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Bankruptcy Alphabet: W is for Wait

By Cathy Moran

W is for Wildcard, a bankruptcy exemption

W is for Wait in my Bankruptcy Alphabet. As in “Wait! Wait! Don’t file yet.” Timing a bankruptcy can be critical. Sometimes, the bankruptcy journey begins, not with a mad dash to the courthouse, but with a short wait. Having made the decision to get out of debt, why would you wait? Many reasons, most of […]

Filed Under: ABC's of bankruptcy

Bankruptcy Alphabet: U Is For Unsecured

By Cathy Moran

Bankruptcy Alphabet: U is for Unsecured

    U stands for Unsecured debt in my Bankruptcy Alphabet.  Unsecured describes a  bankruptcy creditor who has no collateral to secure his debt. The world is full of pivotal distinctions:  male/female;  apples/oranges;  cold/hot.  The distinction between unsecured debt and secured debt is huge in bankruptcy. A secured creditor has a lien on the debtor’s […]

Filed Under: ABC's of bankruptcy

Bankruptcy Alphabet: P is for Priority

By Cathy Moran

In Bankrptcy Alphabet, P is Priority

Priority is the P word in my Bankruptcy Alphabet. Priority is the order in which claims of creditors are paid in a bankruptcy case. While all people may be created equal, not so for claims.  Recent income taxes and unpaid child support are among the  priority claims that get paid first and in full before […]

Filed Under: ABC's of bankruptcy

Bankruptcy Alphabet: N Is For Nondischargeable

By Cathy Moran

  The letter N, in my Bankruptcy Alphabet, stands for Nondischargeable.  These are the debts that simply don’t go away, even when you get a bankruptcy discharge. Family support heads the list of nondischargeable debts, at least figuratively.  Whether it’s called child support, alimony, maintenance, or a domestic support obligation, the debtor’s obligation to pay […]

Filed Under: ABC's of bankruptcy

Bankruptcy Alphabet: M Is For Modify

By Cathy Moran

M is for Modify in my Bankruptcy Alphabet. The Bankruptcy Code provides that a borrower can modify the terms of some secured debts, like car loans, judgment liens, and some mortgages. And in the midst of the current pandemic mess, the automatic stay can prevent foreclosure while a homeowner seeks a mortgage modification on their […]

Filed Under: ABC's of bankruptcy, How bankruptcy works

Bankruptcy Alphabet: I Is For IRS

By Cathy Moran

  “I” stands for IRS in my Bankruptcy Alphabet. Bankruptcy law treats the IRS little different  than other creditors.  The tax collector is just one of the boys. But the most important point is that income taxes can be erased in bankruptcy.  There are rules, three of them in fact, that govern when income taxes […]

Filed Under: ABC's of bankruptcy, Taxes

Bankruptcy Alphabet: G is for Guaranty

By Cathy Moran

G is for guaranty in my Bankruptcy Alphabet. A guaranty is just as much a debt as the bills one incurs directly, yet guaranties are often forgotten when the list of creditors is assembled to file bankruptcy. Any time you sign for a debt, yours or someone else’s, you create a legal relationship. The lender […]

Filed Under: ABC's of bankruptcy

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Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

Cheat Sheet For Passing Bankruptcy Means Test

The bankruptcy means test has a fatal weakness in its attempt to keep people out of bankruptcy. Like so much recently, it's health care. It's health care, in the future, to be paid before your creditors get any money in your bankruptcy. It works because, in a logic that only Congress could employ, the means … Read more

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