Will it be Chapter 7 v. 13? After you’ve made the decision to get a fresh start, you need to choose a bankruptcy chapter, usually Chapter 7 or Chapter 13. The choice of chapter is complex, involving many interconnected factors. Here we’re going to compare just the treatment of different kinds of assets in Chapter […]
When Giving Isn’t Good
When you owe money to others, you are not free to give assets away. Or retitle them. Or put them in an irrevocable trust. That’s the universal principle of Anglo-Saxon law that prohibits fraudulent transfers. But the concept of a gift being wrong in the law is among the most difficult for ordinary folks to […]
Disarm The Debt Collector: Understanding The Weapons of Collection
You can stop a debt collector cold, wherever you live, using federal law. It doesn’t take a lawyer, a court, or an enforcer. That’s because the weapons of a debt collector are fear, shame, and annoyance. The weapon delivery system is communication. Those weapons don’t have to be any more threatening than a plastic toy […]
Pay No Tax On Debt Discharged In Bankruptcy
Debt discharged in bankruptcy is tax free, even if you get a 1099 claiming otherwise. It’s unnerving when you get a 1099 after you thought the debt, and all its complications, were gone. But for bankruptcy clients, the answer is simple: Debt discharged in bankruptcy is not taxable. Tax on cancelled debt The tax code […]
Jailed For Debt In The USA?
Worried about being arrested and jailed for not paying your bills? A surprising number of people think it’s possible. Yet the only way that you can end up in jail for not paying your bills comes from not opening the mail. Ignoring debt doesn’t work In my experience, people with money troubles often stop opening […]
Scammers Spoof IRS To Get Your Info
Tax season saw a 400% rise in fake email to taxpayers pretending to be from the IRS. The scammers want you to click a link, give them information, or otherwise open yourself to identity theft. Identity theft and the diversion of tax refunds is the number one tax scam. Fake email is third. Protect yourself as […]
Is A Free Bankruptcy Consultation Worth It?
No matter how much they’ve spent on other stuff, those shopping for a bankruptcy lawyer seem to expect a free consultation. “Everyone else offers a free consultation” I’m told. Not me: I don’t do “free”. But I’ve come to doubt what other bankruptcy attorneys offer is really a free consultation. Oh, it may be free, […]
Annual IRA Contribution: Use It Or Lose It
Tax day approaches. With it comes the IRA contribution deadline. You expect to live for decades after you’re eligible for Social Security, don’t you? Then, you have only until April 15th to use the 2021 allowance for contributions to a tax-advantaged IRA. Miss making that 2021 contribution and it’s gone for all time. So, you […]
Find The Right Cure for Your Debt Problems
Get-out-of-debt advice and sales pitches abound. Like this one. But too few get-out-of-debt gurus tell you that you need a diagnosis of your financial ills before prescribing the cure. Is the stomach ache indigestion or appendicitis? Is it temporary upset or life threatening? The answer makes a big difference in how you treat it. No […]
Your Tax Refund In The Crosshairs In Debt Collecting Season
Who knew that there was a season for debt collecting? My friend and colleague attorney Mike Cardoza does. See what he says. The beginning of the year through about the end of March is the big season for debt collection! Why? Because collectors are pretty sure that you have some money in your pocket – […]
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