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Even The Rich & Famous File Bankruptcy

By Cathy Moran

Highly paid and bankrupt

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 […]

Filed Under: Considering Bankruptcy

Miracles Possible in Mortgage Mess

By Bill Purdy

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 […]

Filed Under: Considering Bankruptcy, Real property & mortgages

Changing view of when to file bankruptcy

By Cathy Moran

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 […]

Filed Under: Considering Bankruptcy

What happened to encouraging Chapter 13

By Cathy Moran

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 […]

Filed Under: Considering Bankruptcy, Pondering

What if you choose an alternative to bankruptcy

By Cathy Moran

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 […]

Filed Under: Considering Bankruptcy

Financial worries can make you fat

By Cathy Moran

I wrote earlier that stress is a real and serious threat to physical health that needs to be factored in to the discussion about bankruptcy and the alternatives. Recent studies suggest that stress may also lead to obesity. Individuals in debt tend to see their debts as a financial problem, when those debts are also […]

Filed Under: Considering Bankruptcy

Debt Debilitates

By Cathy Moran

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 […]

Filed Under: Considering Bankruptcy

IRS warns of credit counseling fraud

By Cathy Moran

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 […]

Filed Under: Considering 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

How To Pay For Bankruptcy When You’re Flat Broke

One of the cosmic ironies of our legal system is that it costs money to file bankruptcy. Bankruptcy gets you out of debt only if you have the money to file. The costs of bankruptcy include the filing fee collected by the court; the required credit counseling; and, if you're smart, an experienced lawyer to make sure … Read more

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