Bankruptcy Through The Looking Glass podcast

16:41

Episode Summary In this episode of Bankruptcy Through the Looking Glass , host Katie Roberts sits down with Barry Levine to discuss the concept of becoming judgment proof—what it means, why it's important, and how individuals can legally protect their assets before financial trouble arises. Barry explains the nuances of fraudulent conveyances, pre-bankruptcy planning, and how exemptions play a role in financial protection. With real-world examples and strategic insights, this episode is a must-listen for anyone looking to safeguard their assets from creditors. Timestamps 00:00 – Welcome to Bankruptcy Through the Looking Glass with Barry Levine 00:05 – Introduction to today's topic: Becoming Judgment Proof 00:36 – What does "judgment proof" mean? 01:39 – Legal ways to protect assets before creditors take action 02:36 – The importance of early planning and avoiding fraudulent transfers 03:59 – Steps to becoming judgment proof and securing assets 05:25 – Family as creditors: How to structure financial protection 07:02 – Protected assets and state-specific exemptions 08:49 – Massachusetts homestead exemptions and their impact 10:07 – The role of creditors in assessing assets and liabilities 11:38 – Common mistakes people make when trying to protect assets 13:25 – The role of exemptions in financial protection 15:31 – When to consult a bankruptcy attorney for asset protection 16:04 – Closing thoughts: Plan ahead to withstand financial difficulties About the Show Bankruptcy Through the Looking Glass is a podcast dedicated to providing practical legal insights on bankruptcy, financial protection, and asset management. Hosted by Katie Roberts with expert guidance from Barry Levine, this show breaks down complex financial concepts into easy-to-understand discussions.…

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Wage Garnishment 101: What You Should Know and How Bankruptcy Can Help 16:07

26 days ago16:07

16:07

Episode Summary: In this episode of Bankruptcy Through the Looking Glass , experienced bankruptcy attorney Barry Levine, alongside host Kevin Rosenquist, delves into wage garnishment—what it is, how it works, and how bankruptcy can provide relief. Barry discusses common misconceptions surrounding wage garnishment, explaining that the only guaranteed way to stop a garnishment is by filing for bankruptcy. He also explains the different types of debt that can lead to garnishments, such as credit card debt and IRS, and shares insights on how creditors are handling collections differently today compared to the past. Tune in for a thorough breakdown of wage garnishment, potential defenses, and how bankruptcy could be a solution for those in need of financial relief. Time Stamps: 00:00 - Welcome to Through the Looking Glass 00:22 - Barry discusses the common misconceptions about wage garnishment and bankruptcy 02:56 - What types of debt can lead to wage garnishment? 03:32 - How wage garnishment is initiated 04:31 - Does challenging a wage garnishment in court work? 06:02 - The rare occurrence of wage garnishment today compared to the past 07:26 - Other ways to stop wage garnishment besides bankruptcy 08:14 - Real-life example of a client who paid creditors for years and ultimately filed for bankruptcy 09:06 - How often does negotiating with creditors work? 10:41 - What can happen when business owners file bankruptcy for personal liabilities 11:50 - Can you challenge a wage garnishment in court? 12:44 - The current state of aggressive creditors and how wage garnishment has become rare 14:28 - Barry discusses how bankruptcy helps individuals assess their financial situation 15:40 - Final thoughts on prioritizing essential payments over credit card debt About the Show: Through the Looking Glass is a podcast where bankruptcy attorney Barry Levine provides insights into the complex world of bankruptcy law, offering advice and personal anecdotes to help listeners navigate financial struggles. Whether you're facing wage garnishment, dealing with overwhelming debt, or just trying to understand the bankruptcy process, Barry and his guests break it down in an accessible and practical way.…

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When Bankruptcy Meets Tax Debt: Evaluating Your Options with Barry Levine 16:55

