Outrage is the usual reaction when a former spouse with child support or alimony files bankruptcy. It reinforces all those less-than-flattering thoughts you harbor about your ex. But,maybe, that’s not the right reaction for two reasons, one old, one new. One is old: support debts can’t be wiped out in bankruptcy. The second reason is new: failure […]
Debt Collectors Distort Law On Debts Of Spouses
Debt collectors claim you are personally liable for your spouse’s, debts. Or even for your 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 […]
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: understand the situation fully. How you got into debt Before you choose a get-out-of-debt path, understand where you’ve come from. Until […]
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 […]
Bankruptcy Judge: The Phantom In Your Case
Will the judge approve my bankruptcy case? Do I have to explain to the judge why I’m in bankruptcy? What if the judge makes a plan I can’t pay? When you’re considering bankruptcy, you start to think about your upcoming encounter with a federal bankruptcy judge. Black robes. Sober face. Gobs of power over your […]
What Goldilocks Knew About Tax Season
It’s so easy to get a tax filing extension and put off the unpleasant work til fall. Procrastination is easy, and even sanctioned by the simplicity of an extension. But doing it now is important to your financial wellbeing From a purely selfish point of view, you need to know where you and Uncle Sam […]
Forgiveness Starts At Home
The need for forgiveness in bankruptcy extends beyond forgiving debts. Self-care requires that you forgive yourself. Kansas City bankruptcy lawyer Rachel Foley wrote about forgiveness in the bankruptcy context. She wasn’t talking about the forgiveness of debt, but about the negative emotions that can eat you up. Shed the anger at others who threaten your […]
Chapter 13 Discharges HOA Debt
Condo fees that come due after a Chapter 13 bankruptcy is filed are discharged at the conclusion of the case. In a victory for condo owners, the 9th Circuit Court of Appeals ruled that the more expansive Chapter 13 discharge trumped a bankruptcy statute sticking condo owners with the fees. Or really, this is a […]
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