Is there an alternative to bankruptcy, my clients often ask. Can I realistically avoid filing bankruptcy? A fellow bankruptcy lawyer outlined what it takes to get out of debt without bankruptcy. make more money; spend less on today’s expenses; and use all your savings to pay off debt. If you could do all three, for […]
Bankruptcy Isn’t The Real Threat To Your Retirement Savings
Your creditors can’t get your retirement savings. In bankruptcy or not, your creditors can’t take money from your formalized retirement savings. California state law and federal bankruptcy law protect your savings for retirement held in recognized retirement vehicles from levy or lien. But retirement savings are at risk. Look in the mirror. You are usually […]
Is Your Choice Of Bankruptcy Chapters Really Dictated By Your Stuff?
Through my Twitter feed came a link to the pro’s and con’s of filing bankruptcy from the business section of the Chicago Tribune. Good chance to see how non lawyers see my world, I thought. Bankruptcy was all about protecting “stuff”, said the writer, and the choice of chapters is driven by the kind of […]
Means Test As Three Dimensional Chess
Means test issues in bankruptcy extend far beyond how much income you have. The allowable expense deductions for your life after filing bankruptcy count, too. After an hour long initial consultation with a client, these complexities became clear when the client tagged the means test with incredible clarity. It’s like playing three dimensional chess Pretty […]
Debt Actually Makes You Stupid
It’s easy to tell ourselves that getting into debt was stupid. Maybe, maybe not. Lots of debt happens without making bad decisions. Think of medical bills. Natural disasters. Divorce. But regardless of how you got in debt, there’s more bad news. Just being in debt makes you stupid. Stupid, as in, your IQ goes down […]
The Most Compelling Reason To File Bankruptcy
Shedding debt so you can save for retirement is the most compelling reason to file bankruptcy in my book. Get rid of the debt that’s dischargeable so you can pay for retirement, I exhort. Between the crippling cost of housing in the Bay Area and parent loans for college, there is so little margin for […]
Tax Trap When You Settle Debts Outside Of Bankruptcy
Debt settlement has a hidden tax consequences no one ever discusses. If you own a home, debt settlement can bite you in the asset down the road. That’s because debt forgiven outside of bankruptcy gets deducted from the basis of your home. Result: more potentially taxable capital gains on sale. That’s the killer reason […]
File Bankruptcy All Alone: No Spouse Required
We’re so used to thinking about married folk as a couple, rather than as two individuals: George and Gracie; Bill and Hillary; John and Abigail. The Bankruptcy Code feeds that perception when it allows a married couple to file a joint case. Two people, one set of papers, one filing fee. But while filing together […]
Fear of Bankruptcy Misplaced
Fear follows debt, like a shadow follows you. People in debt are afraid of the caller on the phone. They are afraid of the process server. They are afraid of the truth getting out. Yet, they fear bankruptcy more, apparently. They seem to fear that life as they know it will end if they file […]
Will Social Security Be Enough To Retire To Surf City?
We live in the Golden State. Retirement is supposed to be the Golden Years. Do you have enough gold to make it happen? It takes more than twice the typical Social Security check to meet just basic living expenses for a single elder in Santa Cruz County. Yup, the median Social Security check is $12,500 […]
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