Did you know that over twelve years more than four million people filed for Chapter 13 bankruptcy? Chapter 13 bankruptcy is a great alternative to Chapter 7 if you have significant property equity and a regular income. Unfortunately, finding out the payment amount that you owe is a complicated process. Luckily, in this article, we’ll [...]
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 [...]
Harvard study found that nearly 70% of bankruptcy cases are Medical Bankruptcy. With today's high deductibles, the situation hasn't improved. Illness can mean time off of work and reduced income. Medical Bankruptcy eliminates medical debt, but only the medical bills that are owed as of the date of filing your bankruptcy petition. If you are currently running [...]
Have you been sued in Minnesota? - Understanding Debt Lawsuit When credit cards, bank loans, medical bills and other debts become seriously delinquent, the creditors usually send them to a collection agency first. If the collection agency can't collect the debt, then it may go to a collections lawyer who will sue to collect the debt. [...]
Credit counseling companies were originally created by the banks to collect debts for them. They offer "debt management plans" where by people can consolidate their debts and pay them off in full over a period of five years. They try to negotiate lower interest rates for the credit cards so that they can be paid [...]
When a person has filed bankruptcy in the past, they may want to know how long they must wait to file bankruptcy again. If a person has filed a Chapter 7 bankruptcy petition and received a discharge of their debts, they must wait 8 years before they can file another Chapter 7 petition. However, the [...]
WHAT HAPPENS AFTER I FILE FOR BANKRUPTCY? Filing bankruptcy can be a daunting and emotionally draining experience. Going it alone will only make the task even more monumental. It doesn't have to be so bleak though. Sometimes in life we need a reboot, if you will. Many of great financiers, moguls, and millionaires alike have [...]
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 [...]
Did you know that failing to complete credit counseling course can ruin your case? In both Chapter 7 and Chapter 13 bankruptcy, credit counseling is required. One course must be completed within 180 days before your case is filed and another must be completed before the case can be discharged. As a rule of thumb, [...]
This the season for giving... and racking up debt. If you're planning on filing bankruptcy after the holidays you'll want to avoid these common mistakes, it could seriously jeopardize your bankruptcy. We all get into the holiday spirit of gift giving while failing to think of ourselves. Draining your checking account, without setting any funds [...]
Filing for Chapter 13 gives people with a source of income the choice of devising a plan to repay some of their debt when they're experiencing a financial hardship. This is why Chapter 13 is also known as the "wage earner's plan." In the instance that you've already filed for Chapter 13 bankruptcy, yet you [...]
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 [...]
Bankruptcy provides a fresh start for many, but what happens when some of your secured debt, such as a vehicle, has a co-signer? If you are planning on filing for Chapter 7 bankruptcy, and in doing so surrendering secured property, you should understand that when it comes to co-signers and bankruptcy, the protection of bankruptcy [...]
If your New Year's resolution is to file for bankruptcy, there are some steps you should take to prevent the holidays jeopardize your bankruptcy. One of the greatest mistakes that people make during the holidays is over spending. It's very easy to become wrapped up in the season of giving, however your trustee won't appreciate [...]
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