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On The Bankruptcy Soapbox

The Soap Box

Stop Making Quarterly Tax Payments

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Uncle Sam expects a quarterly tax payment from the self employed.  Since you don’t get a paycheck with regular tax withholding, the burden’s on you. Lighten the burden. Make this the last quarterly tax payment you pay. Seriously.  Don’t make any quarterly payments for this coming year. Think I’m advocating tax resistance?  No way. The tax collectors […]

Do California Seniors Need to File Bankruptcy?

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California, it turns out, is a great place to retire. Not because of the cost of living, certainly.  In spite of the cost of living. Because California exemptions are very generous to those of retirement age. Those exemptions effectively make many indebted seniors collection-proof. How exemptions protect seniors Exemption laws come from the idea that, […]

Co Signers Put Themselves In Creditor’s Crosshairs

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The liability of a co signer is the single most common misunderstanding about the law that I see. Put bluntly, a co-signer is just as liable for the debt as the primary borrower. Co sign someone else’s debt and you put yourself in the creditor’s cross hairs. That should make the hair on the back […]

Unicorns, Wookies, And Medical Bankruptcies

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What do Unicorns, Wookies, and Medical Bankruptcies  have in common? Each is a figment of our imagination. None of them exists in the real world. Medical bankruptcy does not exist, despite the suggestion in a recent FoxBusiness article, where the author talked about medical bankruptcy contrasted to personal bankruptcy. When it comes to medical bankruptcy, consumers […]

Cut Tax Penalties In Bankruptcy

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Get in tax trouble and the tax penalties often grow huge. What starts as a manageable problem can soon tower over you. Breathe deep;  there is a solution. Chapter 13 bankruptcy can cut tax penalties down to size. All tax penalties discharged in 13 Old or new, large or small, Chapter 13 discharges all unsecured […]

How Does Your Household Budget Measure Up?

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The living expenses your paycheck has to cover go on and on. Each dollar is stretched;  each expense clamors for attention. Too often, the expenses go on long after the available money is gone. What seem like immediate needs squeeze out those necessities that only come round occasionally but in big numbers:  car repair, medical incidents, […]

The Worst Reason To Choose Debt Settlement Over Bankruptcy

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The guy with an old debt asked if bankruptcy or debt settlement would cause greater damage to his “credit”. The money advice columnist gave the right answer to the wrong question. She got it backwards. She advised that bankruptcy was more damaging given that the nagging debts were already three years old and would drop off his […]

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