After your bankruptcy, one of the hardest questions is figuring out just which debts were discharged. Eliminating debts was the whole point of filing bankruptcy. You’ve got a court order, but no list. You and your creditors understandably expect to find a single document telling them what debts are no longer enforceable and which survive the bankruptcy. No such […]
3 Things That Prevent You From Getting Out Of Debt
It’s not a bad economy, poor budgeting skills, or credit card interest that keep you from getting out of debt. It’s emotions, not reasons, keep people from filing bankruptcy and starting fresh. Even if Reason says that you’ll never pay your debts off in the usual way. Reason also says that paying old debt steals […]
Title Isn’t Everything: Watch Out For The Assets In Your Spouse’s Name
But it’s titled to my spouse, sputtered the hapless debtor at the bankruptcy hearing. She hasn’t filed bankruptcy. Not so, says the bankruptcy trustee. It was purchased during marriage, wasn’t it? And so, the trouble begins for those who don’t understand community property. Turns out the debtor left out of his schedules the bank account […]
Co Signers Put Themselves In Creditor’s Crosshairs
The liability of a co signer is the single most common misunderstanding about the law that I see. Put bluntly, a co-signer is just as liable for the debt as the primary borrower. Co sign someone else’s debt and you put yourself in the creditor’s cross hairs. That should make the hair on the back […]
Bankruptcy Judge: The Phantom In Your Case
Will the judge approve my bankruptcy case? Do I have to explain to the judge why I’m in bankruptcy? What if the judge makes a plan I can’t pay? When you’re considering bankruptcy, you start to think about your upcoming encounter with a federal bankruptcy judge. Black robes. Sober face. Gobs of power over your […]
Tax Tips & Tidbits To Pay Less
Tax filing deadline approaches, so I thought we’d gather up tax tips and little known tax strategies, especially useful if you’ve filed bankruptcy. The Tax Deduction No One Tells You About If you are paying mortgage interest, state taxes, back support, or business debt through a Chapter 13 plan, those payments made by the trustee […]
Long Silent Second Mortgages: The Worrisome Truth
Like a sleeping bear, long-silent second mortgages hibernate in people’s houses these days. They are quiet, a snoozing predator, just waiting for spring. And it can be bloody when those sleeping mortgages awaken hungry and look around for something to fill its pocket. Here in California the coming slaughter is particularly noticeable because the value […]
Can You Be Arrested For Not Paying Your Debts?
Despite the story spread all over about federal marshals arresting a man for an unpaid student loan, people aren’t arrested for debt. And Fox News got the story wrong. The man was not arrested because he owed money he hadn’t paid. He was arrested for blowing off a court order that he appear in court. […]
Chapter 13 Keeps You In Control
You can’t decide between bankruptcy chapters until you really understand how Chapter 13 works to keep you in control. Control of your assets, control of your payment plan, control of who gets paid. You want to be at the helm of your case. Chapter 13 can do that. Chapter 13 protects more than assets Chapter […]
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