Will my retirement nest egg be enough to live comfortably when I’m done working? Living will be slow and my needs will be simple. I look at the growth in my retirement savings, the cost of “things”, and my life expectancy, and wonder if my savings are sufficient to buy what I’ll need. But, turns out, the analysis is far […]
The Parent School Loan
Take a good look at the result of the parent loan for college. Tied up, captive, grimacing. That’s what my client’s situation looks like to me: Mid sixties Kids just graduated Parents liable for $250,000 in loans If college makes the life of the kids, it stands to ruin the lives of the parents. […]
The Foreclosure That Was Longer Than War & Peace
How much time til foreclosure? Foreclosure is coming. Whether by choice or circumstances, you know the bank will take the house. Should you start packing immediately? The way banks are currently operating, the answer is: not yet, not soon, not for a long time. For one of my clients, the answer to how long was well more than […]
How To Spend Money Before Filing Bankruptcy
Trying to spend down cash before filing bankruptcy? It’s time to talk about the float. Not the root beer float, though that would be more fun. The bank “float”: the period between writing a check and it clearing your bank. (We’ll talk about what to spend on before filing bankruptcy, too). When you file bankruptcy, […]
Bankruptcy Isn’t The Real Threat To Your Retirement Savings
Your creditors can’t get your retirement savings. In bankruptcy or not, your creditors can’t take money from your formalized retirement savings. California state law and federal bankruptcy law protect your savings for retirement held in recognized retirement vehicles from levy or lien. But retirement savings are at risk. Look in the mirror. You are usually […]
Pay Off Credit Cards Without Interest And Be Debt Free
The sixtyish client sitting in my office couldn’t pay off his credit cards, even though he had assets worth 10 times his credit card debt. What could bankruptcy possibly do for someone who was solvent? His assets would be sold in a Chapter 7. Assets but little cash His problem was liquidity and an income […]
Five Tax Tips For Two Cents
The tax filing deadline approaches. So why is a bankruptcy lawyer talking about taxes? I’ve found over three decades as a bankruptcy lawyer that there’s a surprising degree of overlap between bankruptcy and tax . All too often, it’s tax troubles that brings a family to me for help. Here’s my two cents on what […]
Do It Yourself Bankruptcy Software Is A Trap
Good intentions and a good education are apparently not enough for Upsolve to get the means test right. Upsolve describes itself as a non-profit, created by Harvard Law School graduates, whose mission is to “help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost.” Admirable, so far. Until […]
The Tax Deduction No One Tells You About
Did you file Chapter 13 to save your house from foreclosure? Making payments to the trustee to catch up on the mortgage? If you haven’t claimed a tax deduction for the bankruptcy plan payments that go to the lender, you’re leaving money on the table. That’s money that fattens Uncle Sam’s coffers at the expense […]
Chapter 13 Dismissed After All Payments Are Made: Self Inflicted Wounds
There’s been a rash of bullet-ridden feet lately in Chapter 13 cases. Debtors seem to whip out their pistols and shoot themselves in the foot with increasing regularity. Just when their goal of keeping the house was within reach, had they paid attention, they lose it all. It happens when debtors don’t hold up their […]
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