California, it turns out, is a great place to retire. Not because of the cost of living, certainly. It’s great in spite of the cost of living. Because California exemptions are very generous to those of retirement age. Those exemptions effectively make many indebted seniors collection-proof. Bankruptcy for those seniors may seem unnecessary. How exemptions protect […]
Bank Account Safe From Credit Card Debt
Your bank can’t take your money in an account to pay their credit card. That’s one less thing to stress about. Credit cards and bank accounts are an exception to the old saw that possession is 9/10th of the the law. After all, the bank would have possession of the money on deposit and a […]
Credit Scores Go Up Quickly After Bankruptcy
After bankruptcy, credit scores go steadily up, says a 17 year study released by the Consumer Financial Protection Bureau. Got that? Scores go UP. Every year. Importantly, credit scores start improving the same year that the bankruptcy is filed. Think on that for a moment. Creditors and their shills shout that bankruptcy trashes your credit […]
Your Tax Refund Is Exposed In Bankruptcy, Unless…
The prospect of a tax refund makes most of us light up even when we haven’t even calculated what the refund might be. But if you’re thinking of filing bankruptcy before you actually see Uncle Sam’s check, take a minute to plan. Your right to that refund is property of your bankruptcy estate even if […]
The Bankruptcy Problem Your Lawyer Can’t Fix
Everyone considering bankruptcy faces the question of what to tell their lawyer. Sometimes it’s a problem you don’t want to face yourself, or a debt your spouse doesn’t know about. The problem even the best bankruptcy lawyer can’t fix is the one you hide. Maybe it’s a claim you hope to bring after the bankruptcy. You’re […]
Hold Or Fold? How To Decide If Filing Bankruptcy Is Right For You
You’ve got to know when to hold ’em, know when to fold ’em; know when to walk away, know when to run… So goes the gambler’s advice to the young card player in the hit Kenny Rogers song. Hum along as we think about how we play our cards when we’re in debt: do you file bankruptcy […]
Why Bankruptcy Means Test Is Paper Tiger In Bay Area
Bankruptcy’s means test is a paper tiger in the San Francisco Bay Area. Really! You can see why few Bay Area residents are constrained by the means test when you compare the latest median income figures used in the means test with the allowed cost of rental housing here. To review: Congress in 2005 tried to write […]
In Debt? Plan For Holidays And A Better New Year
The countdown to the holidays is on. It’s after the holidays that the desire to turn over a new financial leaf usually blossoms, when the bills from Christmas arrive in January. What was a seed of an idea about getting out of debt, sprouts and grows after the holidays. After the New Year, I see […]
How 13 Works To Save Your House From Foreclosure
Saving a house from foreclosure is the single reason most people file bankruptcy. Bankruptcy stops foreclosure- that’s a given. But then what? How can bankruptcy save the house from foreclosure, rather than just putting off the inevitable loss? After all, the mortgage lender has a lien on the house, and liens aren’t discharged in bankruptcy. […]
How One Family Settled Huge Debt For Pennies
Almost everyone wants to settle debt rather than file bankruptcy. But how about settling debt using bankruptcy? Here’s how one family pulled it off. When they started the Chapter 13 trek, they owed $370,000 in personal loans and credit cards. As they completes the plan, they will have settled that debt for three cents on […]
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