“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.] […]
Take Credit For The Tax Deductions That Hide In Chapter 13
It’s tax time: don’t overlook tax deductions in Chapter 13 bankruptcy case. Tax deductions lurk in the most unlikely places. If your Chapter 13 plan is catching up home loan arrears, there’s a deduction hiding in the trustee’s disbursement records. Most likely, the lender’s filed proof of claim in the bankruptcy case is full of […]
Will recent credit card use sink my bankruptcy
If I’ve used credit cards before filing bankruptcy, do I have to wait? Too many people considering filing think there is some sort of waiting period between financial activity and filing bankruptcy. So, let’s look at the issues in play surrounding recent credit card charges and seeking bankruptcy relief. There’s no 90 day rule Everyone […]
What The Fool Got Wrong About Filing Bankruptcy
The famous poem begins, “how do I love thee? let me count the ways”. But what if it’s not love that we are counting, but loathing? Let me count the ways I loathe the Motley Fool’s article asking should I file bankruptcy? The Fool’s underlying assumption is that people in debt flock to bankruptcy as […]
The Tortoise Is The Mascot Of Retirement Savings
Every campaign needs a logo. Make the logo of your retirement planning a turtle, rampant. Rampant, you say? Turtle? In the Middle Ages, knights put their ID’s on their shields in elaborate heraldry that told bystanders who he was, what his birth order was, and which side of the blanket he was born on. Heraldry featured animals, […]
Time Runs Out For Claiming A Tax Refund
Did you know there’s a deadline for claiming a tax refund. If you are entitled to a tax refund for an old tax year but haven’t filed the return yet, time’s running out. If you are more than three years late in filing your tax return, you forfeit any tax refund that you would otherwise […]
Everyone gets the $1 M bankruptcy exemption
Bankruptcy exemptions vary from state to state, but everyone gets an exemption of $1.5 M for money in an IRA. It’s part of the Bankruptcy Code (section 522(n)) that applies to all filers, wherever they live. The exemption covers both classic, before-tax IRA’s and Roth IRA’s that are funded with after-tax dollars. Roll-overs into an […]
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