Fail to Succeed

Hey Debtors-

Got some bad news for you. It's Monday! So let's just do it, and get a fairly dry topic out of the way: what happens to community property in bankruptcy. I could record a very long episode and write an entire treatise on this one subject, but we'll keep it under eight minutes instead!

Episode contents-

• 0:05 Hello! Introductions
• 0:46 Today's topic
• 6:08 It's a wrap; see you tomorrow

A (very) brief introduction to community property

Community property is a legal concept that comes up for those in most Western states, and two oddball states: Louisiana and Wisconsin.

The general concept is as follows. Anything you owned before you were married is separate property, and anything you acquire during marriage is community property. If and when you separate, then anything you acquire becomes separate property. Similar rules apply to debt as well. (There are a lot of details here, but those are the general rules).

What happens in bankruptcy?

If you both file together, then community property may never come up as an issue since all your separate property AND your community property is going to become part of the bankruptcy estate. (Same with debts.)

If you're filing separately, however, things get a little more interesting. The general rule is that all the community debts AND the community assets "come into" the bankruptcy, even if the other spouse doesn't file, which could mean a lot of things for how you might plan your bankruptcy case.

Listen to today's episode to hear me bumble through the issue!

Hey Debtors-

Today is Friday as I write this on the Fail to Succeed blog. We're talking about what happens to a realtor's license in a bankruptcy case, as well as some of the other things to think about that apply not just to realtors but other professionals as well.

Podcast Contents:

• 0:05 - Introduction

Today, we're going to talk about the economic impacts of California's latest lockdowns, the paperwork-rich environment that is bankruptcy, and my law firm's new website!

In this episode, we're going to talk about grumpy 341 trustees, and how they are just a speed bump on your fast lane to success.

This is episode number three. Do you depend on your cellular phone every day like I do? Like everyone does? These days our phones are really our primary computers. We depend on them for access to our digital lives.

Episode number two! In today's episode of the Fail to Succeed podcast, we explore two real life situations. In the first, a realtor in New York racked up $217k in debt and is trying to figure out whether to file in New York or their hometown of Austin. In the second, someone who inherited a house is trying to figure out whether to sell it before filing for bankruptcy.

In today's episode, we talk about three real live cases. In the first, some folks are worried about being treated like a "criminal" for filing for bankruptcy, another gets a 2004 motion, and yet another gets vigilant about monitoring their credit after the case.

The trailer for the upcoming show! We're going to talk about the worst case financial scenario in depth: bankruptcy.

The more you know about it, the less scary bankruptcy becomes, and the more successful you can be. 

I believe that the more you know about the worst case scenario, the bolder you'll be.

To learn more about our mission: https://failtosucceed.net/mission

Please send us some feedback: https://failtosucceed.net/feedback Even negative feedback is a gift.

Here's to your success!