How do I love thee, Chapter 13? Let me count the ways. Hang on, because it’s a long list. Thirteen reasons Chapter 13 rocks. I love Chapter 13 because: 1. Debtors keep control of their assets. They run their businesses. There is no trustee tasked to sell their assets. 2. Repayment to creditors […]
The Fate of Second Homes In Bankruptcy
Homestead exemptions protect a principal residence when someone files bankruptcy. But what about second homes and rentals? Are they toast in bankruptcy? Not necessarily. Like many legal questions, it depends. Homes protected from creditors The legal system has a reverence for the home debtors live in. It recognizes the importance of shelter and stability to […]
Bills I Gotta Pay, But There’s A Pandemic Out There
I have bills I have to pay but no income. That despairing line was repeated over and over again in interviews with pandemic-furloughed workers on last night’s news. COVID-19 has ground the economy to a halt, no one’s working, and no money is flowing. Whether it’s called social distancing, shelter in place, quarantine, or lock-down, […]
IRS Pandemic Relief in Taxing Times
In normal times, this would be tax season. Not this year; these aren’t normal times. The recent COVID-19 pandemic has already had a significant effect on our personal and professional lives. Between states and localities implementing “shelter-in-place” orders, commercial activity grinding to a near halt, and the stock market seeing massive losses, the United States […]
Keep Your Tax Refund Through Your Bankruptcy
For most of us, finding out that we are getting a sizable tax refund is great news. But if you’ve recently filed a Chapter 7 bankruptcy, hold your celebration. That refund may not be yours. You have a bankruptcy estate When you file bankruptcy, all of your assets become a “bankruptcy estate”. The estate includes […]
Got A 1099? How To Avoid Paying More Tax
One of life’s persistent gotcha’s is the tax consequence of having debt forgiven. Did you compromise a debt, eliminate it upon foreclosure, or have your creditor simply wipe it out without payment. You may have a tax problem. The tax code treats the forgiveness of debt as income, even though you never saw a penny […]
Best New Bankruptcy Insights Of 2019
As we wave goodbye to 2019, we asked what issues grabbed you in 2019? Or, at least, what bankruptcy issues caught your attention? So, we tallied the traffic numbers from this calendar year and assembled this list of the top 10 new posts here on Bankruptcy Soapbox in 2019. Take a look, and see if […]
2019 Reader Favorites From Bankruptcy Soapbox
It’s always fun to see which posts spoke to readers of Bankruptcy Soapbox during the year. There’s lots to choose from. After all, we touch on law, personal finance, small business issues, and some just basic matters of operating in this economy. Here, starting with number 10, and working up to your favorite post, are […]
The Parent School Loan
Take a good look at the result of the parent loan for college. Tied up, captive, grimacing. That’s what my client’s situation looks like to me: Mid sixties Kids just graduated Parents liable for $250,000 in loans If college makes the life of the kids, it stands to ruin the lives of the parents. […]
Do It Yourself Bankruptcy Software Is A Trap
Good intentions and a good education are apparently not enough for Upsolve to get the means test right. Upsolve describes itself as a non-profit, created by Harvard Law School graduates, whose mission is to “help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost.” Admirable, so far. Until […]
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