If the headline drew you in, like the Geico gecko, you can complain you’ve been duped. There’s no decision involved: in bankruptcy papers, you disclose everything. Period. Disclosure is the price of the bankruptcy discharge. Shortchange the system by leaving out inconvenient facts and you risk both the omitted asset and the discharge. Understand the […]
Debt Limits Increase For Chapter 13 Bankruptcy
New debt limits for Chapter 13 become effective on April Fool’s Day, 2019. The new numbers are effective for cases filed April 1, 2019 and will control for the next 3 years. And those limits are: Unsecured debt = $ 419,175 Secured debt = $$1,257,850 The current limits effective through March 31, 2019 are unsecured debt […]
Cut Tax Penalties In Bankruptcy
Get in tax trouble and the penalties often grow huge. What starts as a manageable problem can soon tower over you. Breathe deep; there is a solution. Chapter 13 bankruptcy can cut tax penalties down to size. All tax penalties discharged in 13 Old or new, large or small, Chapter 13 discharges all unsecured tax […]
Can I Sell Stuff Before I File Bankruptcy
Thinking about filing bankruptcy? Need cash? Folk wisdom supplies many “rules” about the period leading up to actually filing bankruptcy: Don’t sell anything Don’t pay anyone Don’t make any money This kind of thinking will have you frozen in time and space like this insect in amber. Only, this folk “wisdom” is all wrong. Here’s […]
Bankruptcy Alphabet: B Is For Business
Business is my bankruptcy “B’ word. Business debt of the individual filing bankruptcy is dischargeable just as other personal debt. In Silicon Valley, the very innovation and risk taking that makes the Valley vibrant brings with it the risks of not making it in the marketplace. Bankruptcy can be the “do over” vehicle, freeing manpower and […]
Inclusion in Bankruptcy Doesn’t Equal “Discharged”
Convincing clients that they need to include all of their debts in bankruptcy is one of the hardest parts of being a bankruptcy lawyer. The struggle often seems Herculean. Sometimes, they will tell me they don’t want to include their car loan in the case because they “need the car”. Sometimes I find the student loan […]
Get A Bankruptcy Discharge Even Without Making All Your Payments
You can get a Chapter 13 discharge even without making all the plan payments you promised. There are hoops to jump through and facts to marshal to get that discharge, but it’s possible. The Bankruptcy Code provides for a hardship discharge in Chapter 13 to those whose failure to complete their plan is due to circumstances […]
4 Keys To Chapter 13 Success
How do I make a Chapter 13 plan that succeeds? That’s important because a successful Chapter 13 lets you keep your assets, keep control of your income, and discharge more debts than any other form of bankruptcy. Yet a distressing number of Chapter 13’s fail before they reach the finish line. Debtor writes the plan […]
Divorce And The Ticking Debt Bomb
Debts of the marriage often outlive the marriage itself. And, those left-over debts are nothing but trouble. But too often, divorcing couples don’t mop up the joint debts they held during the marriage, only to have the situation blows up years later when one ex-spouse hits financial trouble. Here’s a true story that illustrates the danger. […]
It’s Who You Owe In Bankruptcy
It’s about WHO you owe, not so much about HOW MUCH you owe, when you file bankruptcy. WHO, WHO, WHO. If your debt is subject to discharge, your bankruptcy wipes out all of your debt to a creditor you’ve listed. Even if you got the amount wrong or even don’t know how much you owe. […]
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