Albert Einstein said compound interest is the 8th wonder of the world. Those who understand it, earn it. He who doesn’t, pays it. In other word, it’s a double edged sword. Terrific if you’re earning it. Debilitating if you’re paying it. And compound interest is a fundamental building block of personal financial literacy. […]
Does Marriage Make Me Liable For My Spouse’s Debts
Countless times, a client announces that he won’t marry the love of his life until he’s fixed his debt problems. Noble thought, but unnecessary in California. Even though we have a community property system of marital property. His bride will not become liable for the debts he brings to the marriage. If the newlyweds elect to have community property, […]
Bankruptcy No Place For DIY
The do- it- yourself spirit seems especially strong in bankruptcy courts these days. Only it often comes with a big price tag. Nearly 45% of the Central District CA Chapter 7 cases were filed by individuals doing it themselves. The national rules committee drafted the new bankruptcy forms with the unrepresented in mind. Why do people […]
The One Person You Must Tell About Your Bankruptcy
Most people who file bankruptcy don’t want anyone else to know. Some of my clients try to hide their break for financial freedom from friends and neighbors. Others are worried about their boss finding out. Occasionally, someone will try to keep it from their mate. But trying to hide his bankruptcy nearly cost one client […]
What Mythbusters Star Says About Money Troubles
Look at the big picture. That was the point Adam Savage of the TV show Mythbusters made as the speaker at my son’s graduation as a mechanical engineer. He was talking about using engineering skills after college. But, it struck me as equally applicable to my audience of the indebted as it was to his audience of newly fledged engineers. […]
Getting Rid Of Junior Home Liens In Bankruptcy
One of Chapter 13’s superpowers is its ability to strip off mortgage liens on a home. Ordinarily, liens survive a bankruptcy discharge as a charge on the collateral; it’s the borrower’s personal liability that is wiped out. But Chapter 13 allows the elimination of voluntary liens when the lien isn’t really secured by any value […]
Business Bankruptcy Depends On Who You Are
While knowing who you are may be central to philosophy and mental health, you wouldn’t think it poses a difficult question in a business bankruptcy. You wouldn’t think the word “you” would be so challenging. Yet, small business owners find it hard to separate themselves from the business, even when that business is incorporated. After […]
Don’t Brag About What You Saved Unless It’s True
It’s a mark of our consumer economy that we use the word save in connection with our spending. I saved $15 on this blouse. That’s well and good for today. You bought something you wanted, or maybe even needed. But unless you put the savings aside for later, you did nothing more than spend somewhat […]
The Flat Wrong 1099
When her soon-to-be-ex filed bankruptcy, my client got a 1099-C for the joint credit card. The form claimed that the debt was cancelled. Therefore, she had additional income equal to the card balance. Only, none of the statements on the 1099 were true. The debt wasn’t discharged as to the non filing spouse. One spouse’s […]
Is Your Choice Of Bankruptcy Chapters Really Dictated By Your Stuff?
Through my Twitter feed came a link to the pro’s and con’s of filing bankruptcy from the business section of the Chicago Tribune. Good chance to see how non lawyers see my world, I thought. Bankruptcy was all about protecting “stuff”, said the writer, and the choice of chapters is driven by the kind of […]
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