Your spouse’s assets can get swept up in your bankruptcy when you live in California. Because, most likely, just holding an asset in the name of one spouse doesn’t defeat the community property presumption. I saw it play out in a first meeting of creditors when the bankruptcy trustee asked about an asset. But it’s […]
SBA Loans Collectible Long Past Business Failure
The SBA has eagle eyes and sharp talons when it comes to collecting from guarantors of business loans. SBA collection rights are ruthless, efficient, and ageless. So I learned when a client consulted me about a business that had failed 12 years ago. Yet the SBA had never sued him, nor had it filed a […]
Which Debt Collector Threats Should You Be Afraid Of?
Threats are the tools of the trade of debt collectors. Why not? Fear is effective to get people to do stupid things. That’s why debt collectors use it. Pay up or… Terror shuts down rational thinking and upends priorities. As a bankruptcy attorney, I meet lots of people because they’ve panicked. A debt collector has threatened […]
California Consumers Have Powerful Debt Collection Rights
California outdoes the rest of the country in its debt collection rights for consumers. Debt collectors have noticed the growing understanding of debtors about their rights to fair debt collection. And they aren’t happy. The Federal law Fair Debt Collection Practices Act regulates the conduct of third party collectors. Those protections apply everywhere and more […]
Better Credit After Bankruptcy: Does Reaffirming A Car Loan Help?
Does reaffirming a car loan after bankruptcy help rebuild your credit? Rebuilding credit is the motivation that drives lots of debtors to waive the benefits of their discharge as to a car loan. A reaffirmation agreement has the debtor agreeing to be personally liable after the bankruptcy discharge for the car loan balance. Miss payments […]
Can My Bankruptcy Discharge Be Denied?
Bankruptcy law presumes that a debtor will get a discharge in a properly filed case. The few reasons a discharge may be denied are spelled out in the Bankruptcy Code. The overwhelming number of Chapter 7 cases result in a discharge. There are no subjective tests for getting a discharge; you don’t have to prove […]
10 Reasons Why Bankruptcy May Be Your Best Investment
There are compelling reasons to file bankruptcy and invest in a better future. Spend money to go broke? Seems counter-intuitive, but it could be the best money you spend. People in serious debt resist using bankruptcy to get their financial life in order for many reasons, including Yet, as a means of regaining control of […]
How to Screw Up Your Bankruptcy
Transferring assets to others on the eve of bankruptcy is the single, easiest way to mess up your bankruptcy case. Everyone seems to think If an asset isn’t titled to you, it does not have to be disclosed in a bankruptcy filing. I hear it and see it in action, again and again. If it […]
What Happens To Cash In Bankruptcy?
How much cash can you keep when you file bankruptcy? It’s not as though you won’t have living expenses after you file bankruptcy. You need to know how you’ll manage and what you’ll have to manage with. Funding that fresh start is what exemptions are all about. We are talking here about California because exemptions, […]
Whopping exemption for CA 529 college accounts
A substantial new California exemption snuck into law in 2021, the college savings account exemption. It protects 529 college savings accounts from the creditors of parents. The exemption applies in all California collections and to California bankruptcies when the CCP 704 exemptions are selected. The eyeopener is that a parent (or other donor) can contribute […]
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