“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 […]
10 Tips To Help You Keep Your House
When financial trouble rears its head, keeping the house becomes a number one priority. Whether the pinch is caused by loss of income, a loan that resets, or business slow down, you can find making the mortgage payments a challenge. Not to mention sorting out escrow screwups and changes of servicers. So, we’re rounding up […]
The Secret Bankruptcy Exemptions
Exemptions in bankruptcy are all about what you keep. Exemptions define the collection of assets and rights that are safe from the reach of a bankruptcy trustee or your creditors. But planning exemptions in a bankruptcy case is more than just the looking down the list of things you keep through bankruptcy and the dollar amount […]
How to Screw Up Your Bankruptcy
Transferring assets to others on the eve of bankruptcy is the single, easiest way to mess up your bankruptcy case. Everyone seems to think If an asset isn’t titled to you, it does not have to be disclosed in a bankruptcy filing. I hear it and see it in action, again and again. If it […]
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