7 weeks ago16:55

16:55

Episode Summary: In this episode of Bankruptcy Through the Looking Glass , host Kevin Rosenquist is joined by bankruptcy expert Barry Levine to dive deep into the issue of tax debt and its intersection with bankruptcy. They discuss the complexities of dealing with overwhelming tax liabilities, including common reasons individuals find themselves in tax debt, options like bankruptcy, and the IRS’s approach to collecting taxes. Barry shares valuable insights on strategies like offers in compromise and asset liquidation, along with practical advice on how to navigate these challenges. With over four decades of experience, Barry also reflects on his many stories of clients and the realities of tax collection. Timestamps: 00:00 - 00:05: Intro 00:05 - 00:31: Kevin introduces the topic and welcomes Barry 00:31 - 02:33: How common is tax debt and why it’s growing? Barry discusses real-life examples of individuals failing to file tax returns 02:33 - 04:06: Common reasons for falling into tax debt, including self-employment taxes and withholding issues 04:06 - 05:26: IRS tactics for dealing with tax debt: Estimated returns and tax liens 05:26 - 06:29: What is an offer in compromise ? Barry explains how this process works 06:29 - 07:09: The importance of asset liquidation in resolving tax debts 07:09 - 08:33: Real stories from Barry's clients dealing with tax debt and the IRS 08:33 - 09:23: Bankruptcy vs. offers in compromise : How to evaluate your best option 09:23 - 11:35: Pros and cons of filing bankruptcy to discharge tax debts 11:35 - 13:43: Why people end up with years of tax debt and how the IRS handles long-term tax issues 13:43 - 16:20: The importance of being proactive with the IRS and avoiding mistakes like hiding financial transactions 16:20 - 16:44: Barry signs off with his trademark saying "Zygazook!" About the Show: Bankruptcy Through the Looking Glass is a podcast hosted by Kevin Rosenquist and bankruptcy attorney Barry Levine, where they discuss real-life issues in bankruptcy law. Each episode dives into the intricacies of financial troubles, debt relief, and strategies to regain control over your finances. With Barry’s decades of experience in bankruptcy law, listeners get insightful, expert advice on navigating complex situations, including tax debt, creditor negotiations, and the nuances of various bankruptcy chapters.…

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Foreclosure Help: Tailoring Solutions with Barry Levine 14:54

10 weeks ago14:54

14:54

Episode Summary: In today’s episode of Through the Looking Glass , Kevin Rosenquist sits down with Barry Levine to discuss strategies for homeowners facing foreclosure. Barry shares essential insights on how to assess your situation and the key steps to take when you first realize foreclosure may be imminent. The conversation also clears up common misconceptions about the foreclosure process and bankruptcy, providing listeners with a clearer path to understanding their rights and options. Barry dives into the pros and cons of bankruptcy, what actually works to stop foreclosure, and why certain debt solutions—like mortgage modifications or debt consolidation—are often more trouble than they’re worth. Time Stamps: 00:00 - Introduction to the episode 00:05 - Kevin introduces Barry Levine and the topic of foreclosure solutions 00:44 - Key steps homeowners should take when facing foreclosure 01:34 - Common misconceptions about foreclosure 03:30 - How Barry assesses clients' situations to prevent foreclosure 05:37 - The reality of mortgage modifications and why bankruptcy might be a better solution 07:16 - The importance of bankruptcy in stopping foreclosure 07:39 - What happens when you file for bankruptcy 08:37 - Debunking fears around bankruptcy and its long-term effects 09:58 - Tips for rebuilding credit post-bankruptcy 10:29 - Debunking myths about credit post-bankruptcy 11:30 - The truth about debt consolidation companies 12:43 - When is the right time to seek help from an attorney? 13:01 - The importance of proactive steps before financial troubles get out of hand 14:29 - Conclusion and signing off About the Show: Through the Looking Glass with Barry Levine is a podcast designed to help listeners navigate the complexities of bankruptcy, foreclosure, and debt management. Hosted by Kevin Rosenquist, the show features Barry Levine, an experienced attorney who shares his expert legal insights, practical advice, and no-nonsense strategies for those struggling with financial challenges.…

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Financial Fresh Start With Bankruptcy Vs. The Mess of Debt Settlement 19:36

