I have many bankruptcy/debt management clients whose credit cards have been closed, and they’re listed as closed on their credit report, but interest and late penalties keep getting tacked onto the balances due month after month. Huh? How is that even possible? I know it seems counterintuitive – that the credit card account is listed as “closed” but its outstanding balance keeps increasing. But it’s not. Read more>>
July 5, 2022
Credit card debt reduction can be accomplished by filing bankruptcy. But there’s also a way to reduce big credit card debt that doesn’t involve bankruptcy. I frequently offer this option to clients who either do not qualify for bankruptcy, or who would lose an important asset in bankruptcy. Read more>>
June 19, 2022
A common strategy for dealing with unmanageable debt is to file bankruptcy. Yet some people don’t have enough money to file bankruptcy. I don’t mean that they can’t afford to pay me (although that happens too), but that their life and financial situations combine in a way that bankruptcy makes no sense. But the turnip defense does. Read more>>
June 8, 2022
Debtor’s often have Notice of Federal Tax Lien outstanding at the time they file bankruptcy. How are these handled? Broadly, a properly-noticed lien survives bankruptcy. It continues to attach to any property Read more »
January 11, 2022
I don’t take credit cards. I don’t think it’s ethical, and here’s why Read more »
December 29, 2021
In the cat-and-mouse game between debtors and creditors, it’s no surprise that there are dishonest debt collectors. Many of my bankruptcy clients are well-acquainted with debt collectors, often having been harassed by them for years before coming to me. Among the illegal collection practices these collection firms employ Read more »
December 21, 2021
In chapter 7 bankruptcy, everything you own and owe is briefly transferred to a bankruptcy Trustee, who can then use your assets to pay your debts. If you have more debts than assets, then those debts are “discharged” or wiped out (there are exceptions for some debts… Read more »
November 4, 2021
You file bankruptcy to get rid of debts you can’t afford to pay and to get the fresh financial start in life that you so desperately need. But not all debts can be wiped out in your bankruptcy. Read more »
October 25, 2021
Here’s something I discuss on the landing page of my website, because I think it’s that important: I’m assertive but not antagonistic. Okay. So what? Some clients are so angry with the IRS they want to use me primarily for revenge, even if their case would have a better outcome if we approached the adversary calmly Read more »
October 13, 2021
It’s possible to discharge (have tax debt wiped out) most federal taxes in bankruptcy. There are exceptions, however. Many of the times when taxes aren’t dischargeable in bankruptcy are very straightforward, but one is open to interpretation and thus quite murky. Read more »
September 13, 2021
