It’s tax season and tax myths are everywhere. Know what the most dangerous one is? If you can’t pay the tax on the return, you’ll escape collection action if you keep a low profile by not filing the return. I hear it repeatedly, each year, year after year. And it’s wrong, over and over. Four […]
Search Results for: do you need to file bankruptcy
Bankruptcy Alphabet: W is for Wait
W is for Wait in my Bankruptcy Alphabet. As in “Wait! Wait! Don’t file yet.” Timing a bankruptcy can be critical. Sometimes, the bankruptcy journey begins, not with a mad dash to the courthouse, but with a short wait. Having made the decision to get out of debt, why would you wait? Many reasons, most of […]
Bankruptcy Alphabet: P is for Priority
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 […]
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 […]
More seniors file bankruptcy
The elderly are a growing percentage of bankruptcy filers. The reasons are myriad: health care costs, inadequate retirement savings, and financial entanglements with family. The trend to market home equity loans as a way to live better makes it less likely the mortgage is paid off when retirement arrives. The question, “Should I file bankruptcy?” […]
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 […]
SBA Loans Collectible Long Past Business Failure
The SBA has eagle eyes and sharp talons when it comes to collecting from guarantors of business loans. SBA collection rights are ruthless, efficient, and ageless. So I learned when a client consulted me about a business that had failed 12 years ago. Yet the SBA had never sued him, nor had it filed a […]
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