18 weeks ago19:36

19:36

Episode Summary In this episode, Attorney Barry Levine and LPN Host Kevin Rosenquist discuss the intricacies of bankruptcy, focusing on the differences between discharging debt through bankruptcy and the challenges of debt settlement. Barry provides insights into the types of debts categorized in bankruptcy, the process of discharging deficiencies, the reaffirmation of mortgages, and some legal nuances regarding collection practices in Massachusetts. The conversation also touches on amusing anecdotes, cryptocurrency pitfalls, and practical advice for navigating financial trouble. Timestamps: [00:00-00:30] Introduction and light-hearted banter about marrying rich for financial stability. [00:30-01:45] Explanation of debt categories in bankruptcy: secured, priority tax claims, and unsecured debt. [01:45-04:54] Deficiencies in foreclosures, discharging them in bankruptcy, and reaffirmation agreements. [04:54-08:59] The process leading up to filing bankruptcy, including paying legal fees and credit counseling. [08:59-10:56] Massachusetts litigation and the risks of ignoring court summons. [10:56-14:43] Credit counseling requirements and practical tips for completing them. [14:43-16:45] Filing the case and the 341 Meeting of Creditors—what to expect. [16:45-18:38] Bitcoin and bankruptcy—how trustees address cryptocurrency holdings. About The Show Bankruptcy Through the Looking Glass is a podcast hosted by attorney Barry Levine, offering practical advice and candid insights into bankruptcy law and financial solutions. With decades of legal experience and a touch of humor, Barry breaks down complex legal concepts and shares real-life examples to help listeners understand the nuances of debt discharge, the bankruptcy process, and navigating financial challenges. Join Barry and his co-host Kevin Rosenquist as they explore strategies for a fresh financial start.…

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Understanding Bankruptcy vs Debt Settlement 16:24

22 weeks ago16:24

16:24

In this episode of Bankruptcy Through the Looking Glass, Barry Levine breaks down the key differences between bankruptcy, debt settlement, and debt consolidation, explaining why bankruptcy often offers the most comprehensive solution. Barry shares real-life stories and practical insights to debunk common myths, alleviate fears, and guide listeners through the bankruptcy process. Along the way, Barry’s humor and candid advice shed light on how to face financial challenges with clarity and confidence. Timestamps: [00:30-01:01] Revisiting key differences between bankruptcy, debt settlement, and consolidation. [01:01-03:24] Bankruptcy’s efficiency and why settlement options often fail. [03:24-05:11] Case study: The pitfalls of debt consolidation and recurring debt. [05:11-06:33] Unique challenges, including Bitcoin and custodial access issues. [06:33-08:18] How bankruptcy impacts credit scores versus other debt solutions. [08:18-09:39] Dischargeable debts and the challenges of settling debts outside bankruptcy. [09:39-11:49] Legal protections bankruptcy offers, including the automatic stay. [11:49-13:17] Misconceptions about bankruptcy and frustrations with debt settlement companies. [13:17-15:35] Advice for those fearful of bankruptcy, plus Barry’s signature humor. About The Show Bankruptcy Through the Looking Glass is a candid and insightful podcast hosted by experienced attorney Barry Levine, aimed at demystifying the often misunderstood world of bankruptcy law. With his decades of expertise and a sharp sense of humor, Barry tackles complex financial topics like debt settlement, bankruptcy filings, and credit scores, while sharing real-life stories and practical advice. Whether you're navigating financial hardships or simply curious about the legal aspects of debt, this podcast provides a clear, empathetic perspective on achieving a fresh financial start.…

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The Dangers of Debt Settlement and Debt Consolidation 19:37

27 weeks ago19:37

19:37

In this Bankruptcy Through the Looking Glass episode , attorney Barry Levine joins host Kevin Rosenquist to discuss the myths and realities of debt settlement and consolidation. Barry explains how these services often fail consumers and why bankruptcy can sometimes be a better option. They cover how debt settlement companies operate, the potential pitfalls of debt consolidation, and the emotional toll financial struggles can impose. Barry also shares insights on why bankruptcy shouldn’t be feared and how it can offer a fresh start for many people burdened with debt. Timestamps: [00:00] - Introduction to Episode 7 with Barry Levine and Kevin Rosenquist. [01:10] - What is debt settlement? Barry explains how these companies operate and the fees involved. [05:00] - The marketing of debt settlement companies and why it can mislead consumers. [08:20] - Real-life example: A client who turned to bankruptcy after debt settlement failed. [11:45] - What is debt consolidation? Barry describes how it differs from debt settlement. [15:10] - Dangers of consolidating debt, particularly through loans secured by a home. [20:30] - Risks of debt settlement: tax implications and the 1099 forgiveness of debt. [25:00] - Consumer misconceptions about bankruptcy and credit score impact. [30:45] - Barry’s take on overcoming the fear of bankruptcy. [35:20] - Steps to stop automatic payments to debt settlement companies and move toward bankruptcy. [40:50] - What to expect at a bankruptcy hearing (341 meetings) and dispelling common fears. [45:00] - Final thoughts: Finding relief through bankruptcy over failed debt settlement and consolidation strategies. About the Show Welcome to Bankruptcy: Through the Looking Glass with Barry Levine. Delve into the intricate world of financial renaissance as we navigate the complexities and triumphs of bankruptcy.…

