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 »
The Bankruptcy Code
You might feel better informed and more comfortable around bankruptcy if you knew just a little bit about the federal Bankruptcy Code. Empowered by the U.S. Constitution The United States Constitution gives Congress the power “to establish... uniform laws on the subject of ... Read More »
Effect of Divorce on Filing Bankruptcy Again
The timing rules don’t change if you filed bankruptcy before your divorce and now need a new one. But there ARE some important twists. Divorce is often financially devastating. So, even if you and your ex-spouse filed bankruptcy earlier, before the divorce, you may need to seriously consider ... Read More »
Chapter 7 if You Can’t Off All Your Debts
Chapter 7 may still give you enough help even if you have one or more debts that you will continue to owe afterwards. The last two weeks we’ve covered three possible complications in Chapter 7 “straight bankruptcy” cases. If you: have relatively high income have ... 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 »
What’s “Chapter 20”?
If you owe too much debt but still need Chapter 13, “Chapter 20” may be your best solution. How Much Is Too Much Debt? Chapter 13 “adjustment of debts” has debt limits. A person or couple can’t be in a Chapter 13 case with more than $394,725 in total unsecured ... 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 »
If You Filed Bankruptcy Before, When Exactly Can You File Again?
To file a bankruptcy case after filing one earlier, sometimes you must wait 8 years but it may be only 6 or 4 or 2 years, or even 0 years. To Get a Discharge—a Legal Write-off—of Debts There are various rules about qualifying to file bankruptcy. Some of those rules involve ... Read More »
- 1
- 2
- 3
- …
- 5
- Next Page »
