Pre-Bankruptcy Planning

How Long Does A Chapter 7 Bankruptcy Take in Thousand Oaks?

Asset Protection, Bankruptcy, Bankruptcy Procedure, Pre-Bankruptcy Planning

My clients often ask: how long does a Chapter 7 bankruptcy take? The short answer: it depends. It depends on how quickly the client organizes their information and documents; it depends on whether it makes sense to postpone filing to protect some assets that would be otherwise taken; and it depends on the Bankruptcy Trustee. I rarely have a bankruptcy take less than 4 months or longer than 8 months. The average is 5-6 months. Read more »

How To Lose A California House with An IRS Tax Lien in Bankruptcy

Bankruptcy, Bankruptcy Procedure, IRS, Loan Modification, Pre-Bankruptcy Planning, Tax Liens, Trustee

California increased the home equity people going through bankruptcy could keep in 2020: from $175,000 to $600,000, specifically so debtors wouldn’t lose their house in bankruptcy. It mostly works. Except with houses that have IRS tax liens on them.Read more>>

Why Bankruptcy Attorneys Shouldn’t Accept Credit Cards

Bankruptcy, Bankruptcy Aftermath, Bankruptcy Procedure, Pre-Bankruptcy Planning

I don’t take credit cards. I don’t think it’s ethical, and here’s why Read more »

Hard Truths for Debtors Who Procrastinate

Bankruptcy Procedure, Lawyering, Life Lessons, Pre-Bankruptcy Planning, Tax Collection Issues

Since the fall, I have seen a big uptick in desperate people calling me for tax or bankruptcy help. What kind of desperation? These people have been either on the IRS’s radar, or been having debt problems, for many years and then the crisis hits: the IRS puts a lien on a house, or a creditor gets a default judgment and the sheriff Read more »

Sebastian Explains Why Selling Property for Less Than Market Value Before Bankruptcy is A No-No

Bankruptcy, Bankruptcy Procedure, Pre-Bankruptcy Planning

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.

Considering Bankruptcy? Tip 7 – Get Out of Denial

Bankruptcy, Credit Cards, Pre-Bankruptcy Planning

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 5 – Timing Matters

Bankruptcy, Bankruptcy Procedure, Pre-Bankruptcy Planning, Taxes

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 »

How Inheritance Impacts Bankruptcy

Bankruptcy, Bankruptcy Aftermath, Bankruptcy Procedure, Pre-Bankruptcy Planning, Trustee

It’s horrible to have a loved one die. But sometimes the death comes with a silver lining in the form of an inheritance. However, for someone with lots of debt Read more »

Getting Rid of Tax Debt with Bankruptcy Can Take Time – Lots of It

Bankruptcy Procedure, Pre-Bankruptcy Planning, Tax Collection Issues, Taxes

Clients often arrive in my office, panicking, with big problems such as unpaid student loans, huge tax or business debts, and creditors filing liens. They want their problems to go away immediately – rightly so because the stress is terrible. But, for many clients, the only effective strategy is one that will take time. Often lots of it. Read more »

Hiring a Low-Cost Bankruptcy Attorney Can Be a Big and Costly Mistake

Bankruptcy Procedure, In the News, Pre-Bankruptcy Planning

There are lots of bankruptcy attorneys out there. Many of them are downright cheap, charging less than $1,000. I routinely charge three to four times more. How could hiring an “expensive” attorney ever make sense? Remember that old saying: “you get what you pay for?” It’s true. Read more »