Worried about using credit cards before bankruptcy? Afraid of prejudicing your bankruptcy case by spending money before you file? Do you imagine some authority figure deciding that your financial behavior in the run-up to bankrupcy bars you from relief? Take a deep breath. That’s not how it works. Let’s look at what matters and what […]
What Is The Bankruptcy Trustee Looking For
What’s the bankruptcy trustee looking for when you submit your bank statements before the 341 meeting? Let me tell you what the trustee isn’t looking for: trustees don’t care if you bought the premium brand of coffee; paid for your kid’s sports team; fixed broken appliances; went on vacation; or bought concert tickets. No part […]
When Bankrupting The Business Doesn’t Protect The Owner
“I want to file bankruptcy for my business, but I don’t need a personal bankruptcy”. I’ve had 2 such calls to my law office in just the last week. And in each case, bankrupting the business corporation will not solve the debt situation. Here’s why. The underlying problem is that the individual owner is personally […]
Fear keeps folks from bankruptcy relief
Fear of bankruptcy is both common and necessary. Those who aren’t living the American dream of upward mobility and financial security seem to think that’s a matter for shame. Perhaps the second most frequent question would-be clients ask me is whether the fact that they filed bankruptcy will be [The answer is that it’s unlikely.] […]
Will recent credit card use sink my bankruptcy
If I’ve used credit cards before filing bankruptcy, do I have to wait? Too many people considering filing think there is some sort of waiting period between financial activity and filing bankruptcy. So, let’s look at the issues in play surrounding recent credit card charges and seeking bankruptcy relief. There’s no 90 day rule Everyone […]
Time Runs Out For Claiming A Tax Refund
Did you know there’s a deadline for claiming a tax refund. If you are entitled to a tax refund for an old tax year but haven’t filed the return yet, time’s running out. If you are more than three years late in filing your tax return, you forfeit any tax refund that you would otherwise […]
10 Things Tax Professionals Need To Know About Bankruptcy
As tax season approaches, tax pros need a basic understanding of bankruptcy to serve clients well. Tax preparers stand a good chance of encountering clients who either have filed bankruptcy, or who may benefit from a bankruptcy filing. Here’s my list of bankruptcy nuggets that a good tax professional should have at hand. 1. Debts […]
Discharge Taxes in Bankruptcy: Move Beyond the Myth
Myths about discharging taxes in bankruptcy are as common as myths about fire-breathing dragons. Central to the bankruptcy tax myth is the claim that taxes can’t be discharged in bankruptcy. Not so. Bankruptcy can wipe out many kinds of taxes. And that discharge can restore order to a family’s economy. Which ones are dischargeable? Let’s see. […]
All I Want For Christmas Is A New Year And A Fresh Start
The best gift you can give yourself for Christmas may be a fresh financial start by filing bankruptcy. For many, this year has been rough. Jobs lost, small businesses struggling, people isolated. Even if you headed into the pandemic in reasonable financial shape, little good has come of the years after/ So, what would it […]
Can You Rescue Your Business With Chapter 13
Small business owners who are sole proprietors can enlist the power of bankruptcy’s Chapter 13 to rescue their business at a price they can afford. Everyone thinks of Chapter 11 as the “keep the business and ditch the debt” form of bankruptcy. But traditional Chapter 11 is cumbersome and just flat out too expensive for […]
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