It’s tax time and the mails are full of IRS form 1099. If you managed a short sale of your property; suffered a foreclosure; filed bankruptcy; or settled your debt for less than you owed, you probably got a 1099. But that’s not the end of the tax story. Receipt of the form does not […]
California Exemptions Increase for 2025
New 2025 California exemption amounts becomes effective April 1, 2025. And it’s no joke. The new exemption numbers will protect more value in cash and assets necessary for everyday living. Exemptions define the assets that are safe from creditors in bankruptcy. The California exemptions found in CCP 704 exemptions are also available outside of bankruptcy […]
Your Tax Refund In The Crosshairs In Debt Collecting Season
Who knew that there was a season for debt collecting? Debt collectors see your tax refund as easy pickings. 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 […]
What Happens To Your Business in Bankruptcy
Before you file bankruptcy, you need to know what happens to your business in your bankruptcy. And like so many things, there’s no single, simple answer. Two factors drive the fate of the business. One is whether the business is itself a legal entity, like a corporation or LLC. The second is what chapter you […]
What You Think About Chapter 13 Is Dead Wrong
The difference between bankruptcy’s Chapter 7 and Chapter 13 is often expressed this way: Chapter 7 is a liquidation proceeding Chapter 13 is a repayment plan And therein lies the biggest misconception about Chapter 13: 13 does not necessarily repay everything you owe. It’s a repayment plan alright, but not necessarily a 100% repayment . […]
The Essential Step To Get Your Day In Court
When you’re sued on an old debt, it’s easy to imagine appearing on the court date to tell the judge your side of the story. You imagine the judge considering your argument and challenging the other side to prove otherwise. It’s a comforting image, but it will never happen if you haven’t taken the first […]
Debt Can Kill You If You Let It
Debt is deadly. There is a straight-line connection between debt and health: the stress of too much debt erodes physical health. The single largest source of stress in the US, at least before COVID-19, is money. Or lack of money. Other potent sources of stress include work, the economy, family and relationships. As a bankrutpcy […]
Resolve To Thrive In The New Year
May I suggest a 2025 New Year’s resolution? It doesn’t involve diets or workouts or commitments to huge personal transformation. Take a hard look at your financial situation. Consider whether a fresh financial start makes sense. Just getting by A life of minimum payments, minuscule bank accounts, and no retirement savings is a life fraught […]
The Secret Alternative To Bankruptcy
Looking for the secret alternative to bankruptcy which will solve your debt problems without filing? Why not? Ads for debt settlement companies and do-it-yourself books always promise to reveal the tricks to make your bills vanish for pennies, without resort to bankruptcy. (Isn’t it interesting that these “secrets” are known only by people who want […]
5 Things To Do When You Have Been Sued
The ring on the doorbell was a process server. Bingo! You’ve been sued. Now what? Breathe deeply and work your way through this five step check list. Then I’ll suggest some options. The details in this post are based on California law. The basic principles of notice, answer, and trial apply everywhere. Scout the territory […]
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