Californians filing bankruptcy got some new exemptions to protect their assets on January 1, 2023. Plus, we will see the triennial inflation increases in April, 2023. California has its own set of exclusively bankruptcy exemptions, as an alternative to the standard state law exemptions. California opted out of the Bankruptcy Code’s exemptions, in favor of […]
Mortgage Payments During California Shelter-in-Place
Is my house at risk if I have no income due to coronavirus? With economic activity at a dead halt due to COVID-19, California homeowners worry about next month’s mortgage payment. And the month after that, for as far as the pandemic can see. While it’s early days, and I fully expect broad governmental measures […]
How Chapter 13 Saves You Money
Why should I file Chapter 13 if I have to pay all my creditors in full? Because, I said, even a 100% repayment plan under Chapter 13 saves you money. This client had a fistful of equity in a home; that equity made a Chapter 13 the required choice of chapter for the man. But […]
Chapter 13 To The Rescue In Ruinous Business Lawsuit
Twice in the last six months, Chapter 13 bankruptcy has saved clients facing catastrophic lawsuits arising out of business. And because the targets of these lawsuits filed bankruptcy before they’d spent a fortune on lawyers and before the court had a chance to award huge damages, they fit beneath the Chapter 13 debt limits. We […]
Financial Fundamentals: Credit v. Debit
Just because it’s plastic, doesn’t mean it’s a credit card. Yet when I ask my clients about their credit card accounts, too many of them proffer their debit card. And the confusion about plastic cards that aren’t credit cards isn’t confined to those in debt. My young adult son struggles with the distinction, too. So, […]
Bankruptcy Alphabet: A Is For Assume
In my bankruptcy alphabet, “A” is for Assume. People assume all kinds of things about bankruptcy, most of them incorrect. Invariably, each assumption is more horrific than the truth. The list goes on. Each of the assumptions above is false. Some assume that they can do it themselves as “bankruptcy is just filling out forms”. As a bankruptcy lawyer who winces […]
No Rush To File Bankruptcy
When the virus steals your income, it’s easy to be overwhelmed with unpaid bills and terrifying economic uncertainty. Immediate relief by filing bankruptcy may look appealing. Make it all go away, you say. I’ll never pay this off. But not so fast. With few exceptions, this bankruptcy attorney thinks it’s too early in this pandemic to […]
How Creditors Spread Fear Of Bankruptcy For Profit
The unknown is often fearful. My colleague Peter Orville wrote It is natural to be afraid of doing something you’ve never done before, like filing for bankruptcy protection. This is especially true if you’ve heard stories about why you shouldn’t file bankruptcy. Peter has it right. Some trepidation is natural. My beef is that […]
Who Gets A Slice Of The Bankruptcy Pie?
“That woman filed a claim in our bankruptcy case, and we don’t owe her any money!” The next line, or paragraph really, of my client’s email asked what was I, her bankruptcy lawyer, going to do about it. The short answer was nothing. Nada. Not a thing. Zero. Because when you have a pot plan […]
Why I Love Chapter 13
How do I love thee, Chapter 13? Let me count the ways. Hang on, because it’s a long list. Thirteen reasons Chapter 13 rocks. I love Chapter 13 because: 1. Debtors keep control of their assets. They run their businesses. There is no trustee tasked to sell their assets. 2. Repayment to creditors […]
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