Taxes & Timing: Calculating Outcomes for Bankruptcy Debtors

Bankruptcy lawyers regularly evaluate the dischargeability of taxes when deciding when to file a client’s bankruptcy case. At base, the 3 year rule, the 2 year rule, and the 240 day rule routinely drive timing of a bankruptcy. But as we approach the end of the tax year, a client’s current year tax situation becomes […]

First Principles For First Meetings

Once again, I sat in a 341 meeting where the trustee purported to deliver vital information to the assembled debtors. She had a captive audience of anxious listeners.  She had ostensible power of life and death over their financial future. They needed to know what she had to say. But as communication, it failed.  Badly.  […]

PACE Loans- New Subprime Debts

Presentation November 2017  NCLC Consumer Litigation Conference 1 NCLC PACE Presentation final

When Worlds of Bankruptcy & Family Law Collide

Bankruptcy, actual or threatened, can cause a genuine disruption in the force when divorce is on the table. That collision can be liberating or disruptive, depending on the timing of a bankruptcy filing and the goals of your client. Because the fallout from a bankruptcy case can be overwhelming, family lawyers need a working knowledge […]

When The Means Test Is Meaningless

A local bankruptcy attorney stumbled over the most basic part of the  means test. Just this week…  nearly 15 years after the bankruptcy “reform” act of 2005. I thought we were several years past bankruptcy attorneys  clueless about the means test. But apparently not. This fine fellow told a couple that they couldn’t file Chapter […]

The Means Test Tax Projection When Taxes Aren’t So Certain

Nothing is certain besides death and taxes. We know the old saw. But what’s a bankruptcy lawyer to do when the amount of the future taxes is not so certain. I wrote earlier about calculating the projected income tax deduction on the means test when the year of filing situation looks much like last year. […]

Win Now, Wreck Later: A Tale of Bankruptcy and Mortgage Servicing

My Google Alert popped up a lovely win for a Chapter 13 homeowner , but all I could see was the train wreck that lies ahead. The bankruptcy court ruled that the confirmed (and completed) plan trumped a late-filed mortgage proof of claim. Payment of the amount provided in the plan cured the prepetition arrearage. […]