Part 2 in the series examining things you should know that debt collectors don’t want you to know.
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Los Angeles Bankruptcy Blog: Current issues, comments, questions and answers in bankruptcy law.
Category Archives: Uncategorized
Stopping Foreclosure: Better By Prayer or Bankruptcy Planning?
A while back I wrote about the perils of waiting too long to file a bankruptcy case (see http://bklaw.com/bankruptcy-blog/2010/06/waiting-too-long-to-file-bankruptcy/). One common theme that is becoming ridiculously frequent is people waiting for loan modification approval to save their homes from foreclosure and then contacting a bankruptcy attorney on the eve of foreclosure to try to…
Filing Taxes After Bankruptcy: Is Discharged Debt Income to You?
I received a 1099 from a Creditor After My Bankruptcy Case was Completed: Is this Taxable Income? A very important question I’m often asked this time of year by my clients is what effect does their bankruptcy have, if any, on their income taxes. The exact question is whether or not debts discharged (forgiven) in…
Bankruptcy Doesn’t Affect Co-Signers’ Obligations
The bankruptcy of one party does not affect the liability of another party, whether they be a co-signer or co-obligor on the debts. Bankruptcy discharges the obligation to pay on a debt; it does not eliminate the debt itself.
Bankruptcy: Debtor’s Prison Abolished!
Debtor’s prisons were abolished in 1833 yet people still think they exist. Bankruptcy laws are designed to protect people and aid in financial recovery.
Means Test: 401k loan repayment not an Expense
Court rules 401k loan repayments cannot be used in budget on means test to determine eligibility to file bankruptcy.
New Bankruptcy Mortgage Modification Dropped
The new bankruptcy mortgage modification plan has been, or is expected to shortly be, dropped from its agenda.
Bankruptcy Attorneys and Debt Relief Agencies
I write this post to clarify the definitions of a “bankruptcy attorney” and a “debt relief agency” (“DRA”) because, at least according to one recent client, there is a substantial amount of confusion over these terms. A bankruptcy attorney is an attorney (or lawyer), licensed to practice in the courts of whatever jurisdiction he is…