You’re filing a bankruptcy case. You’re suing someone. You don’t have anything yet. Your lawyers says she’s not sure your suit is worth anything. So you don’t have to schedule it on your bankruptcy papers. Right? Wrong! Big time wrong!! Your bankruptcy schedules constitute your statement under oath that you didn’t have a claim. It [...]
David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Too often, parents forget to consider their children’s assets when filing bankruptcy. For example, they may control accounts under the Uniform Transfers to Minors Acts. They may have custodian accounts. They may serve as trustee under various trusts. They may have established educational savings accounts under section 529 of the Internal Revenue Code. No [...]
Before filing a chapter 13 bankruptcy, we need to figure out what you are paying. Clients who have disposable income do have the choice to put their income to uses which are permitted by the Bankruptcy Code. The means test is mechanical but not totally inflexible. If you have a choice of spending your money [...]
Clients ask “What’s the difference between chapter 7 and chapter 13″? Sometimes, they call chapter 7 “straight bankruptcy” or just “bankruptcy”. Sometimes they call chapter 13 “wage earner plan” or “debt settlement plan” or “debt adjustment”. Here’s what the National Association of Consumer Bankruptcy Attorneys advises you in general. Here are the most important features [...]
As April 15 approaches, many people are receiving forms 1099 C from their banks. It’s one last parting shot after bankruptcy and foreclosure. It’s causing panic throughout the nation. Why? My friend Dan Press wrote a nice article about this a few months ago. But now that tax time is approaching, it is not a [...]
Of course you love your sweetie. Honeybunches is your best baby. And I’m sure that snookums is true blue to you in every way. Have you checked your credit? Financial infidelity is a leading cause for divorce, not to mention bankruptcy. For better or worse, your marriage is a financial partnership as well as a [...]
