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 […]
You Keep Underwater Property in Bankruptcy
Good news or bad news, the bankruptcy trustee doesn’t want your underwater property. Trustees only want the good stuff, the assets that generate cash to pay creditors. That doesn’t include real estate where the debt is on par with the property’s fair market value. Will we have to sell? My clients this week own a […]
What Happens To Your Bank Account in Chapter 13
Those considering filing a Chapter 13 bankruptcy worry about “what happens to my bank account?” Will the trustee take all the money? How do I pay my living expenses after I file? The short answer is: nothing changes. The account remains yours and available for all the expenses of day to day living. Because, in […]
The Secret Bankruptcy Discharge For Community Property
Psst! Let me tell you a secret about bankruptcy law. You can get 3/4 of the benefits of a bankruptcy discharge without ever going near a bankruptcy court if you are a married person in California, or any other community property state. If your spouse files bankruptcy and you don’t join in, you still reap much […]
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 […]
Hold Or Fold? How To Decide If Filing Bankruptcy Is Right For You
You’ve got to know when to hold ’em, know when to fold ’em; know when to walk away, know when to run… So goes the gambler’s advice to the young card player in the hit Kenny Rogers song. Hum along as we think about how we play our cards when we’re in debt: do you file bankruptcy […]
Vince Lombardi Is To Blame
Ever feel like you’re battling your mortgage lender for your life? Or the life of your home? The unfairness and irrationality of mortgage servicing makes it easy to see the fight as one for your self worth. Who is comfortable being a victim of incompetent and indifferent institutions toying with your life? I’m equally indignant. […]
Considering Going Out Of Business?
When the virus shutdown is over, ailing businesses must consider whether to continue.
Be Prepared When You File Bankruptcy Without Your Spouse
The bankruptcy trustee’s question to the debtor was jarring: “why didn’t your spouse file bankruptcy with you?” For starters, it was the only “why” question in an entire calendar of debtor hearings. Every other question began, “what”, or “do you have”, questions about assets and financial history. This question asked for the motivation of another […]
How Much Should You Pay To Get Out Of Debt?
Shop for a bankruptcy lawyer, and you’ll end up wondering what bankruptcy should cost. When you’re flat broke and under pressure, cheaper sure looks better. If a lawyer will do your Chapter 7 for $600, what’s the point of paying $1000? Or even $2000? Like answers to many legal questions, it depends. Bankruptcy relief depends on […]
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