There’s an almost rapturous feeling that my bankruptcy clients feel when they hear “discharged” about their debts in a Chapter 7 bankruptcy case. It’s a feeling like that which Renee Read more »
Considering Bankruptcy? Tip 7 – Get Out of Denial
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How to Buy from A Bankruptcy Estate
Ninety-nine percent of bankruptcies are “no-asset” cases. The Trustee talks to the debtor, looks at their schedules, and determines that the debtor truly has nothing worth selling. Read here for more Read more »
Minor Child’s Account with Parent Social Security # – A Cautionary Tale
Here’s a story, with lessons, of how putting your social security number on a minor child’s account can go wrong. A client recently had the FTB, Franchise Tax Board, garnish Read more »
Sebastian On Why Bankruptcy Is One of The Best Things You’ll Do
Many of my clients are embarrassed to be considering bankruptcy. I get it. But there’s a huge upside to bankruptcy. Don’t trust me? Why not see what Sebastian, my Feline Paralegal, has to say Read more »
Cheerleading Biden’s Increased IRS Budget Proposal
I enthusiastically applaud President Biden’s proposal to increase the IRS’s budget by $1.2 billion, or more than 10 percent over this year’s budget. In fact, call me a huge cheerleader for this proposal
Tax Debt Non-Dischargeable in Bankruptcy, Except When…
Debtors can discharge their taxes in bankruptcy so long as they meet certain tests: the three-year test, the two-year test, the 240-day test and no fraud. I lay it out Read more »
IRS’ Right to Take Your Passport
Congress granted the IRS the power to revoke passports in December 2015. Under this law, if you owe more than $51,000 to the IRS, then you could lose your passport. This program does not inspire confidence: here Read more »
Considering Bankruptcy? Tip 6 – Don’t Feel Ashamed
Many clients feel shame about filing for bankruptcy protection. I can tell because they tell me repeatedly that they never thought they would be talking to a lawyer about bankruptcy, Read more »
The IRS Can (Almost) NEVER Waive Interest on Late Taxes
A business-owner client recently claimed an R&D tax credit available to him. The IRS denied his use of the credit, he hired me, we went to Tax Court and ultimately Read more »
Considering Bankruptcy? Tip 5 – Timing Matters
Timing matters in bankruptcy. For example, if you have seasonal fluctuations in income (like teachers and realtors), then at some times of year your income may be too high to qualify Read more »