One of the cosmic ironies of our legal system is that it costs money to file bankruptcy. Bankruptcy gets you out of debt only if you have the money to file. The costs of bankruptcy include the filing fee collected by the court; the required credit counseling; and, if you’re smart, an experienced lawyer to […]
5 Free Tools To Fight A Debt Collector
When a debt collector calls, the conversation often seems all too one-sided. The collector makes impossible demands. Nothing you say penetrates. Including your assertion that you don’t recognize the collector, the debt, or any legal responsibility for paying. Or maybe you recognize the debt but simply don’t have the money to deal with old debt […]
How to fight back against EDD’s Form 1099G
By William Purdy Got an EDD tax form 1099G but no benefits? At this moment, POTENTIALLY hundreds of thousands of California taxpayers are enjoying the ghastly experience of receiving a Form 1099G courtesy of the California EDD for unemployment benefits the taxpayer never received. ABC News reported the EDD has admitted to paying as much […]
Hold Or Fold? How To Decide If Filing Bankruptcy Is Right For You
You’ve got to know when to hold ’em, know when to fold ’em; know when to walk away, know when to run… So goes the gambler’s advice to the young card player in the hit Kenny Rogers song. Hum along as we think about how we play our cards when we’re in debt: do you file bankruptcy […]
Bankruptcy Filing Requires More Than Honesty
The discharge of debts you can’t pay is the goal of a bankruptcy filing. That discharge wipes out debts, making them forever unenforceable. Yet, it isn’t a slam-dunk that your bankruptcy case ends in discharge. The Bankruptcy Code lists 12 situations in which a debtor doesn’t get a discharge. Which is why my colleague Jay […]
Rising From The Ashes Of Financial Disaster
Life doesn’t end with bankruptcy. Bankruptcy doesn’t mean that the good times are all in the past. There’s the future, too. Both the individual and society reap benefits from bankruptcy in ways that you may have missed. So, in my view, Jay Fleichman’s analysis of the bankruptcy of Halsey Minor, the founder of CNET and once […]
Who To Pay When There’s Not Enough Money To Go Around
If you can’t pay your bills, the squeaky wheel should NOT get the oil… At least, not until you’ve assessed all the other demands for oil. That’s a quaint way of saying that your decisions about which of your creditors to pay when you can’t pay your bills should not be based on who is […]
Which Debt Collector Threats Should You Be Afraid Of?
Threats are the tools of the trade of debt collectors. Why not? Fear is effective to get people to do stupid things. That’s why debt collectors use it. Pay up or… Terror shuts down rational thinking and upends priorities. As a bankruptcy attorney, I meet lots of people because they’ve panicked. A debt collector has threatened […]
What Everyone Knows About Bankruptcy: Not
Lots of people profess to know all about bankruptcy. Whether they have good information or not. But other professionals should know better than to advise people about the workings of bankruptcy. And if they don’t know better, they should be made to pay, in some exquisitely painful way, for the harm they inflict with bad […]
The New Rules Of Asset Protection
I coined a new rule about asset protection schemes after meeting with a bankruptcy prospect: If the asset protection plan is too complicated for the owner to explain, it probably won’t stand up to challenge. This man had paid an attorney a fistful of money to create LLC’s and limited partnerships, each of which held fractional […]
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