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All Bankruptcy Roads Pass Through Chapter 5

By Cathy Moran, Esq. Filed Under: Before filing, Start Here

bankruptcy options

Regardless of the ultimate destination, all bankruptcy roads run through Chapter 5. A few bankruptcy cases are derailed there. Because Chapter 5 provisions tell you what comes into the bankruptcy estate, what can be exempted, and what can be changed using Chapter 5. Sometimes the results tell you that bankruptcy is not the right choice […]

Filed Under: Before filing, Start Here

What Goes Into The Liquidation Analysis

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice, Start Here

bankruptcy liquidation analysis

The liquidation analysis is central to every form of consumer bankruptcy. Yet too many attorneys think the formula is Assets minus Secured Debts minus Exemptions = Distributable estate Not by a long shot. So let’s walk through the elements of a comprehensive liquidation analysis. You need it if you’re assessing the vulnerability of assets to […]

Filed Under: Bankruptcy Practice, Start Here

What Bankruptcy Counsel Forgot

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

How do you forget capital gains taxes? More easily than you would think, apparently. When I see the same  blunder twice in two months and the price tag to the client approaches $100,000, it’s time to write about it. It surfaced in two Chapter 11 cases for individuals where I have subbed upon conversion to […]

Filed Under: Bankruptcy Practice

Crushing Tax Change For Injured Consumers

By William Purdy Filed Under: Bankruptcy Practice, Opinionated, Tax

tax change damages

The “Tax Cut Act” actually increased the tax on consumer recoveries.  Under the new tax law,  most damage awards a consumer recovers stand to go, in large part, to the IRS. So even if you are successful in vindicating your legal rights, the expenses of getting the award aren’t deductible from the gross award. The […]

Filed Under: Bankruptcy Practice, Opinionated, Tax Tagged With: 2018

Delay Division of Community Property At Peril of Bankruptcy

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

Put off the division of community property in a marital dissolution at your peril. Hesitate and you risk all of the community property being swept up in a bankruptcy by the other spouse. And you’ll have little control where community property assets fall. Community property is all in The threat begins with the bankruptcy law […]

Filed Under: Bankruptcy Practice

List It Or Lose It: When Actual Knowledge Isn’t Enough

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

abandonment in bankruptcy

To actually effect abandonment of unadministered assets in a bankruptcy case, the asset in question must appear on Schedule A/B. That’s the hard teaching of Stevens v. Whitmore from the 9th Circuit BAP. A passing reference to an asset in the SOFA isn’t sufficient. Neither was the fact the trustee explicitly knew about the claim […]

Filed Under: Bankruptcy Practice

Why Your Bankruptcy Client Doesn’t Understand You (And How To Fix the Problem)

By Cathy Moran, Esq. Filed Under: lawyer skills, Start Here

bankruptcy terms

Bankruptcy terminology, so familiar to lawyers, stymies clients. Even common English words seem to flumox our clients. We are a pair,  divided by our common language. Even without legal jargon, we talk past each other. Words at war How do we misunderstand each other?  Let me count the ways: Property:  I don’t have any property, […]

Filed Under: lawyer skills, Start Here

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