Whether the news comes by phone or mail, the notice that your soon-to-be-ex spouse has filed bankruptcy can bring fear and confusion. You need some facts and a plan, now. So let’s look at how bankruptcy affects a non filing spouse and how to chart a course through a STBX bankruptcy case. Child support safe […]
Separate Finances Doesn’t Protect Spouse From Financial Disaster
By keeping separate finances, this California couple thought they had insulated the wife from the financial woes of her entrepreneur husband. They didn’t share bank accounts nor credit cards while she carefully kept her distance from his business dealings. Her name was not on anything tied to his business. But “separate” isn’t enough to overcome […]
Take Credit For The Tax Deductions That Hide In Chapter 13
It’s tax time: don’t overlook tax deductions in Chapter 13 bankruptcy case. Tax deductions lurk in the most unlikely places. If your Chapter 13 plan is catching up home loan arrears, there’s a deduction hiding in the trustee’s disbursement records. Most likely, the lender’s filed proof of claim in the bankruptcy case is full of […]
How to get copies of your bankruptcy papers
When you need to get copies of your bankruptcy papers, there’s a long line of people ready to rip you off. I mean, really rip you off. I’d list the companies prepared to overcharge you, but I don’t want to give them any more visibility than they already have. You may need to get bankruptcy […]
Which Bankruptcy Chapter Is Right For Me?
Seven or Thirteen? 13 or 7? When you have a choice, how do you decide which chapter of bankruptcy works best? Usually, the choice is driven by the scope of the discharge and the kind of debts you have. More kinds of debts are dischargeable in Chapter 13 and the automatic stay protects you for the […]
The Unexpected Loss When Tax Returns Filed Late
File your tax returns really late and you may lose out on credit for toward your Social Security. Betcha didn’t know there was a connection between income taxes and your Social Security benefits. This was a new one for me. I’ve written often about the negative consequences of putting off filing tax returns. But Harvard Law professor […]
Debt Settlement Is A Dud
Debt settlement is often dangled in front of the financially challenged as an alternative to bankruptcy. Sounds good: making a deal with your creditors has enormous appeal when you can’t pay everything that you owe. And debt settlement companies count on it. The pitch for “settling your debts” touches a nerve. Almost everyone WANTS to […]
Disarm The Debt Collector: Understanding The Weapons of Debt 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 […]
What Is Really Scary About Debt Collectors
When I tell a client to stop paying credit cards, they look at me as though I’d suggested they jump into shark infested waters. “But they’ll start calling me”, they wail. “I’ll be sent to collection“. In their mind, “collection” is a real place, with manacles dangling, barred windows, and water dripping down moldy dungeon walls. Turns […]
Asset Protection For Free
Before you sign up with the guy in the ad, explore free asset protection, courtesy of Uncle Sam. Everyone would like to enjoy their money without worry about creditors taking it from you. That describes asset protection. A substantial industry run by expensive professionals will scatter your money between interlocking partnerships and off-shore corporations to keep […]
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