You Must Take A Credit Counseling Course Before Filing For Bankruptcy
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. […]
Set Yourself Up For Success After Bankruptcy
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 […]
What Happens When You Can’t Repay Your Tax Debt?
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
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 […]
How Credit Card Use Can Affect Your Bankruptcy
If you plan on filing for bankruptcy, you need to understand how credit card use can affect your bankruptcy. It is never a good idea to run up credit cards immediately beforehand. While it may be tempting, using your credit cards directly before filing for bankruptcy can lead to complications that include not being able […]
Tax Debt Relief And Bankruptcy
Tax Debt Relief If you have an income tax debt, and are filing for bankruptcy, that may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. The difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy is that Chapter 7 allows for a full discharge of permitted debts […]
Repairing Your Credit After Bankruptcy
Repairing your credit after bankruptcy is possible, you could even obtain a good credit score within several years of your bankruptcy case being discharged. The first step is receiving the notification from the courts that all of your debt has been discharged. This form will be titled “Discharge of Debtor.” Keep this form in a […]
Bankruptcy The Second Time Around
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 […]
Co-signers and Bankruptcy
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 […]
The Difference Between Secured and Unsecured Debt
The type of debt you have plays an important role in what happens if you default on a loan. There are two types of debt. Secured and unsecured debt. Secured Debt is any debt that is backed by some sort of physical property, such as a car loan or a mortgage. The car loan is […]
