Guest author Bob Schuman on the good that bankruptcy does. I’m a mortgage broker. In that role, I see close up the immense relief that a homeowner feels when they file Chapter 13. They are no longer forced to deal with collection calls and a multitude of letters that are aggressive and intimidating, threatening to […]
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Bankruptcy No Place For DIY
The do- it- yourself spirit seems especially strong in bankruptcy courts these days. Only it often comes with a big price tag. Nearly 45% of the Central District CA Chapter 7 cases were filed by individuals doing it themselves. The national rules committee drafted the new bankruptcy forms with the unrepresented in mind. Why do people […]
The One Person You Must Tell About Your Bankruptcy
Most people who file bankruptcy don’t want anyone else to know. Some of my clients try to hide their break for financial freedom from friends and neighbors. Others are worried about their boss finding out. Occasionally, someone will try to keep it from their mate. But trying to hide his bankruptcy nearly cost one client […]
Getting Rid Of Junior Home Liens In Bankruptcy
One of Chapter 13’s superpowers is its ability to strip off mortgage liens on a home. Ordinarily, liens survive a bankruptcy discharge as a charge on the collateral; it’s the borrower’s personal liability that is wiped out. But Chapter 13 allows the elimination of voluntary liens when the lien isn’t really secured by any value […]
Tax Form 1099 Needs A Closer Look: Chances Are It’s Wrong
Tax attorney Bill Purdy says: don’t take IRS form 1099 at face value. Hundreds of thousands of taxpayers at this moment are looking at, or thinking about, Form 1099-A or Form 1099-C documents they have received. Some arrived in the tax year a debt was allegedly cancelled. Others are issued by financial instructions many […]
Business Bankruptcy Depends On Who You Are
While knowing who you are may be central to philosophy and mental health, you wouldn’t think it poses a difficult question in a business bankruptcy. You wouldn’t think the word “you” would be so challenging. Yet, small business owners find it hard to separate themselves from the business, even when that business is incorporated. After […]
What Creditors Of PG&E Need To Know About Bankruptcy
Listen up if you’ve done business with PG&E, now or in the past. The PG&E bankruptcy affects you in varying ways, as we explore below. You have some important decisions to make, such as: Should you keep doing business with PG&E? If you do are you going to get paid? When? What about money PG&E […]
What Are Your Rights In A California Foreclosure
The old saw about Oakland, California is that there is no “there” there. I suggest it’s the same about being “in foreclosure”: foreclosure is not a place, it’s a path. Nothing legally meaningful changes until you get to a foreclosure sale. Everything before that is prelude. Yet several Bay Area clients have asked whether they can remove personal […]
So You Keep Your Home Through Bankruptcy- What Then?
What happens to your home after your bankruptcy case is over? Most people who file bankruptcy are terrified that just filing bankruptcy will cost them their home. They won’t let me keep my home, will they? Sure they will. The Chapter 7 bankruptcy trustee doesn’t want the house if there’s no value in it, He’s […]
Why Keep Bankruptcy Off Your Credit Record
We’ll help you do your own bankruptcy, promises the ad. And for a few dollars more, we’ll sell you the secret to keep your bankruptcy off your credit record. That pitch plays neatly into the obsession that we have about our credit reports. Even when your financial world is upside down. But this pitch has it […]
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