Pre nuptial agreements aren’t just for the rich or mid-life marriages. In California, pre nuptial agreements do far more than provide a blueprint for division of property at divorce. A prenup can earn its keep for decades in marriages where divorce never enters the picture. Why? It protects the assets of the marriage from outsiders. […]
When $400 Emergency Pushes You Over The Edge
The Federal Reserve reported that 40% of Americans couldn’t meet a $400 emergency expense without borrowing. A significant slice of them couldn’t pay it at all. So, a Bloomberg economist devoted his column to deconstructing how the press and political figures, in his opinion, misused that finding. My God. The guy was too caught up in […]
Debt Buyers Barred From California Courts
Zombie debt may have met its match. California law now bars the door to the courthouse to a debt buyer holding a claim that is beyond the statute of limitations. Civil Code § 1788.56. If the party holding the debt bought it from someone else, after the original creditor had charged the debt off of […]
Cheapskate’s Guide To Asset Protection
We’ve been looking for ways to protect our possessions since the beginning of time. The tools change, but the goal is the same: defend what’s ours against others. Today, the whole asset protection industry is built on keeping your wealth and stiffing your creditors. The gurus of asset protection, at least, get rich with elaborate schemes; […]
What Small Business Needs From Government
This post was first published 10 years ago, in the midst of the Great Recession. I continue to think about the real challenges of running a small business and the balance needed between simplicity for the business owner and protections for the public. More below. Senator McCain this morning on Meet the Press reprised […]
The Trouble With Your Social Security
The caller says your Social Security file is incomplete and without more information, your assets, as well as your benefits, will be frozen. Pretty terrifying if you depend on Social Security checks. Only, it’s not true. The caller isn’t from Social Security. Social Security can’t freeze your assets. Social Security doesn’t do business by phone. […]
Ordinary Heroes Deliver Second Chances With Bankruptcy
Guest author Bob Schuman on the good that bankruptcy does. I’m a mortgage broker. In that role, I see close up the immense relief that a homeowner feels when they file Chapter 13. They are no longer forced to deal with collection calls and a multitude of letters that are aggressive and intimidating, threatening to […]
Sign Your Corporation’s Name So You Aren’t On The Hook
John Hancock knew how to sign his name- so large that King George could read it without his glasses. But could he sign for a corporation as effectively? Most small business folks who do business today as a corporation are clueless when it comes to signing contracts on behalf of their corporation. When they sign […]
Silicon Valley Horror Story: The Business Credit Card That Bit
I’ve long said that there is no credit card for which a real, live human being isn’t liable. (That may be an exaggeration, but not by much.) And I’ve long worried about the prospects for success of business startups financed on credit cards. But I’ve never seen a departing employee of a start up stuck […]
5 Small Business Mistakes That Thwart Success
In recognition of National Small Business Week, we look at what a bankruptcy lawyer knows about business. Everyone tells you what to do to succeed in business; you also need to know what not to do if you don’t want to fail. Running your own business is the classic American dream. It’s romantic and heroic. […]
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