California has been a community property state since 1850, and still we struggle to understand which spouse is liable for debts. So here, broad brush, is a guide to the legal liability of spouses, ex spouses, registered domestic partners and their community property for debt. Because, as I’ve written, the community is a third “party” […]
Separate Finances Doesn’t Protect Spouse From Financial Disaster
By keeping separate finances, this California couple thought they had insulated the wife from the financial woes of her entrepreneur husband. They didn’t share bank accounts nor credit cards while she carefully kept her distance from his business dealings. Her name was not on anything tied to his business. But “separate” isn’t enough to overcome […]
What’s After Forbearance
Last spring, the CARES Act entitled everyone with a federally backed home mortgage to a forbearance of 6 months, extendible for another 6 months. 15 USC 9056. The end of the mandated forbearances is approaching for many. But the law provides no clue as to what comes after forbearance. Fannie Mae (the Federal National Mortgage […]
How Many Collection Calls Is Too Many
The CFPB has answered the burning question of how many collection calls is too many. Starting November 30, 2021, seven calls within seven consecutive days is the limit. More collection calls than that constitutes prohibited harassing conduct. And harassing conduct violates the Fair Debt Collection Act. Remember that the FDCPA governs the conduct of debt […]
7 Essentials For Better Results From Filing Bankruptcy
Plan before filing bankruptcy and you get better, more certain relief. Even if you’re not quite sure that you’re ready to take the bankruptcy plunge, scout the bankruptcy territory. Take some time to learn the rules and explore ways to maximize the relief available in bankruptcy. If you don’t plan ahead and just rush into […]
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 Rescue Your Business With Chapter 13
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 […]
California’s New Exemptions For Money In The Bank
California has finally created a state law exemption for cash in the bank. Californians filing bankruptcy no longer face loss of all the funds in their bank accounts when they choose California’s generous homestead, thanks to changes in exemption law. Two exemption statutes , new in 2020 , provide protection for cash in the bank […]
What Does A Bankruptcy Lawyer Do For You
Lawyers cost money and you’re considering bankruptcy because you don’t have enough money. What would a bankruptcy lawyer do for you? The existence of official bankruptcy forms make it seem that bankruptcy is just filling out forms. Unfortunately, that isn’t so. Forms are only part of the picture. An important part, but not the whole […]
