If you’re running a business, filing bankruptcy involves preparing a profit and loss statement. While this subject isn’t terribly interesting or sexy, it’s critically important to preparing accurate information for your bankruptcy lawyer. What’s a Profit & Loss Statement? Relax! This isn’t algebra or calculus. This is simply a statement showing income in and expenses [...]
November 2010
It isn’t easy for consumers to protect themselves these days, from robo-signers, foreclosure-rescue scams, and all manner of abusive collection tactics, but the Unicredit scam may take the prize for sheer audacity. It seems that Erie, Pennsylvania debt collection agency Unicredit not only set up a fake courtroom, complete with phony judge, with which to [...]
The new median family income numbers used for determining whether a debtor can file a Chapter 7 bankruptcy went into effect today, November 1, 2010. The numbers are provided by the U.S. Census Bureau. The means test was one of the major changes that occurred as part of Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) [...]
You want to protect all of your home, car, or other non-cash asset but exemptions are limited to fixed dollar amounts. The Supreme Court says you can. Exemptions are stated in fixed dollar amounts. Protecting your home can be difficult because it is hard to value. You do the best you can, but there’s always some risk that a trustee will get a [...]
