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July 19, 2017

Bankruptcy Discharge, Dismissal, And Case Closing

By | 2017-08-14T21:54:12+00:00 July 19th, 2017|Categories: Bankruptcy Law, Discharge Issues|

Ever wonder what happens after you file bankruptcy? Do you just telephone an attorney and with the push of a button your debts disappear? No, that's not quite how it works (although many who call me seem to think it is). The different bankruptcy chapters have different requirements to get a discharge of your debts. What Is A Bankruptcy Discharge? The ultimate goal of most bankruptcy cases is to obtain a discharge of debts. A discharge is the removal of [...]

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Bankruptcy: Freedom and Relief From Debts?

By | 2017-08-14T21:54:12+00:00 July 14th, 2017|Categories: Bankruptcy Law|

Bankruptcy is not always the best solution for your financial problems. But often it is. Yet it is usually (and unnecessarily) the absolute last resort for people with debt problems. Most of my clients come to me after they have spent thousands of dollars on debt consolidation programs that did not deliver on what they promised and/or unnecessarily borrowing money to pay on existing debts (including taking high interest payday loans). They do this in a good faith attempt to [...]

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May 21, 2017

How Can I Be Responsible For Ex-Spouse Debts After Divorce?

By | 2017-05-21T17:12:07+00:00 May 21st, 2017|Categories: Bankruptcy Law, divorce/child support|

How Divorce Judgments and Equalization Payments Work When going through a divorce, you can be left with different types of obligations. The most common is a domestic support obligation, such as child support or alimony. But you can also be made responsible for your spouse's separate debts, usually as part of the property division. For example, the wife gets to keep the dog and the house, and husband gets to keep the car. Wife, let's say, then agrees (or is [...]

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April 6, 2017

Should I Use A Credit Card To Pay Taxes To IRS?

By | 2017-08-14T21:54:13+00:00 April 6th, 2017|Categories: tax issues, taxes|

It is tax season. My clients (and myself) are trying to find ways to pay the taxes that they owe to the IRS and State Franchise Tax Board. Paying your taxes with a credit card may seem like a good idea.  And in some cases it may indeed be a clever way to deal with the tax debt. But it does not always accomplish what you may think, at least not from a bankruptcy perspective. Before I get into that, [...]

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February 13, 2017

Can I File Bankruptcy If Current And Not In Default On Payments?

By | 2017-08-14T21:54:13+00:00 February 13th, 2017|Categories: Bankruptcy Law, credit card debt, Filing Bankruptcy|

Status Of Payments Does Not Affect Bankruptcy Eligibility I get asked this question often.  People think the gateway to bankruptcy relief requires being delinquent on payments. There is no such requirement. You can file bankruptcy if your credit score is 900 and never missed a payment in your life. The truth is:  If you wait until you are missing payments, you are probably waiting too long to file bankruptcy. Why do I say that? Because if you are eligible for [...]

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January 19, 2017

Chapter 7: Can You or Trustee Sell Your Property After Bankruptcy Discharge?

By | 2017-01-19T10:39:01+00:00 January 19th, 2017|Categories: Bankruptcy Law|

You made it to the finish line. You filed your bankruptcy case and attended the required meetings. You took your credit counseling and debt management courses. You survived any filed objections. And you finally received your Order discharging your debts. Can you sell your house now?  Or your car? Can you legally transfer money from your savings to someone? Can you put your car, house, or other asset in someone else's name? What about borrowing money against your home? Answer: [...]

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December 19, 2016

Chapter 13: How To Get Relief From High Interest Rate Payments

By | 2017-08-14T21:54:13+00:00 December 19th, 2016|Categories: Bankruptcy Law|

If only the credit card companies would lower our payments a little, we could make them! Many people with good jobs have a hard time paying their debts. They have a house, car(s), and plenty of things a middle class household in America typically has. Things on the surface look good, but they can no longer make the minimum payments on their credit card debt. So they call their creditors and try to get them to lower the payments. That [...]

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November 1, 2016

Why Bankruptcy Trustees Prefer You To File Without An Attorney

By | 2017-08-14T21:54:13+00:00 November 1st, 2016|Categories: Bankruptcy Law, chapter 7, exemptions, Trustee Issues|

Bankruptcy trustees are in business to make money. Most knowledgeable sources recommend against people filing  bankruptcy cases without an attorney. But not Chapter 7 bankruptcy trustees. I recently attended a panel of some Chapter 7 Trustees who quite honestly admitted this fact. And why do they prefer this? Because trustees make more money when the party filing bankruptcy (debtor) has no legal representation. What Do Bankruptcy Trustees Do? In Chapter 7, a Trustee's job is to liquidate (sell, obtain) any [...]

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September 28, 2016

Bankruptcy Can Get Rid of Tax Debts But Only If Returns Are Filed

By | 2017-08-14T21:54:13+00:00 September 28th, 2016|Categories: Bankruptcy Law, tax issues, taxes|

Income tax debts can be discharged in bankruptcy. But not all of them. There are rules.  Lots of them. One of the rules is that the taxes must be at least 3 years old. This is measured from the date the tax return was last due to be filed. Another rule is that the taxes must be assessed more than 240 days prior to filing bankruptcy. Another is that the tax returns must have been filed at least 2 years [...]

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Chapter 13: How Plan Payments Work

By | 2017-08-14T21:54:13+00:00 September 1st, 2016|Categories: Bankruptcy Law, chapter 13|

Ever wonder how to determine the amount of your monthly plan payment in a Chapter 13 bankruptcy case? Chapter 13 is a repayment plan that your creditors have to accept, as long as certain requirements are met. That means they do not get to vote for, or against, your proposed payment as they can in a Chapter 11 case. But there are rules for how your plan is structured, how much gets paid out, and for how long. HOW IS THE [...]

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