Tag Archives: Bankruptcy Discharge

Exception for 1099-C Tax Liability for Debts Discharged in Bankruptcy

It’s that time again. Time to explain why filing personal bankruptcy can provide enormous tax savings. Every year, several of our bankruptcy clients contact us in January or February because they have received a 1099-C form filed with the IRS by one of their former creditors. In case you don’t know, debts that are “canceled” […]

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Those Who Filed Chapter 7 Bankruptcy in 2005 May File Again in 2013

In April 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act, or “BAPCPA” as we bankruptcy attorneys call it. On the day BAPCPA passed, I was interviewed by our San Jose CBS affiliate, KPIX, about the sweeping changes to bankruptcy law contained in BAPCPA. Among consumer bankruptcy lawyers everywhere, there was a good […]

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Reaffirm a Home Equity Loan in California Bankruptcy? Are You Kidding?

Every now and then my San Jose bankruptcy law firm still gets a fat letter from one of the Big Banks soliciting to try to convince us and one of our bankruptcy clients to reaffirm a California home mortgage loan. If I’m in a relatively good mood that day, I’ll scan the bank letter and […]

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Reversing Fraudulent Transfers Before Filing Bankruptcy in San Jose

Several weeks ago I posted a piece on this blog outlining what constitutes a “fraudulent transfer” prior to filing bankruptcy and the disastrous consequences such transfers create for the debtor in bankruptcy. Most commonly in the consumer bankruptcy context, a fraudulent transfer occurs when, prior to filing bankruptcy, one transfers an asset to someone else […]

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What Is the Difference Between Avoiding a Junior Mortgage Lien and Discharging a Mortgage Loan in California Bankruptcy?

Depending on whether they are eligible for Chapter 7 bankruptcy or Chapter 13, homeowners who file bankruptcy in California with more than one loan secured by a deed of trust (which include home equity lines) may get very different types of debt relief when it comes to their second mortgage. Upon obtaining a bankruptcy discharge […]

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What Happens if I Forget to List a Debt or Creditor in My California Bankruptcy?

As I discussed in my last post “Can I Leave My House or My Car Out of My Bankruptcy?” the Bankruptcy Code requires that a debtor truthfully disclose all of his debts, assets, income, and expenses. One cannot choose to leave a given debt or asset “out” of her bankruptcy case. Not only is the […]

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Collections Are Calling About a Debt That Was Discharged in Your Bay Area Chapter 7 Bankruptcy? Call Our San Jose Bankruptcy Attorneys Right Away

It happens. Perhaps it’s due to sloppiness on the part of the creditor in failing to enter into their computers the fact that they received a copy of your bankruptcy discharge order from the Bankruptcy Court.  Or perhaps it’s the result of the fact that debt collection companies buy and sell consumer debts like Wall […]

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Can I Still Return My Car After My Bankruptcy Case Has Discharged?

A few times a year I get a call from a former bankruptcy client who received a Chapter 7 bankruptcy discharge and whose case has long since closed. Frequently something has changed in the client’s financial situation—most often the client or his spouse has just lost a job. “I know we stated in our bankruptcy […]

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My Creditor Has Sued and Gotten a Judgment Against Me. Is It Too Late to File Bankruptcy?

Among the many common myths about bankruptcy I hear from prospective clients seeking bankruptcy advice is the notion that once a credit card or other bill collector sues and obtains a court judgment on a debt, it may be too late to file bankruptcy. This is simply not true. Unless the judgment includes causes of […]

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Unlike Bankruptcy, Private Debt Settlement Can Lead to Big Tax Problems

It’s another symptom of this prolonged recession. Private debt settlement companies are cropping up like mushrooms all over the Bay Area. Their advertisements urge people not to consider filing bankruptcy and promise that they can negotiate settlements with your creditors instead. In general these debt settlement outfits are not attorneys, and they cannot offer any […]

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