Tax and Bankruptcy lawyer John Faucher is also an intrepid chicken farmer. The flock of Faucher Family Farms has ranged from six to sixteen hens (no roosters – too loud), and currently stands at thirteen. Read more »
August 31, 2020
Bankruptcy filings have declined nationwide this year – a counterintuitive trend given the economic gut punch from the Covid-19 pandemic. In the Central District of California, which includes much of Los Angeles, Ventura and Santa Barbara counties, there have been only 18,381 bankruptcy filings so far this year. Read more »
August 21, 2020
If your student loans went to pay tuition, room & board, or school supplies, then that debt is probably not dischargeable in bankruptcy. Read more »
August 17, 2020
Sadly, the economic slowdown caused by Covid-19 is making many small business owners consider bankruptcy. Indeed, the Small Business Association estimates 40% of the US’s 30 million small businesses will fold within a year. Read more »
August 10, 2020
A lien is a creditor’s legal right to a debtor’s specific property to satisfy a debt. The most common lien is a home mortgage. The homeowner borrows money from a bank to buy a house and signs a deed of trust which allows the bank to foreclose if the homeowner stops paying the mortgage. Read more »
In bankruptcy, all of a debtor’s debts and assets are brought into the case. The debtor does not choose which assets are used to pay debts, or which creditors get stiffed or get paid. Read more »
July 17, 2020
The word “bankruptcy” comes from the Italian words for broken bench — banca rotta. In the middle ages, a failing craftsman would bring his work bench to an authority in the town square, who would break it and in so doing, relieve the craftsman of his debts. Bankruptcy is more modern-looking today. Read more »
July 1, 2020
Sometimes you hear that someone makes too much money to file bankruptcy. Anyone can file bankruptcy, but courts will dismiss a bankruptcy case for abuse or bad faith – when you have too many assets to legitimately use bankruptcy to get rid of debt. Read more »
June 28, 2020
When a taxpayer doesn’t pay income taxes, the IRS automatically gets a lien against the taxpayer’s property. That means that legally, the taxpayer can’t sell anything without using the proceeds to pay the IRS. The IRS almost never enforces this “silent lien,” however. It’s silent because no one else knows about it. Read more »
June 22, 2020
According to the New York Times, corporate America is starting to see Covid-19 related bankruptcies on the increase. At Faucher Law, P.C., we still haven’t seen this increase. Note that the New York Times doesn’t give statistics, and it’s only talking about major corporate bankruptcies: chapter 11, not chapter 7. Read more »
June 18, 2021
