Debt limits to swell to $2.75M under new legislation Legislation signed in June, 2022 raised the debt cap in Chapter 13 to $2.75M without regard to whether the debt is secured or unsecured. In the Bay Area with its eyepopping mortgage balances, that will mean more families will be eligible to file Chapter 13. The […]
California Exemptions Increase for 2022
The triennial adjustment of California exemption amounts becomes effective April 1. And it’s no joke. The new exemption numbers will protect more value in cash and assets necessary for everyday living. Exemptions define the assets that are safe from creditors in bankruptcy. The CCP 704 exemptions are also available outside of bankruptcy when judgment creditors […]
What happens in Vegas…
May make you a felon. Funny, the Las Vegas PR doesn’t mention criminal prosecution for unpaid gambling markers. Yet Nevada treats gambling markers like negotiable instruments (i.e. checks). Failure to satisfy a marker within 30 days can lead to criminal charges. Gambling debts gone in bankruptcy Most bankruptcy courts have held that gambling debts are […]
Are You Liable For Your Spouse’s Debts In California?
“Everyone knows” that California’s community property law makes you liable for spouse’s debts. Only, “everyone” is wrong. Or, more accurately, they’re only half right. Community property is liable for everything In California, the community property is liable for the debts of either spouse. In fact, the community property is liable for the debts that either […]
Tax Tips & Tidbits To Pay Less
Tax filing deadline approaches, so I thought we’d gather up tax tips and little known tax strategies, especially useful if you’ve filed bankruptcy. The Tax Deduction No One Tells You About If you are paying mortgage interest, state taxes, back support, or business debt through a Chapter 13 plan, those payments made by the trustee […]
Jailed For Debt In The USA?
Worried about being arrested and jailed for not paying your bills? A surprising number of people think it’s possible. Yet the only way that you can end up in jail for not paying your bills comes from not opening the mail. Ignoring debt doesn’t work In my experience, people with money troubles often stop opening […]
Scammers Spoof IRS To Get Your Info
Tax season saw a 400% rise in fake email to taxpayers pretending to be from the IRS. The scammers want you to click a link, give them information, or otherwise open yourself to identity theft. Identity theft and the diversion of tax refunds is the number one tax scam. Fake email is third. Protect yourself as […]
Bankruptcy Alphabet: B Is For Business
Business is my bankruptcy “B’ word. Business debt of the individual filing bankruptcy is dischargeable just as other personal debt. In Silicon Valley, the very innovation and risk taking that makes the Valley vibrant brings with it the risks of not making it in the marketplace. Bankruptcy can be the “do over” vehicle, freeing manpower and […]
Is A Free Bankruptcy Consultation Worth It?
No matter how much they’ve spent on other stuff, those shopping for a bankruptcy lawyer seem to expect a free consultation. “Everyone else offers a free consultation” I’m told. Not me: I don’t do “free”. But I’ve come to doubt what other bankruptcy attorneys offer is really a free consultation. Oh, it may be free, […]
The Most Costly Community Property Blunder
What do you do when creditors from your spouse’s past threaten? Chances are your first reaction is to put the title to your biggest assets in just your name. Whew! Safe. Not. Just because the deed to the house now reads Jane Doe instead of John Doe and Jane Doe it’s easy to think the house is Jane’s separate […]
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