Bankruptcy paperwork can make you feel like you are drowning in paper. There’s your paper; there’s the paper your lawyer needs. And there’s the paper the court insists on. Why bankruptcy schedules worth the work It’s easy to try to skate. To cut corners. To shut down. But that paper is critical. Nearly every question, […]
Planning For Bankruptcy: Eliminate The Tax Refund
Getting a tax refund check from the government is usually a great thing. Or at least, if you ignore that the government is returning YOUR money as a tax refund. You’ve struggled without the money for a year while Uncle Sam used it without interest. But if you’ve filed bankruptcy during the tax year, the […]
Get A Deal On Your Car After Bankruptcy
How are you going to keep your car after you file Chapter 7 bankruptcy? Here in California , little is more essential to holding a job and really getting a fresh start than a car to get to work in. While the bankruptcy discharge will relieve you of liability for the loan on the […]
California Homestead Works In Other States, Too
California homestead law drives bankruptcy exemptions even for those who no longer live in California. Strange, when the homestead statute was state law originally written for Californians. Two things have expanded its reach: bankruptcy “reform” and the concept of extraterritoriality. The third driver, of course, is mobility: we seem much more likely these days to […]
Can A Trust Protect You In Bankruptcy?
Can a trust protect your assets from loss? According to the lawyer advertising and the self-help books, everyone needs a revocable trust. The asset protection industry loves irrevocable trusts to get assets out of your name so your creditors can’t reach your wealth. So, do trusts work in bankruptcy to change the rights of debtors and their […]
File bankruptcy tomorrow?
Clients clearly have little sense of how long it takes to file bankruptcy. Proof is what happened Monday: there’s an email the morning’s inbox from a client whom I first met weeks ago. He tells me they want to file before Wednesday’s mediation in state court! I have no creditor information, representation agreement, money, or […]
The Means Test: Badly Mangled
Another purported financial professional has confidently and conclusively gotten the bankruptcy means test absolutely dead wrong. And used that wrong conclusion to steer someone away from bankruptcy. Mt. St. Helens has nothing on me in terms of venting. How can financial professionals get this so wrong, more than a decade after the means test was enacted? Mangling the […]
How A Careless Bankruptcy Can Bite Your Family
Your bankruptcy can affect your family even though they haven’t filed bankruptcy. Transfer assets or repay debts , and you can expose family to attack by the bankruptcy trustee. Even if not fatal, the trustee’s bite can leave scars. How family gets sucked in I sat waiting for my turn at a bankruptcy hearing last week […]
What Your Signature On Your Bankruptcy Papers Really Says
Wish I had a buck for every time a client has told me, “Yes, I signed it, but I didn’t read it”. This is usually delivered as though the signature had no meaning if it wasn’t coupled with actual reading. Unfortunately, it isn’t so. Not true in commerce in general, and certainly not true when signing […]
What’s Included In Bankruptcy?
People ask, all the time, what’s included in bankruptcy? What do I list in my bankruptcy paperwork? Think of it like this: bankruptcy is a snapshot of your situation on the day the bankruptcy case is filed. Maybe, you think of your bankruptcy like the Clampett’s Buick, arriving in Beverly Hills, crating all their stuff. […]
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