How would you like to reduce your car payment, by lots? In a recent case, Chapter 13 allowed my client to save $7000 off the loan balance based on an examination of the car finance contract. You couldn’t see the issue from the monthly statement. When I got the finance agreement itself, I found the […]
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Time Running Out On Dynamite Business Reorganization Opportunity
In less than a month, the nifty new small business bankruptcy option that makes Chapter 11 feasible for the little guy reverts to its far smaller debt limits. Still great, but available to fewer troubled businesses. SBRA is a new subset of a Chapter 11 bankruptcy reorganization. Also called a Subchapter V case, it’s designed […]
Three Barriers To Getting Out Of Debt
Three emotions, not reasons, keep people from filing bankruptcy and getting out of debt. While not as sexy as the seven deadly sins, these emotions still keep my clients mired in debt long after logic says “quit”. Fear Stubbornness Pride These emotions keep people mired where they are. They block the road forward. Fear Fear of […]
The Most Powerful Debt Management Tool
The most powerful debt management tool isn’t a software program. It isn’t a website, nor a consulting firm. It isn’t even a calculator. The most powerful debt management tool is a letter opener. Or, less threateningly, that the lender has transferred the servicing of your loan. You don’t know anything about your situation except that […]
Myth Of The Corporate Credit Card
As far as myths go, the myth of the business credit card ranks right up there with unicorns, Big Foot, and leprechauns . Every struggling small business owner who crosses the threshold of my office believes that his corporate credit card is not a personal debt. Wrong. In 41 years of bankruptcy practice, I have never seen […]
Why I Love Chapter 13
How do I love thee, Chapter 13? Let me count the ways. Hang on, because it’s a long list. Thirteen reasons Chapter 13 rocks. I love Chapter 13 because: 1. Debtors keep control of their assets. They run their businesses. There is no trustee tasked to sell their assets. 2. Repayment to creditors […]
IRS Pandemic Relief in Taxing Times
In normal times, this would be tax season. Not this year; these aren’t normal times. The recent COVID-19 pandemic has already had a significant effect on our personal and professional lives. Between states and localities implementing “shelter-in-place” orders, commercial activity grinding to a near halt, and the stock market seeing massive losses, the United States […]
Five Tax Tips For Two Cents
The tax filing deadline approaches. So why is a bankruptcy lawyer talking about taxes? I’ve found over three decades as a bankruptcy lawyer that there’s a surprising degree of overlap between bankruptcy and tax . All too often, it’s tax troubles that brings a family to me for help. Here’s my two cents on what […]
How Consumer Remedies Were Gutted By Little- Noticed Tax Code Changes
Tax code changes effective in 2018 inflicted a crippling blow to consumers who must sue to enforce their rights. And few have yet noticed. The tax deduction for miscellaneous itemized deductions under IRC Section 212 is gone. So now, consumers who prevail under statutes that award attorneys fees to the successful plaintiff are denied a […]
Chapter 13 Dismissed After All Payments Are Made: Self Inflicted Wounds
There’s been a rash of bullet-ridden feet lately in Chapter 13 cases. Debtors seem to whip out their pistols and shoot themselves in the foot with increasing regularity. Just when their goal of keeping the house was within reach, had they paid attention, they lose it all. It happens when debtors don’t hold up their […]
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