When the virus shutdown is over, ailing businesses must consider whether to continue.
When You Can’t Pay Your Bills Because Of The Virus
The coronavirus has us locked at home where the worry demons play unrestrained in our heads. Money troubles cause us worry, in “good” times. These are hardly good times. As more and more of us are hit with shelter-in-place orders that keep us from work and our kids from school, we have even more time […]
Bankruptcy Questions Have Few Quick Answers
The caller to my law office kept telling my assistant: I just want to ask Cathy a question. To which my assistant replied: you need to first fill out our questionnaire and make an appointment. But I don’t want a meeting, I just want to ask a question. At which point, both sides of the […]
When Is The Time Right To File Bankruptcy
Just like stand up comedy and batting in baseball, filing bankruptcy is all about timing. Timing your bankruptcy filing is no different. File bankruptcy too early, or too late, and you risk losing assets or advantages that better timing could have assured. Admittedly, you don’t always have the luxury of filing bankruptcy on your own […]
Bankruptcy Means Test: New Numbers, Little Impact For Bay Area
The bankruptcy means test line in California is up, so higher incomes still escape the means test. The median income in your state is the starting point for bankruptcy’s means test. Below median, and it’s a given you qualify for the bankruptcy chapter of your choice. Above median, more calculation is required to see whether […]
Mortgage Forbearance And The Hidden Gotcha: Escrow
Got a mortgage forbearance? Watch out for the escrowed taxes after the forbearance is up. While the CARES Act made forbearance on federally backed mortgages available for the asking. But no one talked about the escrow portion of the skipped mortgage payments. Federal guidance urged servicers to offer easy ways to pay the skipped payments […]
Mortgage Forbearance For Non-government Backed Loans
Are you one of the homeowners whose mortgage isn’t eligible for the government’s COVID forbearance protections? Home loans not backed by the federal government are excluded from the protections for borrowers implemented by FHFA . But as much as one third of US home loans are not backed by the federal government. If that includes […]
Mortgage Payments During California Shelter-in-Place
Is my house at risk if I have no income due to coronavirus? With economic activity at a dead halt due to COVID-19, California homeowners worry about next month’s mortgage payment. And the month after that, for as far as the pandemic can see. While it’s early days, and I fully expect broad governmental measures […]
Does Bankruptcy Bar Retirement Savings?
Ongoing retirement saving by Chapter 13 debtors has been a touchy subject since the means test became a part of the bankruptcy scene. The means test was intended to squeeze every available dollar from consumer debtors. It works by limiting the expenses that can be deducted from income in figuring what a debtor can/must pay […]
