Everyone considering bankruptcy faces the question of what to tell their lawyer. Sometimes it’s a problem you don’t want to face yourself, or a debt your spouse doesn’t know about. The problem even the best bankruptcy lawyer can’t fix is the one you hide. Maybe it’s a claim you hope to bring after the bankruptcy. You’re […]
Skip Bankruptcy’s Means Test
The couple was despondent when another bankruptcy attorney told them that, despite $100,000 in old taxes, they couldn’t file Chapter 7. This fine fellow told them that the means test showed they had $3000 of disposable income per month. A Chapter 7 would be an abuse of bankruptcy under the law. Only Chapter 13 was […]
Debt Can Kill You If You Let It
There is a straight-line connection between debt and health: the stress of too much debt erodes physical health. The single largest source of stress in the US, at least before COVID-19, is money. Or lack of money. Other potent sources of stress include work, the economy, family and relationships. As a bankrutpcy lawyer, I can’t […]
Debt Actually Makes You Stupid
It’s easy to tell ourselves that getting into debt was stupid. Maybe, maybe not. Lots of debt happens without making bad decisions. Think of medical bills. Natural disasters. Divorce. But regardless of how you got in debt, there’s more bad news. Just being in debt makes you stupid. Stupid, as in, your IQ goes down […]
Who Cares About Your Spending Before Bankruptcy?
Worried about using credit cards before bankruptcy? Afraid of prejudicing your bankruptcy case by spending money before you file? Do you imagine some authority figure deciding that your financial behavior in the run up to bankrupcy bars you from relief? Take a deep breath. That’s not how it works. Let’s look at what matters and […]
What Is The Bankruptcy Trustee Looking For
What’s the bankruptcy trustee looking for when you submit your bank statements before the 341 meeting? Let me tell you what the trustee isn’t looking for: trustees don’t care if you bought the premium brand of coffee; paid for your kid’s sports team; fixed broken appliances; went on vacation; or bought concert tickets. No part […]
When Bankrupting The Business Doesn’t Protect The Owner
“I want to file bankruptcy for my business, but I don’t need a personal bankruptcy”. I’ve had 2 such calls to my law office in just the last week. And in each case, bankrupting the business corporation will not solve the debt situation. Here’s why. The underlying problem is that the individual owner is personally […]
What You Think About Chapter 13 Is Dead Wrong
The difference between bankruptcy’s Chapter 7 and Chapter 13 is often expressed this way: Chapter 7 is a liquidation proceeding Chapter 13 is a repayment plan And therein lies the biggest misconception about Chapter 13: 13 does not necessarily repay everything you owe. It’s a repayment plan alright, but not necessarily a 100% repayment . […]
Bouncing Back From Bankruptcy
How long does it take to recover from bankruptcy? I started to answer the client’s question before I realized that the question was all backward. Recover FROM bankruptcy? No…. It should be: recover THROUGH bankruptcy! Bankruptcy is the tool for recovering from impossible financial situations. The ailment is debt: bills in excess of what you […]
Fear keeps folks from bankruptcy relief
Fear of bankruptcy is both common and necessary. Those who aren’t living the American dream of upward mobility and financial security seem to think that’s a matter for shame. Perhaps the second most frequent question would-be clients ask me is whether the fact that they filed bankruptcy will be [The answer is that it’s unlikely.] […]
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