How do you ignore a lawsuit and expect a good outcome? Yet twice in the past few months, individuals have come to me with judgments already entered against them. That’s not noteworthy; after all, I’m a bankruptcy lawyer. We deal with unpaid judgments. But both of these men explained the situation this way: the claims […]
About Cathy Moran
Everyone gets $1M + bankruptcy exemption
Bankruptcy exemptions vary from state to state, but everyone gets an exemption of ~$1.75 M for money in an IRA. It’s part of the Bankruptcy Code (section 522(n)) that applies to all filers, wherever they live. The exemption covers both classic, before-tax IRA’s and Roth IRA’s that are funded with after-tax dollars. Roll-overs into an […]
What The Fool Got Wrong About Filing Bankruptcy
The famous poem begins, “how do I love thee? let me count the ways”. But what if it’s not love that we are counting, but loathing? Let me count the ways I loathe the Motley Fool’s article asking should I file bankruptcy? The Fool’s underlying assumption is that people in debt flock to bankruptcy as […]
The Tortoise Is The Mascot Of Retirement Savings
Every campaign needs a logo. Make the logo of your retirement planning a turtle, rampant. Rampant, you say? Turtle? In the Middle Ages, knights put their ID’s on their shields in elaborate heraldry that told bystanders who he was, what his birth order was, and which side of the blanket he was born on. Heraldry featured animals, […]
Get The Most From Meeting With A Bankruptcy Lawyer
To get the most out of a consultation with a bankruptcy lawyer, you need to come with some basic information and an idea about your goals for a possible bankruptcy filing. After all, you want to know how your situation lines up with the available bankruptcy relief. Every bankruptcy lawyer is different and each one […]
When You Can’t Pay The EIDL Loan
The COVID-era EIDL loans are coming due. But just because the pandemic is over doesn’t mean that business has returned to normal. Prepandemic, normal may have been difficult too. If yours is one of the many businesses can’t bear the additional stress of repaying EIDL loans, here’s what you need to know. What are EIDL […]
7 Principles of California Community Property
Baffled by California community property? Think it makes you personally liable for the debts of your spouse? Lots of people do. But it doesn’t. California has been a community property state since it became a state in 1850. You would think we’d have gotten the hang of it long ago. But the community property system […]
Do California Seniors Need to File Bankruptcy?
California, it turns out, is a great place to retire. Not because of the cost of living, certainly. It’s great in spite of the cost of living. Because California exemptions are very generous to those of retirement age. Those exemptions effectively make many indebted seniors collection-proof. Bankruptcy for those seniors may seem unnecessary. How exemptions protect […]
Bank Account Safe From Credit Card Debt
Your bank can’t take your money in an account to pay their credit card. That’s one less thing to stress about. Credit cards and bank accounts are an exception to the old saw that possession is 9/10th of the the law. After all, the bank would have possession of the money on deposit and a […]
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