Small business owners who are sole proprietors can enlist the power of bankruptcy’s Chapter 13 to rescue their business at a price they can afford. Everyone thinks of Chapter 11 as the “keep the business and ditch the debt” form of bankruptcy. But traditional Chapter 11 is cumbersome and just flat out too expensive for […]
Search Results for: do you need to file bankruptcy
Step By Step Guide To Business Shutdown
There’s lots written on how to start a business. Not so much about business shutdown. Even pre-pandemic, half of all new businesses fail within 5 years. Post pandemic, the pain is so much greater. So let’s walk through how to manage a business shutdown, tie up loose ends, and minimize problems that may follow you […]
Can You Be Sued After The Foreclosure
Foreclosure is traumatic enought without worrying whether lenders can sue you after foreclosure. Breathe deeply. California has laws that limit what a mortgage lender can do to collect its money after the foreclosure. One addresses the rights of the creditor who conducted the foreclosure sale. The other borrower protection looks at what the loan was […]
Two Strikes & You’re Out (Of Your Home)
Three strikes and you’re out. Anyone familiar with baseball knows that one. The rules are different in bankruptcy. Two strikes and you’re out. And for one couple, they’re not only out of bankruptcy, they’re out of their house. Foreclosed the day after they filed bankruptcy number three. Because, what they didn’t know is that there […]
Why You Don’t Want A Bankruptcy Attorney To Fight For You
Everyone wants a good bankruptcy lawyer when they’re considering filing bankruptcy. So, how do you measure a good bankruptcy lawyer? We Fight For You! screamed the on-line headline for a bankruptcy law firm. That firm clearly thought willingness to fight was the measure. While I applaud the firm’s energy and commitment, I question their focus. […]
Bankruptcy Means Test: New Numbers, Little Impact For Bay Area
The bankruptcy means test numbers for California are out, showing median incomes moving in both directions, depending on family size. In the Bay Area, the means test income levels, coupled with the cost of housing, don’t keep many people out of the bankruptcy chapter of their choice. More. Why the means test matters The median […]
How To Pay For Bankruptcy When You’re Flat Broke
One of the cosmic ironies of our legal system is that it costs money to file bankruptcy. Bankruptcy gets you out of debt only if you have the money to file. The costs of bankruptcy include the filing fee collected by the court; the required credit counseling; and, if you’re smart, an experienced lawyer to […]
The Judgment Lien That Escaped Your Bankruptcy
What do you do when you discover old judgment liens on your home long after you filed bankruptcy? Your bankruptcy case is closed. You’re recovering nicely. Then you find there’s a judgment lien on your house from before your bankruptcy that you didn’t know about. And the law says that liens survive a bankruptcy case, […]
What You Left Out Of Your Bankruptcy Schedules
One of the first questions a bankruptcy trustee will ask you at the hearing in your bankruptcy case is: did you read the schedules before you signed them? The obvious, and expected, answer is YES. And if your answer is “yes”, then the trustee can conclude that you stand behind the information that the schedules […]
Bankruptcy Can Rewrite The Divorce Property Division
The assets were divided in the divorce. The divorce was over. The house would go to Him, and he would pay Her $75,000 on stated terms. It was the end of a miserable stretch in their lives. Only it wasn’t. Before anyone recorded the judgment of dissolution (that’s Californian for “divorce”) laying out the division […]
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