The Supreme Court’s recent decision in Lanning and the application of the infamous “means test” to a client’s changing income picture has changed my advice about when to file bankruptcy. My standard advice to clients newly unemployed who see clearly they won’t be able to pay their existing bills has been to wait. Wait until […]
What happened to encouraging Chapter 13
Used to be, bankruptcy law was organized to encourage debtors to file Chapter 13 and repay some part of their debts. Some part of that encouragement came in the form of the Super Discharge: the ability to discharge debts incurred by bad acts; unfiled tax debt from long past tax years; and unfiled claims in […]
What if you choose an alternative to bankruptcy
I’ve continued to think about my response to David Leibowitz’s discussion of getting out of debt without bankruptcy. My first response focused on the choices inherent in paying off creditors outside of bankruptcy. I forgot to point out the efficacy issue: if you try to pay off your debts via settlement, it takes only one […]
Debt Debilitates
The U.S. Armed Services recently disclosed that a significant number of service personnel cannot be deployed overseas because of their personal debts. The military says that excessive debt both distracts from job performance and makes the G.I. vulnerable to corruption. Civilians buried in debt try, to their credit, to soldier on through debt, reluctant to […]
IRS warns of credit counseling fraud
The IRS’s list of its annual “Dirty Dozen” tax frauds includes credit counseling. Credit Counseling Agencies. Taxpayers should be careful with credit counseling organizations that claim they can fix credit ratings, push debt payment plans or impose high set-up fees or monthly service charges that may add to existing debt. The IRS Tax Exempt and […]
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