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 »
Bankruptcy Is a Moral Choice
Yes, you do have a moral obligation to pay your debts. But you may actually have HIGHER moral obligation to file bankruptcy instead. The Moral Side of Bankruptcy Is it the right thing to do? Is bankruptcy the morally right thing for you to do? This is not usually talked about, maybe ... Read More »
The Exceptions to the Discharge of Debts
The discharge of debts is central to bankruptcy. So you need to know when you don’t get a discharge at all or don’t discharge certain debts. Last time we described bankruptcy discharge as the legal, permanent elimination of debts. Today we talk about the exceptions to this ... 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 »
Bankruptcy Helps Even If It Can’t Write off Criminal Debts
Bankruptcy can’t write off criminal fines or restitution. None of its Chapters can. But bankruptcy can still help in other crucial ways. Life Happens You are having trouble financially making ends meet. Life’s tense and frustrating, so you do something not so wise and get ... 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 »
How Do You Decide Whether to File Bankruptcy?
To make this decision well, accept that you need help, become well-informed about your options, then with good counsel make the best choice. Accepting Reality How can you make a good decision about something as personal and complicated as whether to file bankruptcy? First, ... 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 »
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 »
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