New California exemption laws will expand protections for alimony and eliminated a barrier to filing for bankruptcy protection without the involvement of an estranged spouse. Although not limited to women, in the bulk of cases in my 40+ years of practice, it’s women who will most often benefit from these changes. Exemptions operate to define […]
Tax Deductions Hidden In Chapter 13
Don’t miss the tax deductions hiding in your Chapter 13 bankruptcy. The same, very important debts that your Chapter 13 plan pays are often tax deductible. And you are still the person who’s paying, even if the trustee writes the check. Don’t miss out on those deductions. Tax deductions in bankruptcy Let’s look at some […]
Double Dipping On Retirement Savings
Any time you can double your retirement savings and protect your money from creditors is a good time of the year. The period between New Years and Tax Day is my favorite time of the year, just for that reason. You can make contributions to your IRA last year AND contribute to this year’s IRA […]
No More Lawsuits On Old Debt In California
California law has turned the tables on debt buyers suing on old debt. Under new California law, a creditor must allege that the statute of limitations has not run when it files a lawsuit. No more suing on long-dead debt and winning unless the consumer files an answer and pleads the statute of limitations. No […]
When Can I File Bankruptcy Again
Remember the old high school cheer: two, four, six, eight, who do we appreciate? Turns out, that’s not just a cheer, it’s shorthand for the rule on when you can file bankruptcy again. And it points out that when you can file again depends on what kind of bankruptcy you filed last time. Here’s how […]
Getting Excused From Bankruptcy’s Means Test
You can skip the bankruptcy means test without claiming your dog ate your homework. If your debt is not “primarily consumer debt”, you don’t have to pass the means test to file bankruptcy. So, you need to total up the consumer debt you have and compare it to the rest of your debts. Don’t miss […]
Californians Can Now Keep Their Cars After Bankruptcy Without Reaffirmation
New California law, effective January 1, 2023, eliminates the need for bankruptcy debtors to reaffirm car loans in order to avoid repossession. Now, you can keep your car after bankruptcy, so long as you keep the payments current, without reaffirming the debt. Until now, reaffirmation had the effect of giving up the discharge as to […]
Bankruptcy Busts Taxes If The Timing Is Right
Got unpaid taxes for 2019? Three tax discharge timing rules control when those taxes can be wiped out in bankruptcy. On April 15, 2023 those taxes reached the end of the line as priority claims in bankruptcy. Or, the magic date may be October 15, 2023, if you got an extension to file the return. […]
Has Your Social Security Number Been Suspended?
The latest variety of tax scam picked the wrong target when they called my fellow bankruptcy lawyer Wayne Silver. Your social security number has been suspended, claimed the caller. Having no identity is scary. What’s a guy to do without a Social Security number? It’s sad that we are reduced to needing a number to validate […]
Understand Bankruptcy Basics Before You Need Them
Bankruptcy basics are simple, at least in concept: bankruptcy is the legal system’s remedy for debts beyond the ability of the person who owes money to pay. Bankruptcy in the United States operates to satisfy a person’s debts to the extent possible and to enable those with debts they can’t pay to start over. Exemptions […]
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