A simple Chapter 7 case 1) protects you from all collections, 2) discharges all your debts, 3) lets you keep or surrender collateral and 4) keep all your other assets. Chapter 7 Is the Most Common Kind of Bankruptcy Consumers file significantly more Chapter 7 bankruptcy cases than ... Read More »
Complications to a Chapter 7 Case
Most Chapter 7 “straight bankruptcy” cases are in fact straightforward. Here are two of the main circumstances that create complications. Your Income is Higher than “Median” To qualify to file for a Chapter 7 “straight bankruptcy” case, you have to ... Read More »
Chapter 7 vs. Chapter 13 and Your Home Mortgage
Here are 7 ways filing a Chapter 7 case can help you deal with your home lender and 8 ways filing a Chapter 13 one can. If you’re buying a home, your mortgage and other related debts are probably your biggest and most important ones. So it’s no surprise that the choice ... Read More »
Chapter 7 vs. Chapter 13 and Your Vehicle Loan
A Chapter 7 case makes sense if you want to keep your vehicle and don’t need much help doing so. Chapter 13 provides much more help. In deciding between Chapter 7 and Chapter 13, for your vehicle loan is concerned, think about the two sentences above. First, you don’t need ... Read More »
Chapter 7 vs. Chapter 13 and the Time Element
Chapter 7 is quick. It’s usually best when it discharges most of your debts. Chapter 13 gives you time to address debts Chapter 7 doesn’t. A Big Difference—Time There are many practical differences between Chapter 7 and 13. Today we focus on how these two options ... Read More »
The Chapters of Bankruptcy
The bankruptcy options are contained in Chapters 7, 9, 11, 12, and 13 of the U.S. Bankruptcy Code. Bankruptcy Law, Organized All of the “general and permanent laws of the United States” are contained in the United States Code. The U.S. Code is divided by subject matter into 53 ... Read More »
Your Income Tax Debt Paid through an “Asset Chapter 7 Case”
Have your Chapter 7 trustee pay your income taxes out of the proceeds of sale of assets that you don’t need. Here’s an unusual way of paying your income tax debt. The circumstances don’t line up very often, but when they do this procedure can work very nicely. Turning Lemons ... Read More »
Chapter 7 Helps with Income Tax Debt Even Without Writing off Any of It
Are your income taxes are too new to be written off with a Chapter 7 bankruptcy? Nevertheless sometimes Chapter 7 is still your best option. The last blog post was about the conditions an income tax debt must meet to be discharged (legally written-off). What if none of the income taxes you ... Read More »
Writing Off Income Taxes through Chapter 7
If your tax debt can meet 4 conditions, you can usually write it off with bankruptcy forever. Two Myths Two myths about bankruptcy and taxes persist because there’s a bit of truth behind them. First myth: You can’t discharge (legally write off) income taxes in ... Read More »
Chapter 7 Can . . . Help You Close Your Business by Giving Your Bankruptcy Trustee the Headache of Selling Your Last Business Assets
Shut down your business without worrying about how to use your final resources and about how to deal with your competing creditors. As the owner of struggling business you have the challenge of figuring out whether to close down the business. And once you have decided to do so, how and when ... Read More »
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