J stands for Justify in my Bankruptcy Alphabet. Or rather, it stands for “no need to Justify” your decision to file bankruptcy. Those considering bankruptcy imagine the first meeting of creditors as an inquisition by the trustee. They fear that they will have to justify their choice of bankruptcy and that the trustee could disallow […]
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 […]
Bankruptcy Alphabet: Q is for Questions
The letter Q stands for Questions in my bankruptcy alphabet. Like the storied Light Brigade, “stormed at with shot and shell” , we in bankruptcy are peppered with questions, not cannons. Those considering bankruptcy have the profound questions:will bankruptcy improve my situation? what will I give up to get a bankruptcy discharge? what is life […]
V Is For Value In Bankruptcy Alphabet
The Letter V is for Value in my bankruptcy alphabet. The value of one’s assets drives exemptions and the question of what you get to keep through bankruptcy. The value of your assets that are subject to liens also determines whether you can void liens on those assets. I’m fond of saying that bankruptcy […]
Bankruptcy Alphabet: T is for Tension
In my bankruptcy alphabet, T stands for Tension. I’m not talking so much about the tension the person filing bankruptcy feels, though that is real and not to be discounted. I’m talking about the tension in the law that balances the interests of creditors with the interests of debtors. Bankruptcy law in the US recognizes […]
Bankruptcy Alphabet: D is for Discharge
“D” is for discharge in my bankruptcy alphabet. Getting a discharge of debts is the goal of most bankruptcies. The discharge is the court order, issued at the conclusion of a case, that wipes out the filer’s personal liability for most debts that existed when he began the case. Not everything is discharged. The Bankruptcy […]
Bankruptcy Alphabet: Y is for Yoke
Y, in my Bankruptcy Alphabet, stands for Yoke. Debt is a yoke around the neck of a person. It keeps him harnessed to the weight of past financial decisions and, sometimes, to events over which he had no control. There are times in life when the right course is to put your shoulder to […]
Bankruptcy Alphabet: L is for Life
In my bankruptcy alphabet, L is for the Life you can get back when you get rid of your debts. My bankruptcy clients are often simply consumed by managing their debts. There is no room for rest, savings, dreaming. Life has become the struggle to make the next round of payments. L could also be […]
Bankruptcy Alphabet: S is for Strip
S is for Strip in my Bankruptcy Alphabet. Bankruptcy lawyers delight in stripping liens from people’s homes. In any chapter of bankruptcy, a debtor can void judgment liens that have attached to assets that would otherwise be exempt. In Chapter 13, tax liens and other statutory liens can be stripped off the asset if there […]
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 […]
