No, your bank likely will not close your checking or savings account if you file bankruptcy. This often confuses my clients because I warn them that all their credit cards will be closed within days of filing a bankruptcy. What accounts for this difference? Read more »
March 2, 2026
Many clients worry about how public the information in a bankruptcy will be: who gets or can see the information in their personal chapter 7 bankruptcy? After all, when a person files bankruptcy, they are filing a 50-plus-page Petition that lays bare *all* of their income, assets, debts and financial transactions for the past 1-3 years. Since all bankruptcies are legal filings with the US Bankruptcy Court, they are public documents and, by definition, accessible to anyone. In reality, however, very few people have their bankruptcy found or seen by anyone other than the creditors listed in their bankruptcy Petition. Read more »
February 17, 2027
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
I’ve had a 50% increase in the number of people calling me for bankruptcy this year. Nationwide, bankruptcy filings are up almost 20% in 2025. I’m getting more calls from small business owners than I am from individuals. But particularly hard hit appear to be owners of restaurants, contractors and real estate agents. Why? Read more »
November 6, 2025
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
I am always so pleased when I am able to secure a positive result for a client!
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 » 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 » A buddy recently received a scam voicemail from a company promises to get rid of all his tax debt. Here are the red flags that IDed this voicemail as a scam and how to avoid them. Read more » 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>>Trump and DOGE Attack on the IRS
March 25, 2025How Threatening is the IRS Collections Notice I Just Received?
March 14, 2025How to Spot a Scam “Tax Debt Forgiveness” Call
February 28, 2025DOGE Access to IRS Data Will Harm Confidentiality and Compliance
February 24, 2025
