The Limited Circumstances Where You Don't Have to Submit to the Means Test When American bankruptcy law was amended in 2005, the framers of the revised Bankruptcy Code, with the intent of reducing the number of Chapter 7 petitions, added a requirement that debtors qualify for Chapter 7 by submitting to a means test. That test is designed to … [Read more...]
Discharging Tax Debts in Bankruptcy
January 14, 2020 by
The Limited Circumstances Where You Can Wipe Out Tax Arrearages in Bankruptcy In Chapter 7 bankruptcy proceedings, you can permanently eliminate certain debts in exchange for transferring property to the bankruptcy trustee, who sells those assets to satisfy creditors. Among debts generally considered not to be dischargeable in Chapter 7 are tax … [Read more...]
The Documents You’ll Need for a Chapter 7 Bankruptcy Filing
January 8, 2020 by
A Checklist to Help You Streamline the Process American bankruptcy laws were enacted to give debtors a second chance. With a Chapter 7 petition, you can permanently discharge some of your debts in exchange for transferring some property to the bankruptcy trustee, who will sell it to pay creditors. However, one requirement of the bankruptcy process … [Read more...]
Can You Address Mortgage or Property Tax Arrearages in a Bankruptcy Filing?
December 26, 2019 by
Restructuring Mortgage and Property Tax Debt in Chapter 13 Though medical expenses are cited as the most common cause of personal bankruptcy filings, it's common for individuals seeking protection in Chapter 7 or 13 to be behind in mortgage payments or property tax obligations. As a general rule, Chapter 7 won't allow you to permanently discharge … [Read more...]
Happy New Year 2020
December 23, 2019 by
To a joyful present and a well-remembered past. Best wishes for happy holidays and a magnificent new year. … [Read more...]
Knowing If You Qualify to File for Chapter 7
December 19, 2019 by
Choosing the Appropriate Time Makes a Big Difference If you've never sought protection under U.S. bankruptcy laws, the first thing you need to understand is that there are two ways to get a fresh start: with a liquidation proceeding under Chapter 7 or a reorganization under Chapter 13. As a rule, you don't get much choice—you can always opt to … [Read more...]
How Will a Bankruptcy Filing Affect Your Ability to Make a Living?
December 12, 2019 by
The Impact on Your Current Employment and Future Job Opportunities Even though the American bankruptcy laws were intended to offer a positive form of relief for persons experiencing financial challenges, there's often still a stigma attached to bankruptcy. Many people worry their employer will learn of the bankruptcy proceeding and let them go, or … [Read more...]
It’s a Bad Idea to Handle Your Own Bankruptcy
December 5, 2019 by
Good Reasons Not to Represent Yourself in a Bankruptcy Proceeding It's understandable—you're struggling to make ends meet and have concluded that filing for bankruptcy is your best option. You really don't have the money for anything but the essentials, and you certainly don't want to spend the money for a lawyer. You may think, "Hey, my … [Read more...]
Personal Bankruptcy—The Basics
November 28, 2019 by
An Overview of Your Options and Opportunities You're struggling every day to make ends meet. You get nervous when the mailman comes down the street or the telephone rings, afraid there will be another demand letter or belligerent creditor asking for payments you can't make. You've contemplated seeking protection in bankruptcy, but you don't know … [Read more...]
Happy Thanksgiving 2019
November 27, 2019 by
"Gratitude can transform common days into thanksgivings, turn routine jobs into joy, and change ordinary opportunities into blessings." – William Arthur Ward … [Read more...]
