Reaffirming Car Loans in Chapter 7 Bankruptcy

Did You Know?
Reaffirming Car Loans in Chapter 7 Bankruptcy

Debtors filing chapter 7 bankruptcy are often asked by the bank or car company holding their car loan to “reaffirm” their debt – to verify that they still owe the balance on their car loan. I’m often asked whether it’s required to sign these reaffirmation agreements. No, it’s not. As long as you are current on your car loan, the lender cannot repossess your car just because you filed bankruptcy. I recommend not signing a reaffirmation agreement, unless you can’t live without on-line access to your car loan account. Here’s why. Read more »

December 29, 2025

Alternatives to Business Bankruptcy

Bankruptcy
Alternatives to Business Bankruptcy

I rarely recommend taking a failing business through bankruptcy. There’s usually a solution that costs less and gives the business owner more control over the winding-down of operations than bankruptcy. I most often propose a combination of (1) closing the failing business and walking away, (2) personal bankruptcy for business owners with personal guarantees on business debt, and (3) creating a new corporation for business operations the owner plans to continue pursuing. Read more »
July 11, 2025

Great Review from Ventura County

Did You Know?, IRS, Results, Taxes
Great Review from Ventura County

I am always so pleased when I am able to secure a positive result for a client!

Trump and DOGE Attack on the IRS

Did You Know?, Policy, Taxes, Taxes in the News
Trump and DOGE Attack on the IRS

The Washington Post recently enumerated the numerous political problems facing Elon Musk’s DOGE initiative (Department of Governmental Efficiency) like how it is grappling with bad public relations and is trying have its work seen as a win for the average citizen rather than as a callous and undisciplined attack on the country’s federal agencies. Read more »
March 25, 2025

How Threatening is the IRS Collections Notice I Just Received?

IRS, Tax Liens, Taxes
How Threatening is the IRS Collections Notice I Just Received?

Almost everyone calls me in a panic after receiving a collections notice from the IRS threatening to levy on their bank account, attach their wages, or put a lien on their house. They all think it will happen immediately: “Please call me back ASAP because the IRS gave me a deadline of tomorrow/next week/10 days!!” Um, no. Chances are, you’ve got many months, if not years, until the IRS pursues aggressive collections action. Read more »
March 14, 2025

DOGE Access to IRS Data Will Harm Confidentiality and Compliance

In the News, IRS
DOGE Access to IRS Data Will Harm Confidentiality and Compliance

I recently wrote about Elon Musk’s DOGE’s attempt to access the IRS’ main database of all taxpayer information. Since then many colleagues and clients have asked what I think about this, especially as a former IRS attorney and now a tax attorney who needs to access the IRS’ IDRS database almost daily. Herewith, more on what I REALLY think…. Read more>>
February 24, 2025

DOGE Wants Access to IRS Taxpayer Records

In the News, IRS
DOGE Wants Access to IRS Taxpayer Records

Musk’s DOGE team wants access to the IRS database of all taxpayer records. Why? The purported purpose of DOGE is to root out bureaucratic inefficiency in the federal government. But will DOGE access to extremely sensitive and personal financial information on every taxpayer in the country eliminate government waste? Or, perhaps, is granting DOGE access to taxpayer records a way for the current administration to gain information on political enemies? Read more>>
February 17, 2025

Car Lenders and Customers Who File Bankruptcy

Bankruptcy
Car Lenders and Customers Who File Bankruptcy

What happens to cars in bankruptcy? Or cars with notes? After all, almost everyone filing bankruptcy has a car. And cars are usually one of the larger assets a debtor owns. The answer depends on what a car is worth, whether it’s been paid off, and whether the car lender requires a Reaffirmation Agreement. Read more »
November 20, 2024