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Global Perspectives on Bankruptcy 16:32

32 weeks ago16:32

16:32

In this episode of "Bankruptcy Through the Looking Glass," host Matt Sky engages with bankruptcy attorney Barry Levine, who shares his extensive experience navigating financial challenges. The discussion delves into the differences between U.S. bankruptcy laws and those in other countries, highlighting the unique practices that could inspire improvements in the U.S. system. Barry reflects on the complexity of insolvency processes and contrasts them with the more streamlined nature of U.S. bankruptcy laws. Tune in for insightful perspectives on debt relief, bankruptcy, and the international landscape of financial recovery. Timestamps: [00:01:12] International bankruptcy practices comparison. [00:07:39] Chapter 11 vs Chapter 13. [00:09:58] Chapter 13 bankruptcy advantages. [00:15:17] Protecting assets during financial crises. [00:16:50] Judgment proof explained. About the Show Welcome to Bankruptcy: Through the Looking Glass with Barry Levine. Delve into the intricate world of financial renaissance as we navigate the complexities and triumphs of bankruptcy.…

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Demystifying Bankruptcy: Chapter 7 vs Chapter 13 Explained. 19:58

36 weeks ago19:58

19:58

Welcome to our latest episode, where we dive deep into the world of bankruptcy. We'll explore the essentials of what bankruptcy is and why it's a critical legal concept for both individuals and businesses. Join us as we break down the differences between Chapter 7 and Chapter 13 bankruptcy, from eligibility and process to outcomes. Key Takeaways: Understand the fundamental concept of bankruptcy and its significance. Learn the key distinctions between Chapter 7 and Chapter 13 bankruptcy. Discover the eligibility criteria for both types of bankruptcy. Gain insights into the bankruptcy process from start to finish. Debunk common myths about bankruptcy. Understand the impact of bankruptcy on credit scores and financial health. Explore strategies for rebuilding credit after bankruptcy. Hear a real-life example of bankruptcy providing financial relief. Whether you're facing financial difficulties or simply want to expand your knowledge, this episode is packed with valuable information to help you understand the complexities of bankruptcy. Don't forget to like, subscribe, and hit the notification bell for more insightful content! Timestamps: 00:00:00 - Introduction to Bankruptcy Through the Looking Glass 00:00:26 - Understanding Bankruptcy for Individuals and Businesses 00:00:47 - Closely Held Corporations and Bankruptcy 00:01:20 - Dischargeable and Non-Dischargeable Debts 00:02:05 - Tax Debts and Student Loans in Bankruptcy 00:03:30 - Mortgages, Car Loans, and Foreclosure 00:05:02 - Types of Bankruptcy: Chapter 7 and Chapter 13 00:07:01 - Chapter 11 Bankruptcy for Individuals and Corporations 00:09:49 - Eligibility for Chapter 7 Bankruptcy 00:12:24 - Differences Between Chapter 7 and Chapter 13 00:14:35 - Common Misconceptions About Bankruptcy 00:16:46 - Impact of Bankruptcy on Credit Score and Business Standing 00:19:17 - Final Thoughts and Anecdotes About The Show Join Barry Levine on Bankruptcy Through the Looking Glass for insightful discussions, expert advice, and real-life stories that shed light on the complexities of bankruptcy law and financial recovery.…

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Understanding Bankruptcy : Laws and Exemptions 17:11

