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, […]
Search Results for: do you need to file bankruptcy
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 […]
Bankruptcy Discharge Slays IRS Form 1099
In a duel between a tax Form 1099 and a bankruptcy discharge, bankruptcy wins every time. The prize? no tax on debt discharged in bankruptcy. So, if you’ve already gotten your discharge, the creditor’s 1099, with your social security number on it, is no threat. But you do need to file another form to secure […]
California Homestead Exemption: The Truth Isn’t What You Think
“They can’t take my house, whatever happens. Right?” The young man in my office “knew” how the California homestead works: he insisted that his home was exempt as a California homestead, even if he filed bankruptcy. He “knew” that credit card debt was dischargeable. And that “knowledge” lead to his conviction that , in bankruptcy, […]
How Long Does Bankruptcy Take?
Every client filing bankruptcy asks that question: how long will bankruptcy take? Probably, the real question is “when will this be over?” Like so many questions in the law, the answer is “it depends.” From filing bankruptcy to discharge In a Chapter 7, filing to discharge is about four months; in Chapter 13 it’s three […]
Bankruptcy Questions Have Few Quick Answers
The caller to my law office kept telling my assistant: I just want to ask Cathy a question. To which my assistant replied: you need to first fill out our questionnaire and make an appointment. But I don’t want a meeting, I just want to ask a question. At which point, both sides of the call […]
The Secret Alternative To Bankruptcy
Looking for the secret alternative to bankruptcy which will solve your debt problems without filing? Why not? Ads for debt settlement companies and do-it-yourself books always promise to reveal the tricks to make your bills vanish for pennies, without resort to bankruptcy. (Isn’t it interesting that these “secrets” are known only by people who want […]
5 Things To Do When You Have Been Sued
The ring on the doorbell was a process server. Bingo! You’ve been sued. Now what? Breathe deeply and work your way through this five step check list. Then I’ll suggest some options. The details in this post are based on California law. The basic principles of notice, answer, and trial apply everywhere. Scout the territory […]
Find The Right Cure for Your Debt Problems
Get-out-of-debt advice and sales pitches abound. But too few get-out-of-debt gurus tell you that you need a diagnosis of your financial ills before prescribing the cure. Is the stomach ache indigestion or appendicitis? Is it temporary upset or life threatening? The answer makes a big difference in how you treat it. No single prescription 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. […]
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