Now’s the sweet spot for bankruptcy exemption planning: before April 15th. Up until April 15th, a debtor can contribute to an IRA for last year and this year. Double your pleasure, double your fun. For an individual under 50, that’s $10,500 that can be sheltered from creditors, thanks to §522(n). Five thousand dollars for 2012, […]
Lien Strip Cases Are Time Bombs
They are coming to get you. It’s true: I’ve now heard it from two bankruptcy judges in the space of three weeks. And it makes sense. Wall Street has created an entity to buy up stripped off junior liens. They expect to challenge the validity of the strip-off as home values improve. They think there’s […]
Three Payroll Tax Issues That Can Bite The Unsuspecting
Business bankruptcy cases can lull you into inattention when no payroll tax issues are apparent on the face of the situation. Even the client who doesn’t owe the IRS now can get bitten. [You didn’t think this was simple, did you?] W-2’s Corporate officers are personally liable for monetary penalties if they fail to give […]
What Bankruptcy Lawyers Must Know About Payroll Taxes
Payroll taxes are dynamite: First, let’s get our terms straight. What we call “payroll taxes” are really several different taxes, FICA, income taxes, etc. In bankruptcy-speak, we are talking about taxes that the employer collects from its employees and transmits to the government. The employer is merely a conduit for payments by others on their […]
Have The Last Word On New Forms
By tomorrow, the door will be locked. Public comment closes today on the draft new bankruptcy forms. If you have an opinion (and what lawyer doesn’t), today is the last chance to express it in way that matters. Here’s the address for comments: [email protected] I broke out the draft forms earlier in the week. Don’t […]
Bankruptcy Lawyer Sleepless in Silicon Valley
The“Who’s On First” problem of lien strip service haunted my weekend at the Sacramento Bankruptcy Forum and the week that has followed back in the office. As one judge so kindly pointed out, if it turns out your service of the lien strip motion was inadequate, it will be the debtor’s attorney in the cross […]
Have Your Say About New Bankruptcy Forms
Speak now or forever hold your peace. Or suffer in silence, is more like it. Comment period for the proposed new bankruptcy forms closes February 15th. That’s a week from tomorrow. Have you had your say? I’ve extracted the new I, J, and elements of B22 from the pdf on the court’s site to make […]
