Isn’t my case over? I got my discharge. Why’s the bankruptcy trustee still hounding me?, my client asks. People who’ve filed bankruptcy are focused on the discharge as their goal. With their discharge in hand, they think it’s all over. They lose sight of the fact that the administration of a bankruptcy estate by the trustee runs on a parallel track to […]
Search Results for: do you need to file bankruptcy
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 […]
Do You Get The Bankruptcy Grubstake Exemption?
The word grubstake never appears in the Bankruptcy Code or the California Code of Civil Procedure where the exemptions available in bankruptcy cases filed in California are found. Yet every bankruptcy lawyer uses the phrase; and seemingly, every bankruptcy debtor struggles to understand it. What’s a bankruptcy grubstake Here’s the standard English definition of grubstake. […]
The Biggest Bankruptcy Mistake You Can Make
The biggest bankruptcy mistake has nothing to do with choice of chapter, exemptions, disclosure, or attorneys. It has to do with timing. The biggest bankruptcy mistake is waiting too long to consider bankruptcy. Time is seldom your friend What’s wrong with letting time pass before making a momentous decision? Doesn’t time heal most wounds? No, […]
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 […]
Got Tax Trouble? Don’t File Bankruptcy In December
Bankruptcy can provide tax relief, if your timing is right. Tax troubles are at the heart of so many bankruptcy filings. It makes sense: bankruptcy is a powerful and predictable tool to get out of tax debt. But filing bankruptcy before the end of the year may fix only a part of your tax problems. […]
Step By Step Guide To Business Shutdown
There’s lots written on how to start a business. Not so much about business shutdown. Even pre-pandemic, half of all new businesses fail within 5 years. Post pandemic, the pain is so much greater. So let’s walk through how to manage a business shutdown, tie up loose ends, and minimize problems that may follow you […]
Can You Be Sued After The Foreclosure
Foreclosure is traumatic enought without worrying whether lenders can sue you after foreclosure. Breathe deeply. California has laws that limit what a mortgage lender can do to collect its money after the foreclosure. One addresses the rights of the creditor who conducted the foreclosure sale. The other borrower protection looks at what the loan was […]
Title Isn’t Everything: Watch Out For The Assets In Your Spouse’s Name
Your spouse’s assets can get swept up in your bankruptcy when you live in California. Because, most likely, just holding an asset in the name of one spouse doesn’t defeat the community property presumption. I saw it play out in a first meeting of creditors when the bankruptcy trustee asked about an asset. But it’s […]
Two Strikes & You’re Out (Of Your Home)
Three strikes and you’re out. Anyone familiar with baseball knows that one. The rules are different in bankruptcy. Two strikes and you’re out. And for one couple, they’re not only out of bankruptcy, they’re out of their house. Foreclosed the day after they filed bankruptcy number three. Because, what they didn’t know is that there […]
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