Two appeals courts hold that a bankruptcy judge may dismiss a Chapter 7 case based on ability to pay debts, even if the debtors pass the means test. Increasingly over the last 20 years, Congress has tried to put Chapter 7 off limits to debtors who can pay a meaningful portion of their debts. For […]
Filing Bankruptcy Is All About Your Future
The decision to file bankruptcy is usually driven by threats from creditors to take something from you, now. Do nothing and your creditor can levy your bank account or garnish your wages. More about how lawsuits work It’s all too human to put off a difficult step like filing bankruptcy until those threats seem real and […]
Lien Strips Live in Chapter 20
Twenty is my favorite number these days. The Oakland bankruptcy judges have ruled consistent with one another that lien stipping in Chapter 13 is allowed in a case where the debtor isn’t eligible for a discharge. Chapter 20 lives and thrives!! Before you run off to the law library looking for Chapter 20, I confess […]
Car Crazy In Bankruptcy Court
My client wants to keep paying on his car after bankruptcy. The lender wants my client to keep paying on his car after bankruptcy. Yet it took an afternoon in court for a hearing set by the judge on approval of my client’s reaffirmation agreement with the car lender to get everyone what they wanted. What […]
Depressed Property Values & Valueless Liens
Filing bankruptcy to eliminate an underwater lien is perfectly acceptable, says the 9th Circuit Bankruptcy Appellate Panel. Whew! Sometimes the wave of hostility to debtors that resulted in bankruptcy “reform” in 2005 seems to continue to poison judicial attitudes toward my clients. The Lepe decision is refreshingly different and supportive. And provides a window of […]
Even The Rich & Famous File Bankruptcy
ESPN tweeted the names of some 60 professional athletes who have filed bankruptcy and asked which names surprised the Twittersphere. Included were Johnny Unitas, Bernie Kosar, Mike Tyson, Dorothy Hamill, Gaylord Perry of my very favorite baseball team, and Roscoe Tanner, from my very favorite university. While titillating reading, none of them surprised me. Bankruptcy is not […]
Foreclosure And The Tax That Follows: What You Must Know
The homeowner did the right thing: faced with the threat of foreclosure, he called his tax professional in advance. He did the right thing that nearly produced the exceedingly wrong result. Because the tax pro asked the wrong question and got the wrong result. The illusion of professional advice about taxation upon foreclosure almost cost my client […]
Miracles Possible in Mortgage Mess
INVOKE THE SECOND DIVINE MIRACLE OF THE VANISHING EQUITY Why Many Homeowners Need to Run, Not Walk, to Bankruptcy Court and File for Chapter 13 Bankruptcy. The world has many sacred sites. Places that inspire great faith. Places where people go to express, renew, and sometimes discover their faith. Rome, Mecca, and the Holy Land […]
Skip Filing Your Tax Return And The Tax Lives Forever
It’s tax season and tax myths are everywhere. Know what the most dangerous one is? If you can’t pay the tax on the return, you’ll escape collection action if you keep a low profile by not filing the return. I hear it repeatedly, each year, year after year. And it’s wrong, over and over. Four […]
Bankruptcy Alphabet: X is for oeX
I had to stretch, I admit, for X in my Bankruptcy Alphabet. An OEX under California debtor/creditor law is an Order Of Examination that is issued when a creditor has a judgment. It’s a tool for the creditor to find and collect his money. The OEX allows the judgment creditor to eXamine the judgment debtor […]
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