For most of us, finding out that we are getting a sizable tax refund is great news. But if you’ve recently filed a Chapter 7 bankruptcy, hold your celebration. That refund may not be yours. You have a bankruptcy estate When you file bankruptcy, all of your assets become a “bankruptcy estate”. The estate includes […]
Got A 1099? How To Avoid Paying More Tax
One of life’s persistent gotcha’s is the tax consequence of having debt forgiven. Did you compromise a debt, eliminate it upon foreclosure, or have your creditor simply wipe it out without payment. You may have a tax problem. The tax code treats the forgiveness of debt as income, even though you never saw a penny […]
Best New Bankruptcy Insights Of 2019
As we wave goodbye to 2019, we asked what issues grabbed you in 2019? Or, at least, what bankruptcy issues caught your attention? So, we tallied the traffic numbers from this calendar year and assembled this list of the top 10 new posts here on Bankruptcy Soapbox in 2019. Take a look, and see if […]
2019 Reader Favorites From Bankruptcy Soapbox
It’s always fun to see which posts spoke to readers of Bankruptcy Soapbox during the year. There’s lots to choose from. After all, we touch on law, personal finance, small business issues, and some just basic matters of operating in this economy. Here, starting with number 10, and working up to your favorite post, are […]
The Parent School Loan
Take a good look at the result of the parent loan for college. Tied up, captive, grimacing. That’s what my client’s situation looks like to me: Mid sixties Kids just graduated Parents liable for $250,000 in loans If college makes the life of the kids, it stands to ruin the lives of the parents. […]
Do It Yourself Bankruptcy Software Is A Trap
Good intentions and a good education are apparently not enough for Upsolve to get the means test right. Upsolve describes itself as a non-profit, created by Harvard Law School graduates, whose mission is to “help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost.” Admirable, so far. Until […]
How Consumer Remedies Were Gutted By Little- Noticed Tax Code Changes
Tax code changes effective in 2018 inflicted a crippling blow to consumers who must sue to enforce their rights. And few have yet noticed. The tax deduction for miscellaneous itemized deductions under IRC Section 212 is gone. So now, consumers who prevail under statutes that award attorneys fees to the successful plaintiff are denied a […]
Chapter 13 Dismissed After All Payments Are Made: Self Inflicted Wounds
There’s been a rash of bullet-ridden feet lately in Chapter 13 cases. Debtors seem to whip out their pistols and shoot themselves in the foot with increasing regularity. Just when their goal of keeping the house was within reach, had they paid attention, they lose it all. It happens when debtors don’t hold up their […]
Why Even Rock Solid Marriages Need A Prenuptial Agreement
Pre nuptial agreements aren’t just for the rich or mid-life marriages. In California, pre nuptial agreements do far more than provide a blueprint for division of property at divorce. A prenup can earn its keep for decades in marriages where divorce never enters the picture. Why? It protects the assets of the marriage from outsiders. […]
When $400 Emergency Pushes You Over The Edge
The Federal Reserve reported that 40% of Americans couldn’t meet a $400 emergency expense without borrowing. A significant slice of them couldn’t pay it at all. So, a Bloomberg economist devoted his column to deconstructing how the press and political figures, in his opinion, misused that finding. My God. The guy was too caught up in […]
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