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 […]
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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 […]
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 […]
California’s Good Deed: Passing Real Property At Death
The horror stories about do-it-yourself estate planning are both plentiful and tragic. Between the fear of probate and the fear of legal fees, inventive people invent inexpensive strategies for passing property to the next generation. Adding someone to the deed is the most common one I see. It works like this: in order to see […]
Who Profits When Money Trouble Is Shameful?
Talking about our financial troubles is taboo in this society. In fact, we are more willing to talk about our sex lives than our money troubles. We lionize those who make a fortune. Everyone expects to live the middle class life. It becomes easy to think that something is wrong with you if you aren’t […]
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 […]
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