Why should I file Chapter 13 if I have to pay all my creditors in full? Because, I said, even a 100% repayment plan under Chapter 13 saves you money. This client had a fistful of equity in a home; that equity made a Chapter 13 the required choice of chapter for the man. But […]
Chapter 13 To The Rescue In Ruinous Business Lawsuit
Twice in the last six months, Chapter 13 bankruptcy has saved clients facing catastrophic lawsuits arising out of business. And because the targets of these lawsuits filed bankruptcy before they’d spent a fortune on lawyers and before the court had a chance to award huge damages, they fit beneath the Chapter 13 debt limits. We […]
Who Gets A Slice Of The Bankruptcy Pie?
“That woman filed a claim in our bankruptcy case, and we don’t owe her any money!” The next line, or paragraph really, of my client’s email asked what was I, her bankruptcy lawyer, going to do about it. The short answer was nothing. Nada. Not a thing. Zero. Because when you have a pot plan […]
Bankruptcy Alphabet: Q is for Questions
The letter Q stands for Questions in my bankruptcy alphabet. Like the storied Light Brigade, “stormed at with shot and shell” , we in bankruptcy are peppered with questions, not cannons. Those considering bankruptcy have the profound questions:will bankruptcy improve my situation? what will I give up to get a bankruptcy discharge? what is life […]
V Is For Value In Bankruptcy Alphabet
The Letter V is for Value in my bankruptcy alphabet. The value of one’s assets drives exemptions and the question of what you get to keep through bankruptcy. The value of your assets that are subject to liens also determines whether you can void liens on those assets. I’m fond of saying that bankruptcy […]
How To Spend Money Before Filing Bankruptcy
Trying to spend down cash before filing bankruptcy? It’s time to talk about the float. Not the root beer float, though that would be more fun. The bank “float”: the period between writing a check and it clearing your bank. (We’ll talk about what to spend on before filing bankruptcy, too). When you file bankruptcy, […]
Pay Off Credit Cards Without Interest And Be Debt Free
The sixtyish client sitting in my office couldn’t pay off his credit cards, even though he had assets worth 10 times his credit card debt. What could bankruptcy possibly do for someone who was solvent? His assets would be sold in a Chapter 7. Assets but little cash His problem was liquidity and an income […]
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 Yet a distressing number of Chapter 13’s fail before they reach the finish line. The debtor writes the plan One powerful characteristic of Chapter 13 is that the debtor writes the payment plan. Not the judge, not […]
Means Test As Three Dimensional Chess
Means test issues in bankruptcy extend far beyond how much income you have. The allowable expense deductions for your life after filing bankruptcy count, too. After an hour long initial consultation with a client, these complexities became clear when the client tagged the means test with incredible clarity. It’s like playing three dimensional chess Pretty […]
Where Do I File My Bankruptcy Case?
Remember the kid’s geography game, Where in the World is Carmen Sandiego? Clues took players all around the world to stop a gang of thieves. When it’s debt you want to stop, if you’ve moved around in the past two or three years, the rules of the game are not child’s play. Two issues are […]
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