Priority is the P word in my Bankruptcy Alphabet. Priority is the order in which claims of creditors are paid in a bankruptcy case. While all people may be created equal, not so for claims. Recent income taxes and unpaid child support are among the priority claims that get paid first and in full before […]
Search Results for: do you need to file bankruptcy
Who files bankruptcy?
From a decade ago, but the “news” remains the same. Individuals are hurting as expenses rise faster than wages, and in inequality gap widens. The latest news from the office of the courts is: lots of people. Sixteen percent more bankrupties than last year in San Jose. The release of the 2010 statistics brought a […]
Credit counseling, well understood, is just another bankruptcy hoop
While there are an endless number of misconceptions about filing bankruptcy, the one I’ve encountered more often in the past weeks is the belief that participation in a debt management program or debt settlement program meets the new requirement for a “credit briefing” as a condition of filing bankruptcy. The Bankruptcy “Reform” Act of 2005 […]
10 Must-Know Things About Money Judgments
What does it mean when a money judgment is entered against you in a lawsuit? It’s not the end of the world, but it has serious financial repercussions. Here are 10 critical things you need to know about legal judgments. More What to do when you’ve been sued Fighting a wage garnishment Protecting your assets […]
Unicorns, Wookies, And Medical Bankruptcies
What do Unicorns, Wookies, and Medical Bankruptcies have in common? Each is a figment of our imagination. None of them exists in the real world. Medical bankruptcy does not exist, despite the suggestion in a recent FoxBusiness article, where the author talked about medical bankruptcy contrasted to personal bankruptcy. When it comes to medical bankruptcy, consumers […]
Collection Law Suits in California
A prospective bankruptcy client often arrives in my office they’ve been sued for debt and they are panicked about the consequences. Almost invariably, the client has leapt to two incorrect assumptions: the world as they know it is coming to an end; and they don’t have to do anything until the date set for the case […]
How Much Is My Chapter 13 Payment
Intrigued by Chapter 13, but worried about how much your Chapter 13 payment might be? OK, let’s walk through what your payment must be by law and what you want that payment to cover to get a fresh start. Part of the power of Chapter 13 is that you write the plan, with the help […]
Debt settlement: how it really works
Debt settlement companies thrive on tapping the consumer’s genuine desire to pay back their debts. They don’t tell you how debt settlement works, in reality. They promise that they will compromise with your creditors for a sizable discount and all will be well with the world. There are any number of reasons that isn’t so, […]
Is Home Equity A Substitute For Retirement Savings
My home is my retirement plan. If I had a dollar for every time a client said that, I could retire today. But that approach to funding your old age only works if…. Sell your house to retire The value in your house makes your balance sheet strong, but doesn’t put food on the table […]
Stop Making Quarterly Tax Payments & Stay Within The Law
Uncle Sam expects a quarterly tax payment from the self employed. Since you don’t get a paycheck with regular tax withholding, the burden’s on you. Lighten the burden. Make this the last quarterly tax payment you pay. Seriously. Don’t make any quarterly payments for this coming year. Think I’m advocating tax resistance? No way. The tax collectors […]
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