36 weeks ago17:11

17:11

On this episode of Bankruptcy Through the Looking Glass, Barry Levine and Sam Heninger discuss exemptions in bankruptcy, highlighting how they are the same in both Chapter 7 and Chapter 13 bankruptcies. They explain the option to choose between federal and state exemptions, focusing on real estate exemptions in Massachusetts. Barry shares a personal experience about the importance of recording a new homestead after turning 62 to protect equity up to a million dollars. Tune in for valuable insights on navigating bankruptcy exemptions. Timestamps: 00:00:26 - Understanding Exemptions in Bankruptcy 00:01:10 - Federal vs. State Exemptions in Massachusetts 00:01:31 - Real Estate Exemptions and Homestead Rules 00:02:25 - Other Common Exemptions 00:02:57 - Exemptions for Savings and Stock Holdings 00:03:28 - Homestead Exemptions in Different States 00:03:59 - Case Study: Homestead Exemption Strategy 00:05:02 - Trustee's Role and Compensation 00:05:34 - Misconceptions About Bankruptcy Abuses 00:06:41 - Defining Dischargeable Debts 00:07:57 - Automatic Stays Explained 00:10:13 - Rights of Creditors in Bankruptcy 00:16:18 - Closing Remarks and Personal Anecdotes About The Show Join Barry Levine on Bankruptcy Through the Looking Glass for insightful discussions, expert advice, and real-life stories that shed light on the complexities of bankruptcy law and financial recovery.…

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The Human Side of Bankruptcy 16:02

36 weeks ago16:02

16:02

In this episode of "Through the Looking Glass with Barry Levine," Matt Sky speaks with experienced bankruptcy attorney Barry Levine about the emotional and psychological challenges individuals face when going through bankruptcy. Barry emphasizes the common tendency for people to avoid their financial problems, likening it to sticking their heads in the sand. He stresses the importance of addressing debt issues head-on and highlights that dealing with creditors, while sometimes unpleasant, is manageable and not the end of the world. Barry's 43+ years of experience in the field provide valuable insights into navigating financial challenges with resilience and understanding. Timestamps: [00:02:36] Recognizing early signs of distress. [00:05:23] Managing people's stress levels. [00:09:12] Bankruptcy affecting personal relationships. [00:14:08] Rebuilding credit after bankruptcy. [00:15:23] Filing for bankruptcy advice. About the Show Welcome to Bankruptcy: Through the Looking Glass with Barry Levine. Delve into the intricate world of financial renaissance as we navigate the complexities and triumphs of bankruptcy.…

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Navigating Financial Challenges: A Conversation with Barry Levine 21:21

36 weeks ago21:21

21:21

In a podcast episode, Barry Levine emphasizes the critical importance of facing reality when dealing with financial issues and creditors. He advises clients to understand their exposure and assets clearly. Barry's approach is rooted in realism and practicality, as he believes in dealing with the facts as they are. He mentions that many debtors ignore their financial problems, likening them to ostriches sticking their heads in the sand. However, Barry's experience has taught him that avoiding creditors and financial challenges only exacerbates the situation. Timestamps: [00:01:50] An old hippie lawyer. [00:07:26] Small business financial struggles. [00:08:56] Bankruptcy business challenges. [00:13:10] High income Chapter 13 filings. [00:18:45] Bankruptcy misconceptions explained. [00:19:59] Bankruptcy and pension plan changes. About the show: With over 43 years of experience in bankruptcy law, Barry Levine has cemented his reputation as a seasoned professional in the field. Throughout his career, his primary focus has been on guiding debtors, whether individuals or small businesses, through their financial challenges. His legal journey began in the last century during law school, where he gained valuable experience under a seasoned attorney specializing in creditor relations. Barry's client-centric approach involves a pragmatic assessment of their financial circumstances. He stresses the importance of facing reality and addressing the facts directly. Whether it's strategizing to keep a business operational, restructuring debts, or navigating the complexities of bankruptcy, Barry advises clients on the best course of action tailored to their specific needs. Don't forget to like and subscribe for more insightful discussions like this on "Bankruptcy Through the Looking Glass."…

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Bankruptcy In Special Situations 16:32

36 weeks ago16:32