Whether it’s fear of the cost of lawyers or joinder in probate-phobia, the public’s do-it-yourself testamentary substitutes can have ugly consequences when bankruptcy looms. “When the individual who is supposed to benefit from a parent’s accumulations files bankruptcy, the cheapo alternative to a will or trust can cost the players the property”, said probate lawyers […]
Wait, Wait, Don’t File
Three weeks til the New Year and I’m starting to look at each Chapter 13 filing in my shop and ask whether we should file this case. It’s not that the calendar has much influence on whether clients need a bankruptcy. It’s “Will these folks owe taxes for 2011?” For the case I reviewed yesterday, […]
Bankruptcy Advice Lost In Translation
How do you misunderstand me…let me count the ways. A year into a confirmed Chapter 13 plan, I learned about my client’s hitherto unscheduled car loan when the creditor called up about missed payments. Huh? There was no car loan in the schedules. This was a loan in the debtor’s name, secured by a car […]
Two Free Treasures For Bankruptcy Lawyers
Howdy, nice of you to drop in. Now, I’ve got two reasons for you to skedaddle out of here. Bankruptcy Rule Changes New bankruptcy rules took effect December 1. If you can’t recite them in your sleep, the National Consumer Law Center has generously made their otherwise subscription only newsletter available for free. Click on […]
Finding Exemption Gold In The Probate Code
Would you expect to find an exemption applicable in bankruptcy in the probate code? But that’s where I found one yesterday. And if it exists under California law, it may exist where you practice as well. A testamentary trust paying some current income to a prospective client sent me to the cases. I needed to […]
Expect The World, New Bankruptcy Lawyers!
The New York Times challenges us to “Expect The World.” For the new bankruptcy lawyer, that world has limited horizons. Can we work together to change that? The front page piece of the Grey Lady recently exposed that newly admitted lawyers can’t practice law. Had the reporter contacted me for input, I would have pointed […]
How Long Can Underwater Lien Hold Its Breath?
What happens to an underwater mortgage after a Chapter 7? That was the sorta metaphysical question my newbie luncheon partner asked at the NACBA workshops this fall. She knew that you could not strip off a consensual lien in a Chapter 7. So, just what was the situation post discharge? I really like questions 1) […]
