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Chapter 13 Limits Increase to $2,750,000

Today, June 21, 2022, President Joe Biden signed the Bankruptcy Threshold Adjustment and Technical Corrections Act which increased the debt limits of Chapter 13 bankruptcy proceedings to a combined total of $2,750,000.  Until today, 11 USC §109(e) limited the eligibility for Chapter 13 proceedings to  individuals with unsecured debts of no more than $465,275 and secured

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I made a mistake on my tax return, what should I do?

If you made a mathematical error on your return, often times the IRS will automatically fix the error.  After correcting the mistake, the IRS will send you a notice that shows the changes made to your return (usually a CP11 or CP12).  Before correcting your return for a mathematical error, you may want to call the IRS at

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What Is A Homestead Exemption?

Debtors often ask us what will happen to their home if they file for bankruptcy protection.  Fortunately, federal bankruptcy law and most states provide for what is often called a “homestead exemption”.  A homestead exemption acts as a shield against the claims of certain creditors.  It does this by protecting up to a specific dollar amount in real property. 

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Nine Things The IRS Says about Penalties

Many of my clients come to see me about penalties assessed against them by the IRS.  For example, if you don’t file your return on time or if you do not pay your tax by the due date you may be assessed a penalty. The following is a list of nine things the IRS wants you

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Are Bankruptcy and 12-Step Programs Compatible?

In my view, there is no question that they are – and that lay counselors in these programs who advise otherwise do not understand the bankruptcy process.  Steps 8 and 9 of the program of Alcoholics Anonymous (copied verbatim by most other 12-step programs) are, respectively (8) Made a list of all persons we had harmed,

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Judicial Modification Key to Helping Homeowners

Last week President Obama announced an ambitious and expensive plan to stabilize home prices and help homeowners in trouble with their home loans avoid foreclosure.  The plan proposes incentives for investors and servicers alike to encourage loan modification even before homeowners default on their loans.  However, one key element of the administration plan costs the taxpayers