Congress has just expanded and simplified eligibility for Chapter 13 by enacting new debt limits. This is big news and long-awaited. Upon the president’s signature on S. 3823 on June 21, 2022, Chapter 13 debtors can have up to $2.75M in debts and qualify for the streamlined reorganization offered by Chapter 13. The previous, two-part […]
Bankruptcy And Divorce Collide: The Threatened Filing
My soon-to-be ex threatens to file a bankruptcy tomorrow and get me kicked out of the house. The frantic voice on the phone wanted to know whether he could do that in California. Or better, how he could be stopped from upsetting the pending divorce through the bankruptcy courts. Welcome to the volatile collision between bankruptcy and […]
New Bankruptcy Trends From An Old Hand
I’m seeing a real change in the people seeing me about filing bankruptcy. Used to be, the problem was credit card debt, unemployment, or divorce. A surprising trend over the past six months is developing. I acknowledge the sample size is small. Statistically, you can challenge the significance, but here are the trends. My office is […]
Debt Limits Increase For Chapter 13 Bankruptcy
Debt limits to swell to $2.75M under new legislation Legislation signed in June, 2022 raised the debt cap in Chapter 13 to $2.75M without regard to whether the debt is secured or unsecured. In the Bay Area with its eyepopping mortgage balances, that will mean more families will be eligible to file Chapter 13. The […]
Tax Tips & Tidbits To Pay Less
Tax filing deadline approaches, so I thought we’d gather up tax tips and little known tax strategies, especially useful if you’ve filed bankruptcy. The Tax Deduction No One Tells You About If you are paying mortgage interest, state taxes, back support, or business debt through a Chapter 13 plan, those payments made by the trustee […]
Chapter 13 Fixes Tax Trouble
Tax troubles become manageable in Chapter 13 bankruptcy. 13 offers powerful alternatives to fighting with the IRS. Or hiding from the IRS. When you’ve got tax troubles, it’s easy to feel powerless. After all, you’re confronting a federal agency who wrote the tax rules. And they have hordes of employees with nothing else to do. […]
Will You Come Visit Me In Jail?
There’s a warrant out for my arrest, according to the message on my home phone. The charge is criminal tax evasion and tax fraud. The cops are coming for me, unless… Unless, the caller suggests, I call this number and send money. Who knew the feds could be bought off? Of course, it’s a scam. […]
Ten Best Bankruptcy Gems In 2021
What did readers want to know about bankruptcy in 2021? Turns out, a bit of everything. Looking at the top 10 posts among the 750 posts on Bankruptcy Soapbox, they were equally curious about how bankruptcy works as they were about life after bankruptcy. Homesteads, taxes, judgment liens are all found in the top ten, […]
Pay Off Credit Cards At Zero Percent
I’ve got news for you: There’s a government program that lets you pay the balance on your credit card without interest and owe nothing more. Sound like one of those snarky radio ads? This one’s legit. Meet Chapter 13. Credit card interest is the killer Here’s the refrain I hear from clients, over and over. I […]
The Causes of Bankruptcy Aren’t What You Think
The columnist who equated debt problems with irresponsibility nearly caused me to melt down, right in my law office. Irresponsibility, he said! The idea that people who find themselves with bills they can’t pay got in that mess through flighty behavior or self absorption is sooooo wrong. The real causes of bankruptcy Mindless spending is […]
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