Everyone considering bankruptcy faces the question of what to tell their lawyer. Sometimes it’s a problem you don’t want to face yourself, or a debt your spouse doesn’t know about. The problem even the best bankruptcy lawyer can’t fix is the one you hide. Maybe it’s a claim you hope to bring after the bankruptcy. You’re […]
Got Tax Trouble? Don’t File Bankruptcy In December
Bankruptcy can provide tax relief, if your timing is right. Tax troubles are at the heart of so many bankruptcy filings. It makes sense: bankruptcy is a powerful and predictable tool to get out of tax debt. But filing bankruptcy before the end of the year may fix only a part of your tax problems. […]
What looks bad to the trustee in prebankruptcy conduct
Wondering what bankrutpcy trustees look for when they ask for bank statements and question you at the 341 meeting? Worried that a bankruptcy trustee will examine your situation and somehow disqualify you from bankruptcy because of something you did (or didn’t do) right before you filed? Not to worry. Your bankruptcy discharge does not depend […]
What’s The Income Limit for Filing Bankruptcy
Actually, there’s no income limit for filing bankruptcy. None, nada, no way. Instead, there’s the infamous means test, an awkward and complex formula, written by Congress, to identify individuals who are entitled to file Chapter 7. Not everyone has to take the means test. The means test doesn’t apply to individuals whose debt is primarily […]
Debt settlement: how it really works
Debt settlement companies thrive on tapping the consumer’s genuine desire to pay back their debts. They don’t tell you how debt settlement works, in reality. They promise that they will compromise with your creditors for a sizable discount and all will be well with the world. There are any number of reasons that isn’t so, […]
The Real Importance of Your Credit Score
Getting credit after bankruptcy is the most frequent search term that bring visitors to Bankruptcy in Brief, my encyclopedic sister site on bankruptcy. In these visitors’ minds, the impact of bankruptcy on their credit score is critical. It’s ironic that readers, saddled with enough debt to consider bankruptcy, worrymost about their credit score. After all, […]
Is Home Equity A Substitute For Retirement Savings
My home is my retirement plan. If I had a dollar for every time a client said that, I could retire today. But that approach to funding your old age only works if…. Sell your house to retire The value in your house makes your balance sheet strong, but doesn’t put food on the table […]
Bouncing Back From Bankruptcy
How long does it take to recover from bankruptcy? I started to answer the client’s question before I realized that the question was all backward. Recover FROM bankruptcy? No…. It should be: recover THROUGH bankruptcy! Bankruptcy is the tool for recovering from impossible financial situations. The ailment is debt: bills in excess of what you […]
Eliminate The Tax Refund & Protect Yourself From Government Collections
We’ve recently heard sternvoiced threats from the federal government about collecting delinquent student loans and defaulted EIDL loans. One of their collection tools is the Treasury Offset Program. It allows the feds to take some or even all of money is owes you to pay money that you owe the government. So many people plan […]
Who Needs This Kind Of Help With Debts
Eliminate your unsecured debt sooner than you ever thought possible. That’s the promise of one debt settlement company. It’s in their contract, not just their ads. It must be so. The pitch preys on people’s profound desire to do the right thing. Most people want desperately to pay their debts and avoid the “horror” that […]
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