Almost everyone wants to settle debt rather than file bankruptcy. But how about settling debt using bankruptcy? Here’s how one family pulled it off. When they started the Chapter 13 trek, they owed $370,000 in personal loans and credit cards. As they completes the plan, they will have settled that debt for three cents on […]
Life And Death of Debt In California
CPR has its place when human life is involved. Human life is precious. But when what’s dying is the legal right to collect a debt? Not so fast. You don’t want to breathe new life into an old debt that is legally dead. Yet you can do that, unintentionally reviving a debt that is legally […]
What Happens To Liens In Bankruptcy?
Liens in bankruptcy have an uncertain fate. While most liens survive a bankruptcy discharge, some liens get wiped out. Think of mortgages, tax liens, and judgment liens. Each of them is a lien, but some get different treatment in bankruptcy. Some liens can even be reduced or eliminated . Lien basics A lien gives the […]
Which Debt Collector Threats Should You Be Afraid Of?
Threats are the tools of the trade of debt collectors. Why not? Fear is effective to get people to do stupid things. That’s why debt collectors use it. Pay up or… Terror shuts down rational thinking and upends priorities. As a bankruptcy attorney, I meet lots of people because they’ve panicked. A debt collector has threatened […]
Double Dipping On Retirement Savings
Any time you can double your retirement savings and protect your money from creditors is a good time of the year. The period between New Years and Tax Day is my favorite time of the year, just for that reason. You can make contributions to your IRA last year AND contribute to this year’s IRA […]
We Live In An Economic House Of Cards
I’ve long said to bankruptcy clients that bankruptcy can’t fix an income problem, it can just ameliorate an outgo problem. In the last round of frantic bankruptcy filings a decade ago, one symptom seemed to be that too many families in the Silicon Valley couldn’t really afford to live a middle class life here. They […]
Out of Luck If You Skip A Creditor?
So, you slipped up and left a creditor out of your bankruptcy schedules. Can you add an omitted creditor after the fact? In the fateful words of a careful lawyer, it depends. Depends on when the amendment is made and what chapter you’ve filed. And the effect of adding a creditor varies. Let’s walk through […]
Bankruptcy Without A Discharge: Why Chapter 20 Works
What does a Chapter 13 bankruptcy get you if it doesn’t get you a discharge? Lots, actually. It’s complicated. Powerful, but complicated. Let’s see how all the parts interact when your Chapter 13 is filed before you’re eligible for a discharge. Law limits discharge The bankruptcy code doesn’t limit when you can file bankruptcy; it […]
Do You Need To Reaffirm Your Home Loan After Bankruptcy?
Banks, most especially Wells Fargo, seem to relish denying refinance applications for debtors who didn’t reaffirm home mortgage in bankruptcy. You didn’t reaffirm your existing home loan, so we can’t refinance that debt, they chortle. Sometimes, the dig is even more painful (to me at least): your attorney didn’t do this right so you are […]
The Unexpected Loss When Tax Returns Filed Late
Late tax returns can cost you big-time. File seriously late returns and you get no credit for toward your Social Security. Betcha didn’t know there was a connection between income taxes and your Social Security benefits. This was a new one for me. I’ve written often about the negative consequences of putting off filing tax returns. But […]
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