It isn’t just marriage that can get you roped in to a bankruptcy case that isn’t your own. Own community property and a bankruptcy filing by your spouse or your soon-to-be ex can drag you into a bankruptcy court. But the issue is broader: joint ownership of any kind of asset in any state, community […]
Search Results for: do you need to file bankruptcy
Who’s Afraid Of Bankruptcy’s 90 Day Rule
Most folks considering bankruptcy know about the 90 day rule in bankruptcy. They’ve talked to friends or read on the internet. When they get to a bankruptcy lawyer’s office, they’re eager to tell me they know about the rule, though sometimes they have questions about just how it works. Which is all very interesting, except that […]
Best Of 2017: Reader Favorites On Bankruptcy Soapbox
I tallied up reader favorites from the 2017 posts on Bankruptcy Soapbox. The balloting is a bit unfair, since the fall and winter posts haven’t had the same exposure that posts from earlier in the year. But take note: the runner up is only about 8 weeks old. Your favorites, in reverse order: 10. Making […]
How Avoiding Probate Ended Up In Bankruptcy
Do it yourself seems so industrious and self reliant. And we’ve been bombarded with books, speeches and courses on the evils of probate. So, I guess it should be no surprise when people try DIY schemes to both avoid probate and avoid lawyers who create probate-avoiding trusts. Yet they forget an unavoidable truth: the transfer […]
3 Things Turn Off This Bankruptcy Lawyer
Looking to find a bankruptcy lawyer. Then you need to know what makes a good bankruptcy client. A good bankruptcy lawyer doesn’t waste time with some kinds of prospective clients. TThat’s because an experienced bankruptcy lawyer can see trouble from the start. So what would make a bankruptcy specialist turn down work? That is, other […]
Protect Your Credit After Equifax Security Breach
Half the US population may be affected by the hacking of credit reporting agency Equifax. I’m in that group along with 143 million other Americans. Stolen were names, addresses, dates of birth, and Social Security numbers. Some credit card numbers were also lifted. Everything an identity thief needs to ruin your financial life. Equifax is […]
Keeping Your Home: Our Best Advice
When financial trouble rears its head, preventing foreclosure and keeping the house becomes a number one priority. Whether the pinch is caused by loss of income, a loan that resets, or business slow down, you can find making the mortgage payments a challenge. Not to mention sorting out escrow screwups and changes of servicers. So, […]
Tax Trap When You Settle Debts Outside Of Bankruptcy
Debt settlement has a hidden tax consequences no one ever discusses. If you own a home, debt settlement can bite you in the asset down the road. That’s because debt forgiven outside of bankruptcy gets deducted from the basis of your home. Result: more potentially taxable capital gains on sale. That’s the killer reason […]
Drive-in bankruptcy?
We got a call about three o’clock the other afternoon from someone who wanted to come in that afternoon and file bankruptcy that day. When my partner hesitated, the caller responded, “Well , you are open now aren’t you?” I had a mental image of one of those parking lot, drive up coffee vendors, selling […]
Essential Tasks After Bankruptcy To Maximize Your Fresh Start
Got your bankruptcy discharge recently? The end of the bankruptcy case is the start of your new financial life. Now, you’ve got work to do to maximize that fresh start. Save your bankruptcy papers The bankruptcy schedules listed everyone you owed money to when you filed. Those creditors got notice of your case. The […]
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