When you file a Chapter 7 “straight bankruptcy” case, usually you can keep everything you own. These 10 points show how this works. Property exemptions usually protect all that you own, but they are trickier than may seem: Exemptions are categories of protected assets, usually with a ... 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 Bankruptcy Can . . . Help You Walk Away from Your Business
Closing down a failing business can be much easier and safer with the benefits of a Chapter 7 “straight bankruptcy” case. Closing down a failing business can be a very challenging and stressful task. Most likely you have a bunch of creditors beating at your door to get paid. ... Read More »
Paying Your 2015 Income Taxes in an “Asset Chapter 7” Case
If you owe income taxes for 2015, pay all or part of it through an asset you don’t need. An income tax debt that you owe for the 2015 tax year (and/or for 2013 and 2014) presents both challenges and opportunities. The Challenge You have a tax debt (or more than one) that you wish you ... Read More »
Debts Not Listed in Your Bankruptcy Documents
If one of your creditors is not included in your "schedules" you risk continuing to owe that debt after your bankruptcy is finished. Legal Obligation to List All Creditors Overall you are required by law to list all your debts and their creditors on your bankruptcy schedules. You can’t ... Read More »
Giving More Thanks for Chapter 7 “Straight Bankruptcy”
Here are more features of Chapter 7 worth knowing and taking advantage of. The day before Thanksgiving we talked about the following features of “straight bankruptcy”: 1) The “Automatic Stay”: The IMMEDIATE stopping of virtually all collection actions against you and ... Read More »
