You mean the tax liens won’t go away when I get a bankruptcy discharge? The client was startled that the lien would live on beyond his bankruptcy. So, if all my debt doesn’t go away, what do I get from the bankruptcy discharge? he asked. I thought the tax debt went away when I filed. […]
Which Creditors Should You Really Fear?
A debt collector’s threat to sue you usually produces terror. You’re scared about losing your wages, or your bank accounts. Scared about being served with process at work. The threat of a lawsuit often triggers the first call to my law office. Some collector has said he will take 25% of your wages, or will serve […]
Get A Deal On Your Car After Bankruptcy
How are you going to keep your car after you file Chapter 7 bankruptcy? Here in California , little is more essential to holding a job and really getting a fresh start than a car to get to work in. While the bankruptcy discharge will relieve you of liability for the loan on the […]
The Most Powerful Debt Management Tool
The most powerful debt management tool isn’t a software program. It isn’t a website, nor a consulting firm. It isn’t even a calculator. The most powerful debt management tool is a letter opener. If you don’t open the mail, you don’t really know where you stand with your creditors. If you don’t open the mail, […]
10 Things Every Attorney Should Know About Bankruptcy
Financial stress is everywhere. It pops up in family law, litigation, business, and our dealings with taxing authorities. Every lawyer can better serve clients if they know a bit about bankruptcy, regardless of the focus of their practice. Here’s my list of bankruptcy basics for lawyers that every practitioner should know to guide clients to […]
10 Things Personal Finance Bloggers Need To Get Right About Bankruptcy
Too many personal finance bloggers need to sharpen their game when it comes to bankruptcy. Personal finance bloggers do so much good promoting better financial habits and deeper understanding of money. But too often they drop the ball when it comes to bankruptcy. One, they get the basic facts about bankruptcy wrong; and Two, they […]
California Homestead Works In Other States, Too
California homestead law drives bankruptcy exemptions even for those who no longer live in California. Strange, when the homestead statute was state law originally written for Californians. Two things have expanded its reach: bankruptcy “reform” and the concept of extraterritoriality. The third driver, of course, is mobility: we seem much more likely these days to […]
Incorporating A Troubled Business: Work-around Or Worse?
Facets on a gem bend light and change how we see things. The same thing happens when bankruptcy law encounters a small business owner and the business itself. Seen from one angle of the law, the business is a valuable asset. Seen from another, it is nothing more than a job for the owner, having […]
File bankruptcy tomorrow?
Clients clearly have little sense of how long it takes to file bankruptcy. Proof is what happened Monday: there’s an email the morning’s inbox from a client whom I first met weeks ago. He tells me they want to file before Wednesday’s mediation in state court! I have no creditor information, representation agreement, money, or […]
The Means Test: Badly Mangled
Another purported financial professional has confidently and conclusively gotten the bankruptcy means test absolutely dead wrong. And used that wrong conclusion to steer someone away from bankruptcy. Mt. St. Helens has nothing on me in terms of venting. How can financial professionals get this so wrong, more than a decade after the means test was enacted? Mangling the […]
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