Blog: Bankruptcy
- Fraudulent Transfers in Bankruptcy
Nov 29, 2019
What They Are | How to Avoid Them The American bankruptcy laws were established to provide debtors with an opportunity for a fresh start. Bankruptcy allows you either to discharge or restructure debt and protects you from harassment by creditors. But there are rules you must follow that insure the process also is fair to creditors. One of the most important is that you may not make “fraudulent transfers” in anticipation of filing for bankruptcy...Read More - How Chapter 13 Can Help When You Owe Back Taxes
Sep 27, 2019
Reorganizing Tax Arrearages through Bankruptcy If you have significant tax debt and you’ve considered bankruptcy as a way to get a fresh start, you’ve probably learned that tax obligations are extremely difficult, if not impossible, to discharge in a Chapter 7 petition. You can, however, include tax debt in a Chapter 13 filing. That can allow you to negotiate new payment arrangements with tax authorities, and get the benefits of the automatic stay, which will...Read More - Keeping a Vehicle in a Chapter 7 Bankruptcy Filing
Sep 19, 2019
Reaffirming a Car Payment during or after a Chapter 7 Petition As a general rule, in Chapter 7 bankruptcy filings, you can permanently discharge certain debts in exchange for relinquishing unprotected assets to the bankruptcy court. You can always protect any property you want to keep by “reaffirming the debt.” When you do that, though, you remain obligated to pay the full amount due. Accordingly, you can protect your car by reaffirming the debt, but...Read More - Chapter 13 Bankruptcy—The Basics
Aug 29, 2019
Reorganizing Personal Debt through Bankruptcy As we discussed in an earlier blog, there are generally two options available to individuals who seek protection in bankruptcy—liquidation under Chapter 7 and reorganization under Chapter 13. With either filing, you will immediately have the protection of the automatic stay, which prohibits creditors from calling, writing or taking any legal action against you (other than through the bankruptcy proceeding) to collect the debt. If you don’t qualify to file...Read More - Chapter 7 Bankruptcy—The Basics
Aug 28, 2019
What Is a Chapter 7 Bankruptcy Filing? How Do You Qualify? When you’re struggling to meet your financial obligations, whether you’ve lost your job, suffered a serious injury, been through a divorce or encountered other unexpected expenses, a bankruptcy filing can help you get back on your feet. That’s why the laws are there—to give people a fresh start when circumstances become overwhelming. If you’ve considered bankruptcy as an option, you may know that there...Read More - How Does a Bankruptcy Filing Affect a Co-Signer on a Debt?
Jul 2, 2019
Often, when you’re having financial struggles, you can obtain some credit and secure some needed items by getting a friend or family member to co-sign for a debt. But what are the consequences for the co-signer if your financial situation doesn’t improve and you decide to file for bankruptcy protection? A bankruptcy filing generally has no impact on the co-signer…that person’s obligations under the agreement are still in effect. The person who filed for bankruptcy...Read More - Extinguishing Credit Card Debt in Bankruptcy
Jul 1, 2019
Avoiding the Presumption for Fraud for Credit Card Purchases If you’re seeking bankruptcy protection because your credit card debt has become unmanageable—you’re not alone. It’s one of the most common reasons consumers file for Chapter 7 bankruptcy protection. In addition, because credit card debt is considered unsecured, you can discharge (permanently rid yourself of) credit card debt without having to return any goods purchased. You have to be extremely careful, though. If you run up...Read More - What Bankruptcy Can and Cannot Do for You
Jan 8, 2019
If you’ve gone through a divorce or suffered a serious medical setback, and you’re struggling to meet your financial obligations, you may be considering bankruptcy as a way to get a fresh financial start. When you file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy, you’ll immediately have the protection of the automatic stay, which prevents creditors from harassing you with phone calls, letters or legal action. But a bankruptcy filing won’t stop all...Read More - Bankruptcy Options for Your Small Business
Apr 13, 2018
When you decide to go into business for yourself, there’s almost always a period of struggle. If your small business is facing financial difficulties, the first thing you need to ask yourself is whether you can realistically make the business a success. Are your problems short-term? Do you just need to get “over the hump” to make the business self-sustaining, or are there fundamental challenges with your business plan or the market, such that you’ll...Read More - Using a Bankruptcy Filing to Manage Medical Bills
Apr 2, 2018
A recent survey by CNBC found that, over the last decade, more people cited unanticipated medical bills than any other cause as the event that triggered a personal bankruptcy filing. It’s estimated that a million or more people file for bankruptcy protection in any given year to try to get medical obligations under control. But it that the right strategy for everyone? Not necessarily. If your credit record is strong, but you’ve been hit with...Read More