: Don’t sell anything Don’t pay anyone Don’t make any money This kind of thinking will have you frozen in time and space like this insect in amber. Only, this folk “wisdom” is all wrong. Here’s […]
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 […]
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