How will filing bankruptcy change my life? My clients ask all the time. They imagine the remainder of their life after bankruptcy with neither credit cards nor credit. Outcasts in our economy. Shunned by all. Crippled by bankruptcy. They can see a scarlet “B” tattooed on their foreheads to mark them forever as Bankrupts. My […]
4 Compelling Reasons To File The Tax Return Even If You Can’t Pay
Should you file the tax return if you can’t pay the tax? You got to the bottom of your tax return and the amount you owe is bigger than your checkbook balance. Nope. It doesn’t work that way. The IRS does not start harassing nonpayers for money immediately after a return is filed. Or even […]
Better Credit After Bankruptcy: Does Reaffirming A Car Loan Help?
Does reaffirming a car loan after bankruptcy help rebuild your credit? Rebuilding credit is the motivation that drives lots of debtors to waive the benefits of their discharge as to a car loan. A reaffirmation agreement has the debtor agreeing to be personally liable after the bankruptcy discharge for the car loan balance. Miss payments […]
Do I Have To File Bankruptcy Before There’s A Judgment?
Can I discharge a judgment once it’s entered, was the first question the caller asked. Do I have time to file bankruptcy? The caller was sure he had to file bankruptcy before the court entered judgment or he’d be stuck with the judgment forever. Not so. Bankruptcy discharges judgments. And, a judgment in California does not […]
Danger In Delaying Division of Property In CA Divorce
Delay dividing property in your California divorce and a bankruptcy filing may cost you any shred of control over the division. All it takes is for your ex-spouse to file bankruptcy, and all the assets and the debts of the marriage become entangled in a bankruptcy case. Understand California community property That’s because your assets […]
Personal Assets Can Be At Risk For Your Business Debts
Business debt can bleed over into an entrepreneur’s personal assets. Hearing me say that, my client was dumbfounded. He was aghast that the generous equity in the home he and his wife owned was at risk when his corporate business folded. That was not because the shareholder is liable for the corporation’s debts. A properly […]
DYI Bankruptcy Did Him In
For a layman filing a bankruptcy without a lawyer, he didn’t do too badly. He got credit counseling and filed the certificate. He completed the schedules fairly well. He even filed a pro se adversary proceeding to enforce the automatic stay when the foreclosure on a multi million dollar property went forward despite the bankruptcy. […]
10 Must-Know Things About Money Judgments
What does it mean when a money judgment is entered against you in a lawsuit? It’s not the end of the world, but it has serious financial repercussions. Here are 10 critical things you need to know about legal judgments. More What to do when you’ve been sued Fighting a wage garnishment Protecting your assets […]
Don’t Let Your Bank Pick Your Pocket
The right of your bank to take your money when you aren’t looking stops at your credit card. Your bank may be entitled by common law to setoff what it owes you from what you owe it on the garden variety debt. But the federal Fair Credit Billing Act forbids a bank who has issued you a […]
How to get copies of your bankruptcy papers
When you need to get copies of your bankruptcy papers, there’s a long line of people ready to rip you off. I mean, really rip you off. I’d list the companies prepared to overcharge you, but I don’t want to give them any more visibility than they already have. You may need to get bankruptcy […]
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