Is there an alternative to bankruptcy, my clients often ask. Can I realistically avoid filing bankruptcy? A fellow bankruptcy lawyer outlined what it takes to get out of debt without bankruptcy. If you could do all three, for long enough, and, your debt isn’t too large, it probably works. I want to pose the question: […]
Search Results for: do you need to file bankruptcy
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 […]
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. […]
What looks bad to the trustee in prebankruptcy conduct
Wondering what bankrutpcy trustees look for when they ask for bank statements and question you at the 341 meeting? Worried that a bankruptcy trustee will examine your situation and somehow disqualify you from bankruptcy because of something you did (or didn’t do) right before you filed? Not to worry. Your bankruptcy discharge does not depend […]
What’s The Income Limit for Filing Bankruptcy
Actually, there’s no income limit for filing bankruptcy. None, nada, no way. Instead, there’s the infamous means test, an awkward and complex formula, written by Congress, to identify individuals who are entitled to file Chapter 7. Not everyone has to take the means test. The means test doesn’t apply to individuals whose debt is primarily […]
Cheat Sheet For Passing Bankruptcy Means Test
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 […]
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 […]
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