Policy

IRS Delays Benefit my Clients

The IRS is woefully understaffed: in IRS offices across the country staffing is down 7 to 41% and not one office has seen an increase. Complicated correspondence is not answered timely, or sometimes at all. I have a large collection of letters from the IRS saying that it received my inquiry some time ago, that […]

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Payday Lenders

Here is a very amusing and outraged report on “payday lenders” from John Oliver, the British reporter who apprenticed with Jon Stewart and Steven Colbert. He’s accurate in presenting the problem: desperate and unthinking people can get money easily, but they will pay astronomical interest and the lenders are unscrupulous when it’s time to collect. […]

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Five things to know when hiring your child to work for you

I love having my 18-year-old daughter work in my law firm.  She’s smart and motivated.  She gets to see law in action.  She’s done wonders for my website, and she gets the mail out. She keeps a timesheet.  I pay her through a payroll company, which withholds funds for income and social security taxes, among […]

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A Benefit of Bankruptcy That Most People Don’t Think Of

Bankruptcy works in unexpected ways.  That’s how a colleague sells his potential clients on hiring him to get a discharge in bankruptcy.  And he’s right. My client opened a fast-food restaurant with a partner in 2008 and personally guaranteed debts to suppliers.  Time went by, the suppliers brought the potatoes to make into French fries, […]

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If your Social Security Number is on it, it’s your money

A client recently had the FTB, Franchise Tax Board, garnish his son’s bank account.  His son didn’t owe the tax money; my adult client did.  But the FTB didn’t care; it took the kid’s money – $14,000 – and paid it to the father’s tax liability. The child had just turned 21.  His parents set […]

Posted in Asset Protection, Policy, Procedure | Comments Off on If your Social Security Number is on it, it’s your money

Back Payroll Taxes and the IRS: Revenue Agents Aren’t Loan Officers

Business owners owing back payroll taxes often ask me why the IRS won’t lift its levy. After all, these clients argue, I just need a bit of free cash to invest back into my business and then I’ll make enough money to pay what I owe the IRS. Why can’t the IRS act more like […]

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Does bankruptcy even have a negative side?

Not all effects of bankruptcy are negative. Certainly getting rid of your debt and starting fresh is a positive effect of filing. Your name won’t be published in the newspaper (unless you’re famous). However, anyone who has access to your credit report will find out about the bankruptcy. This can make it more difficult to […]

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5 Things You Can Do To Rebuild Your Credit After Bankruptcy

A couple recently asked me how to rebuild their credit after filing bankruptcy and I would like to share some of the information that I gave them as it may be helpful to you in improving your credit score after bankruptcy. First, for those who are worried about a bankruptcy being on your credit report […]

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Can an Arsonist Discharge Fire Fighting Costs in Bankruptcy? (Yes, Seriously)

Living in semi-arid California, I’ve gotten used to seeing large columns of smoke on hot, windy days.  Most recently, I could see the Springs Fire burning between Camarillo and Malibu from a distance; happily, it did little damage to structures, and no one died from it.  This one was not caused by arson, but it […]

Posted in Abuse, Crime, Life Lessons, Policy, Pre-Bankruptcy Planning | Comments Off on Can an Arsonist Discharge Fire Fighting Costs in Bankruptcy? (Yes, Seriously)

Bankruptcy: Redemption, not Failure

I like to say that I am involved in “capitalist recycling.” In a capitalist, free-market society, there are people who win and there are people who lose. Those people who do not win and cannot function economically because of crushing debt need to come back into the system and function again. By helping them through […]

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