The bankruptcy means test has a fatal weakness in its attempt to keep people out of bankruptcy. Like so much recently, it’s health care. It’s health care, in the future, to be paid before your creditors get any money in your bankruptcy. It works because, in a logic that only Congress could employ, the means […]
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Inclusion in Bankruptcy Doesn’t Equal “Discharged”
Convincing clients that all of their debts must be included 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 payment […]
Is It Too Late For Bankruptcy?
Worried that it’s too late to file bankruptcy? You’ve put off considering bankruptcy, hoping to tough it out, or hoping for a miracle. But at some point, time runs out: you’ve been served with a lawsuit; judgment has been entered against you; or even, a garnishment appears on your paycheck. Is it too late to […]
4 Compelling Reasons To File The Tax Return Even If You Can’t Pay
Should you file the tax return if you can’t pay the tax? You got to the bottom of your tax return and the amount you owe is bigger than your checkbook balance. Nope. It doesn’t work that way. The IRS does not start harassing nonpayers for money immediately after a return is filed. Or even […]
Who Needs This Kind Of Help With Debts
Eliminate your unsecured debt sooner than you ever thought possible. That’s the promise of one debt settlement company. It’s in their contract, not just their ads. It must be so. The pitch preys on people’s profound desire to do the right thing. Most people want desperately to pay their debts and avoid the “horror” that […]
What Happens To Your Business in Bankruptcy
Before you file bankruptcy, you need to know what happens to your business in your bankruptcy. And like so many things, there’s no single, simple answer. Two factors drive the fate of the business. One is whether the business is itself a legal entity, like a corporation or LLC. The second is what chapter you […]
Why File Bankruptcy? It’s Your Life Expectancy
Increasing life spans and the demise of pension plans is why filing bankruptcy now makes sense. Old debt has a way of sucking the air out of today’s budget. You can’t make repairs to your car or see to needed health care or accumulate an emergency cushion because you’re still paying for stuff you bought […]
What Happens To Cash In Bankruptcy?
How much cash can you keep when you file bankruptcy? It’s not as though you won’t have living expenses after you file bankruptcy. You need to know how you’ll manage and what you’ll have to manage with. Funding that fresh start is what exemptions are all about. We are talking here about California because exemptions, […]
Planning For Bankruptcy: Keep Your 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 […]
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