Under the federal bankruptcy laws, you can discharge most unsecured debts through a Chapter 7 proceeding, though you need to qualify by submitting to a means test first. Child support arrearages, student loan payments and tax obligations are generally not dischargeable, with extremely limited exceptions. There are other instances where bankruptcy … [Read more...]
Things that You Can Do to Minimize the Risk of Bankruptcy
August 6, 2018 by Leave a Comment
The federal bankruptcy laws are in place for good reason—so that you can get a fresh start when the circumstances of life cause you to incur unmanageable debt. But the bankruptcy process is rarely a simple or stress-free one. If you can avoid filing for bankruptcy, you'll often be better off in the long run. Here are some simple strategies for … [Read more...]
Filing a Chapter 7 Bankruptcy Petition for Your Small Business
July 26, 2018 by Leave a Comment
Running your own business can often be a precarious venture. If your business is experiencing serious financial challenges, you need to realistically assess whether it has the potential to succeed. Whether you want to try to salvage the business or just shut it down, a Chapter 7 (liquidation) bankruptcy filing may be helpful. First, though, you … [Read more...]
Filing for Chapter 13 Bankruptcy Protection to Deal with Mortgage and Property Tax Debts
July 25, 2018 by Leave a Comment
For most people facing financial challenges, it's the mortgage and property tax obligations that are hardest to pay, and typically in arrears. While you generally cannot discharge those types of payments in a Chapter 7 proceeding, you can use Chapter 13 to get some relief. Here's how it works. With a Chapter 13 bankruptcy filing, you'll have the … [Read more...]
Is There Always a Benefit to Filing for Bankruptcy Protection?
July 12, 2018 by Leave a Comment
Is Doing Nothing Ever a Good Option? When you are facing a dire financial situation—you've lost your job, have incurred substantial medical expenses, or are in the middle of a costly divorce—bankruptcy can seem like a really good option. You'll get the benefit of the automatic stay and, hopefully, you'll be able to discharge most of your debts. … [Read more...]
The Treatment of Condo Fees and Assessments in a Bankruptcy Filing
July 11, 2018 by Leave a Comment
When you've decided to get a fresh financial start with a bankruptcy filing, and part of your overall debt is in the form of past-due condominium dues or assessments, you need to be very careful—while a Chapter 7 petition may extinguish your liability on the debt, the HOA or condo association may still hold a lien on your property. If you seek … [Read more...]
Will a Bankruptcy Filing Stop All Legal Action against You?
June 21, 2018 by Leave a Comment
Some Legal Matters Are Not Affected by the Automatic Stay When you file a bankruptcy petition, seeking to discharge debts under Chapter 7 or reorganize your obligations under Chapter 13, an automatic stay immediately goes into effect. One of the effects of the automatic stay is the suspension of legal actions against you. But there are limits to … [Read more...]
Is Bankruptcy a Good Option for a Senior Citizen with Extensive Medical Debts?
June 4, 2018 by Leave a Comment
One of the unfortunate realities of life is that, as we age, our bodies start to break down, requiring more medical care. For many senior citizens, the costs of medical care are the single greatest financial burden. With often limited access to health insurance, many seniors have racked up substantial medical debt. That debt can be discharged in a … [Read more...]
Is Chapter 11 or Chapter 13 Best for Your Small Business?
May 31, 2018 by Leave a Comment
There's no way around it—starting your own business takes courage and can be fraught with financial peril. If you've encountered financial difficulties that are making it difficult to keep moving forward, but you're still confident that the business can succeed, a bankruptcy filing can give you the relief you need to get things headed in the right … [Read more...]
What You Can Expect during the Bankruptcy Process
May 22, 2018 by Leave a Comment
What Bankruptcy Will and Won't Do for You Though the bankruptcy laws can go a long way toward helping you get past financial problems and get a fresh start, they're not a cure-all and won't help you take care of all your financial problems. Accordingly, before you decide to file for protection, you want to have a realistic sense of what bankruptcy … [Read more...]
