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Recent Posts in Bankruptcy Category

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Prepare for Your First Estate Planning Meeting

Deciding to file for bankruptcy is a huge decision, and you should not have to make it alone. If you find yourself in a large amount of debt that you do not think you can overcome with your current ...
Continue reading "Prepare for Your First Estate Planning Meeting" »

When Can Bankruptcy Be Applied To Student Loan Debt?

Most people will tell you that student loans cannot be discharged in a bankruptcy proceeding. While that's true in most cases, it isn't true in all cases. However, the circumstances required ...
Continue reading "When Can Bankruptcy Be Applied To Student Loan Debt?" »

Be Careful Not to Overspend on Gifts This Holiday Season

You probably love the holiday season because it is a clear opportunity to give to others and show how much they mean to you. The end of the year is also a popular time to treat yourself to things ...
Continue reading "Be Careful Not to Overspend on Gifts This Holiday Season" »

Bankruptcy: When is a Discharge Issued?

Bankruptcy has long-term financial consequences for those who elect to file. Typically, people file bankruptcy when their finances have overwhelmed them; a divorce, health scare or job loss may create ...
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Bankruptcy Creditors Can Reach Inherited IRA

On June 12, 2014, the Supreme Court unexpectedly provided yet one more reason why you should designate a trust as beneficiary of your IRA rather than simply designating one or more individuals as ...
Continue reading "Bankruptcy Creditors Can Reach Inherited IRA" »

Understanding Bankruptcy Proofs Of Claim: Creditors Need To Do More than Simply File A Proof Of Claim

When you’ve made the decision to file for bankruptcy protection, you must provide your attorney with a complete list of your creditors. The forms that are filed with the bankruptcy court will ...
Continue reading "Understanding Bankruptcy Proofs Of Claim: Creditors Need To Do More than Simply File A Proof Of Claim" »

Despite Conventional Wisdom, Some Taxes Are Dischargeable In Bankruptcy

Conventional wisdom is that taxes are not dischargeable in bankruptcy. However, depending on the type of taxes and when those taxes were originally due, conventional wisdom can be very, very wrong. ...
Continue reading "Despite Conventional Wisdom, Some Taxes Are Dischargeable In Bankruptcy" »

Will Student Loan Debts Be Subject to Bankruptcy in the Future?

The last few months, the White House has been in talks regarding whether or not Americans should have the right to discharge student loans via bankruptcy. With bankruptcy and student loan debt the ...
Continue reading "Will Student Loan Debts Be Subject to Bankruptcy in the Future?" »

Protect Yourself From Bankruptcy Scams that Prey on the Vulnerable

For far too many people, the idea of filing for bankruptcy carries with it a deep sense of shame and personal failing that will cause them to be willing to do just about anything to avoid filing ...
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Supreme Court Ruling That Inherited IRA's Are Available To Creditors In Bankruptcy May Cause You to Rethink Inheritable Assets

A 2014 ruling by the US Supreme Court should give serious pause to anyone considering using inheritable IRAs as a multi-generational wealth protection strategy. While Individual Retirement Funds were ...
Continue reading "Supreme Court Ruling That Inherited IRA's Are Available To Creditors In Bankruptcy May Cause You to Rethink Inheritable Assets" »

Bankruptcy Priority Payouts Explained: Priority, Secured, Unsecured Debts Are Not Equal

A key part in understanding how bankruptcy works is learning the differences between the three types of debt – secured, unsecured, and priority claims – and how each is treated under the ...
Continue reading "Bankruptcy Priority Payouts Explained: Priority, Secured, Unsecured Debts Are Not Equal" »

Credit Card Company Writing Off Debt Does Not Relive Debtor of Liability: Your Debt is Still Your Responsibility

If you are contemplating bankruptcy and have been notified by a credit card company that your debt has been written off, it is far from a reason to celebrate. In fact, it may be more reason than ever ...
Continue reading "Credit Card Company Writing Off Debt Does Not Relive Debtor of Liability: Your Debt is Still Your Responsibility" »

Bankruptcy Objections To Discharge: Credibility Is Key to Avoid Costly Challenges to Discharge

A key component to Chapter 7 bankruptcy, also known as a liquidation bankruptcy, is the discharge of debts that the creditor is unable to pay. In its most basic form, a Chapter 7 bankruptcy is one in ...
Continue reading "Bankruptcy Objections To Discharge: Credibility Is Key to Avoid Costly Challenges to Discharge" »

What Personal Assets Are Protected in A Personal (Chapter 7 or Chapter 13) Bankruptcy?

