Plan before filing bankruptcy and you get better, more certain relief. Even if you’re not quite sure that you’re ready to take the bankruptcy plunge, scout the bankruptcy territory. Take some time to learn the rules and explore ways to maximize the relief available in bankruptcy. If you don’t plan ahead and just rush into […]
Does Debt Discharged In Bankruptcy Stay Gone Forever?
Can my old debt come back after my bankruptcy? Worried clients ask me this all the time, fearful that the relief they get from their creditors in bankruptcy is only temporary. The short answer is no. The automatic stay that stops collectors when you file bankruptcy is replaced, at the end of the case, with […]
Debt Collectors Distort Community Property Law
Debt collectors claim you are personally liable for your spouse, or ex-spouse’s, debts. That’s a (convenient) lie. California community property law is complicated. I get it. It shouldn’t surprise me that debt collectors don’t understand community property. Or maybe, they find it inconvenient to understand. Or maybe, they deliberately distort the law. Collector expands spousal […]
Automatic Stay Has Exceptions: It Doesn’t Stop Everything
The automatic stay is the signature feature of American bankruptcy, but the stay has important exceptions. Just by filing a bankruptcy case, a federal court injunction instantly prohibits your creditors from actions to collect a debt from you or your assets. But, there’s a whole list of actions that aren’t included in the stay. We […]
What’s Wrong With Most Get-Out-Of-Debt Advice
Get-out-of-debt gurus too often miss the essential truth known to every carpenter. Measure twice, cut once Too many trite lists of tips to help you get out of debt miss the vital first step. Before you choose a get-out-of-debt path, assess your situation. Until you know how you got into debt, it’s hard to pick […]
What’s Up After Tax Extension To File?
The tax extension in the mail and you don’t have to think about income taxes til October 15th approaches. Right? Not in my book, if you are self employed. The self employed don’t have their estimated income taxes withheld from their paychecks. There aren’t any paychecks if you are among that resolute band of entrepreneurs, […]
Bankruptcy Judge – Umpire In A Robe?
The most powerful tool for debtors fixing things is the bankruptcy judge. My friend bankruptcy lawyer Doug Jacobs explains the difference between the bankruptcy chapters available to individuals this way: Chapter 7’s fix things; Chapter 13’s allow debtors to fix things. Kinda like the difference between grabbing a quick shower and spending a week at the […]
Title Isn’t Everything: Watch Out For The Assets In Your Spouse’s Name
But it’s titled to my spouse, sputtered the hapless debtor at the bankruptcy hearing. She hasn’t filed bankruptcy. Not so, says the bankruptcy trustee. It was purchased during marriage, wasn’t it? And so, the trouble begins for those who don’t understand community property. Turns out the debtor left out of his schedules the bank account […]
Is Home Equity A Substitute For Retirement Savings
My home is my retirement plan. If I had a dollar for every time a client said that, I could retire today. But that approach to funding your old age only works if…. Sell your house to retire The value in your house makes your balance sheet strong, but doesn’t put food on the table […]
SBA Loans Collectible Long Past Business Failure
The SBA has eagle eyes and sharp talons when it comes to collecting from guarantors of business loans. SBA collection tools are ruthless, efficient, and ageless. So I learned when a client consulted me about a business that had failed 12 years ago. Yet the SBA had never sued him, nor had it filed a […]
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