Bankruptcy laws provide individuals seeking debt relief two main avenues to that relief: Chapter 7 and Chapter 13. Chapter 7 bankruptcy, often called liquidation or straight bankruptcy, is the most common form. In Chapter 7 debts like credit cards, medical bills, and utility bills can usually be completely discharged or wiped out. Bankruptcy courts may [...]
There are a number of potential pitfalls and tricks in the ever-changing bankruptcy laws, so it is very important to consult with a knowledgeable bankruptcy attorney. If your case is filed wrong, it may be dismissed for not filing a required document and if you have to file a new case you may not be [...]
Child support is NOT dischargeable in any type of bankruptcy. The welfare of minor children is of primary importance throughout the state and federal court system. Priority debts are nondischargeable in bankruptcy. This means that if you owe any outstanding child support debt, it will not get wiped out by your bankruptcy discharge. As a [...]
...A commonly asked question. Commonly asked because many are truly unaware of the differences between the two. Chapter 7. Chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or [...]
What Rights Do I Have When Facing Vehicle Repossession? Getting behind on your credit card payment can be a hassle but when you go into arrears on your car payment, your life can be drastically interrupted. Whenever you enter into a lease/credit agreement with a finance company, they have the right to recover their property, [...]
There are many ads on the TV and radio that claim tax debts can simply be eliminated through filing for bankruptcy. Unfortunately, this is not always true. Income tax debts are able to be discharged in Chapter 7 bankruptcy if all of the following is true: All tax returns for the tax debt you're seeking [...]
Maximizing Your Budget Thanksgiving kicks off the start of the holiday season, which also happens to be the season in which we spend the most. You may feel like it's difficult to avoid going into debt during this time, but here are some tips that will help you save money. Calculate a budget and stick [...]
Many people have a negative connotation associated with filing for bankruptcy. That thought needs to be dispelled. Bankruptcy protection was included in our Constitution to offer relief to debtors and to provide them the opportunity for a fresh start. Bankruptcy should be considered a new beginning for your family. Successful people who have filed for [...]
Before a debtor can file for bankruptcy, they must take a credit counseling course beforehand and then a financial management course before the discharge can be granted. This requirement has been in effect since 2005, when the bankruptcy code was revised. These courses are intended to educate debtors and to aid in positive financial management. [...]
Now that you've successfully discharged or restructured your debts in bankruptcy, it's time to set yourself up for success after bankruptcy. Here are some important steps to take to ensure your success: Compile a list of any debts that were discharged in bankruptcy. Certain debts such as student loans, child support, spousal support, and some [...]
It is possible to eliminate your federal income taxes in Chapter 7 bankruptcy if all of the following conditions are met: Your tax debt is from income taxes. Any taxes other than income, such as payroll taxes or fraud penalties, will not be eliminated by bankruptcy. You didn't defraud the system. If you filed a [...]
Common Bankruptcy Myths Everyone will know that I filed for bankruptcy... While filing for bankruptcy is a matter of public record, people generally won't find this information unless they are looking for it. All of my debts will be wiped out in Chapter 7 bankruptcy... Sadly, not every debt is able to be discharged. Non-dischargeable [...]
Bankruptcy The Second Time If you have already filed for bankruptcy and you find yourself struggling with debt again, you may be eligible to file for bankruptcy the second time -- if certain criteria are met. There are two main types of bankruptcy, Chapter 7 and Chapter 13. You are able to file more than [...]
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