Individuals who are evaluating whether the filing of a Chapter 7 bankruptcy would be appropriate have a lot to consider including the type of debt (e.g., credit card, mortgage, etc.) they have and the ...
Continue reading "What Personal Assets Are Protected in A Personal (Chapter 7 or Chapter 13) Bankruptcy?" »

3 Smartphone Apps To Help You Improve Your Credit Score After Bankruptcy

Your credit score can take a hit after filing for bankruptcy, which can make financial decisions later in life more difficult. Slowly building your credit score after bankruptcy will allow you to ...
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What Debts Are Dischargeable In A Personal, "Chapter 7" Bankruptcy?

What Debts Are Dischargeable In A Personal, "Chapter 7" Bankruptcy? One great New Year's tradition is the making of "New Year's Resolutions." According to Forbes, one of ...
Continue reading "What Debts Are Dischargeable In A Personal, "Chapter 7" Bankruptcy?" »

Filing Bankruptcy and Completing Short Sales

Rumor has it the recession is over and life is just a bowl of cherries, but if you're still playing catch-up financially, it might as well be 2008--especially if your house is underwater and you ...
Continue reading "Filing Bankruptcy and Completing Short Sales" »

What You Need to Know About Discharging Taxes In Bankruptcy

Is it possible to discharge taxes in bankruptcy ? This is a question that you should take to a bankruptcy lawyer for the most comprehensive explanation of what will happen if you owe back taxes. Avoid ...
Continue reading "What You Need to Know About Discharging Taxes In Bankruptcy" »

Personal Bankruptcy Won't Clear Away All Debts

Personal bankruptcy can be a way to get out from under a crushing debt burden from things like personal loans or credit card debt. Many are surprised to learn, however, that even after a bankruptcy ...
Continue reading "Personal Bankruptcy Won't Clear Away All Debts" »

Banks Can Freeze Debtors' Accounts in Ninth Circuit: What Does That Mean For You?

A recent decision filed by bankruptcy judges in the Southern District of New York has determined that banks can freeze debtors' accounts in the Ninth Circuit. What does that mean for you, the ...
Continue reading "Banks Can Freeze Debtors' Accounts in Ninth Circuit: What Does That Mean For You?" »

Is Chapter 7 Bankruptcy Right For You?

The two most common types of personal bankruptcy are Chapter 13 bankruptcy and Chapter 7 Bankruptcy. In both cases, the bankruptcy court issues an automatic stay that halts any creditor collection ...
Continue reading "Is Chapter 7 Bankruptcy Right For You?" »

Frequently Asked Questions about Bankruptcy And Divorce

Few people enter a marriage with the expectation of divorce, and few people start spending money with the intention of filing for bankruptcy. Unfortunately, bankruptcy and divorce often go hand in ...
Continue reading "Frequently Asked Questions about Bankruptcy And Divorce" »

Asked to Sign Bankruptcy Reaffirmation Agreements? Think Twice

One of the challenges of Chapter 7 bankruptcy is most people who own a home wish to hold onto their home, even after bankruptcy. In some cases, the mortgage company will request the homeowner sign a ...
Continue reading "Asked to Sign Bankruptcy Reaffirmation Agreements? Think Twice" »

Zombie Debts: Those Debts That Reappear After Chapter 7 Bankruptcy

When you make the decision to file for Chapter 7 bankruptcy, it is typically because your debt is so out of control it is the only way to get back on your feet financially. Frequently people file ...
Continue reading "Zombie Debts: Those Debts That Reappear After Chapter 7 Bankruptcy" »

Filing Bankruptcy? Seven Documents You Will Need

If you have considered all options and decided to file bankruptcy, there are several decisions to make. Which type will you file, Chapter 7 or Chapter 13? Will you choose exemptions from the ...
Continue reading "Filing Bankruptcy? Seven Documents You Will Need" »
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