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 […]
Ten Debts That Follow You After Bankruptcy
Some debts just follow you out of bankruptcy. Not many but a few. These debts continue to be collectible even after a Chapter 7 discharge. The discharge in Chapter 13 is different and broader: just another reason to choose Chapter 13. 1. Family support Regardless of what it’s called, court ordered payments for support […]
How A Careless Bankruptcy Can Bite Your Family
Your bankruptcy can affect your family even though they haven’t filed bankruptcy. Transfer assets or repay debts , and you can expose family to attack by the bankruptcy trustee. Even if not fatal, the trustee’s bite can leave scars. How family gets sucked in I sat waiting for my turn at a bankruptcy hearing last week […]
The Easiest Business Loan In Town
Running a small business is hard work. Cash flow is tight; time is in short supply. When there’s just not enough in the bank to cover payroll, the easiest loan in town is from the Bank of Uncle Sam. There’s no application, no review, no waiting. You just give employees their checks, net of […]
Bankruptcy Discharge Slays IRS Form 1099
In a duel between a tax Form 1099 and a bankruptcy discharge, bankruptcy wins every time. The prize? no tax on debt discharged in bankruptcy. So, if you’ve already gotten your discharge, the creditor’s 1099, with your social security number on it, is no threat. But you do need to file another form to secure […]
Who Owns Your Business When You File Bankruptcy?
The bankruptcy trustee’s question was straightforward (if inartful) yet the business owner nearly blew the answer. The trustee asked: are you the sole owner of your business? When my client hesitated, she followed up: are you a sole proprietor? Focusing on the fact that he was the only person with an interest in the business, […]
Mortgage Forbearance For Non-government Backed Loans
Are you one of the homeowners whose mortgage isn’t eligible for the government’s COVID forbearance protections? Home loans not backed by the federal government are excluded from the protections for borrowers implemented by FHFA . But as much as one third of US home loans are not backed by the federal government. If that includes […]
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