If a debtor sells property for less than full market value before filing bankruptcy, the law considers this a form of theft from the bankruptcy estate: the Bankruptcy Trustee could have sold it for more money to pay off the debtor’s creditors. But, sometimes Sebastian the Feline Paralegal’s explanations are more fun to read.
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The Bankruptcy Trustee
Trustee in Chapter 7 Bankruptcy When you file a a chapter 7 bankruptcy, everything you own and owe is legally transferred to a Bankruptcy Trustee, who can then use your Read more »
When Can You DIY an IRS Offer In Compromise?
The IRS and the FTB don’t negotiate tax debt. Neither agency will write off a dime of tax debt because the taxpayer asks it to. Their missions are to collect Read more »
Tax Protesters Sail on Seas of Fantasy
Is it true that there is no law requiring payment of income tax? After all, many tax protesters assert this. And, in my 10 years as an attorney for the Read more »
Got Bad Info From an IRS Agent? Too Bad…the Law Assumes They’re Incompetent. Seriously.
A client spoke IRS with an IRS revenue officer about his payroll tax issue (before he found me). The revenue officer said not to worry about it, that my client’s Read more »
Considering Bankruptcy? Tip 7 – Get Out of Denial
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 »
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