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California drivers score huge bankruptcy win

By Cathy Moran

car after bankruptcy

California law, effective January 1, 2023, will assure those who file bankruptcy that they can keep their car as long as they stay current on payments. The onerous requirement that a debtor give up their discharge as it pertains to the car lender is eliminated. The same bill, SB 1099, increases the exemption for equity […]

Filed Under: Strictly California Tagged With: 2022, california exemptions, reaffirmation, ride-through

Is There Life After Bankruptcy?

By Cathy Moran

frequently asked questions

Is bankruptcy worth it? If you see filing bankruptcy to get a fresh start as painful or less than honorable, you might wonder what life is like, on the other side of bankruptcy. What’s the return on taking the big step? I got a report from the other side this week from a Chapter 7 […]

Filed Under: Considering Bankruptcy, Featured, Life after bankruptcy, True Stories

What’s Your Retirement Theme Song?

By Cathy Moran

tax time

Why does April tax season put me in mind of September Song ? Oh, the days dwindle down, to a precious few…. A precious few days to make your contribution to tax advantaged retirement accounts. Or, do you tap your foot to a different song:  Do You Believe in Magic?  Do you expect that finances in your […]

Filed Under: Featured, Managing Money

Pay No Tax On Debt Discharged In Bankruptcy

By Cathy Moran

discharged debt

Debt discharged in bankruptcy is tax free, even if you get a 1099 claiming otherwise. It’s unnerving when you get a 1099 after you thought the debt, and all its complications, were gone. But for bankruptcy clients, the answer is simple: Debt discharged in bankruptcy is not taxable. Tax on cancelled debt The tax code […]

Filed Under: Consumer Rights, Taxes Tagged With: COD, discharged debt

Find The Hidden Mortgage Interest Tax Deduction In Bankruptcy

By Cathy Moran

MORTAGE INTEREST DEDUCTION

Is your Chapter 13 plan  paying back mortgage payments that were delinquent when you filed bankruptcy? If so, a mortgage interest tax deduction lurks, unclaimed, in the trustee’s records. Track down that tax deduction, add it to your tax return, and you reduce your federal income tax burden. But it’s difficult because, for reasons I […]

Filed Under: Chapter 13, Featured, Taxes Tagged With: 2017, tax deductions

The Difference Between Good Bankruptcy Lawyer and Great Bankruptcy Lawyer

By Cathy Moran

Finding the right bankruptcy lawyer may be the difference between a successful bankruptcy and a nightmare. Choosing a lawyer you can talk to is critical because the basic bankruptcy bargain is full disclosure in exchange for discharge of debts. You’ll be disclosing lots of information normally held confidential. But there’s more. It’s not just a […]

Filed Under: Consumer Rights, You & your lawyer

Pay Off Credit Cards Without Interest: Bankruptcy For The Solvent

By Cathy Moran

chapter 13 rescue

Once again, Chapter 13 rescued a client. He’ll get out of debt and pay off credit cards with no interest going forward. So many people tell me they could pay off the credit card balance if it wasn’t for the high interest. This client owned a home, had a job, and was solvent on paper, but […]

Filed Under: Chapter 13, Consumer Rights, True Stories Tagged With: 2016, homestead

No House, No Discharge When Chapter 13 Goes Off Script

By Cathy Moran

Chapter 13 alarm

Sound the alarm. Chapter 13 bankruptcy cases are getting tossed out when debtors fail to make mortgage payments. What began as a trickle of Chapter 13 cases ending badly has become a torrent. More and more, bankruptcy judges are strictly enforcing the direct pay term of Chapter 13 plans. If your plan says you will […]

Filed Under: Chapter 13, Real property & mortgages Tagged With: 2017

How Much Should You Pay To Get Out Of Debt?

By Cathy Moran

Shop for a bankruptcy lawyer, and you’ll end up wondering what bankruptcy should cost. When you’re flat broke and under pressure, cheaper sure looks better. If a lawyer will do your Chapter 7 for $600, what’s the point of paying $1000? Or even $2000? Like answers to many legal questions, it depends. Bankruptcy relief depends on […]

Filed Under: Featured, You & your lawyer

What Happens To Your Bank Account in Chapter 13

By Cathy Moran

chapter 13 bank account

Those considering filing a Chapter 13 bankruptcy worry about “what happens to my bank account?” Will the trustee take all the money? How do I pay my living expenses after I file? The short answer is: nothing changes. The account remains yours and available for all the expenses of day to day living. Because, in […]

Filed Under: Chapter 13, How bankruptcy works

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Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

What Happens To Your Bank Account in Chapter 13

Those considering filing a Chapter 13 bankruptcy worry about "what happens to my bank account?" Will the trustee take all the money? How do I pay my living expenses after I file? The short answer is: nothing changes. The account remains yours and available for all the expenses of day to day living. Because, … Read more

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