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How Chapter 13 Can Help When You Owe Back Taxes

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 … [Read more...]

Keeping a Vehicle in a Chapter 7 Bankruptcy Filing

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 … [Read more...]

Chapter 13 Bankruptcy—The Basics

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 … [Read more...]

Chapter 7 Bankruptcy—The Basics

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 … [Read more...]

How Does a Bankruptcy Filing Affect a Co-Signer on a Debt?

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 … [Read more...]

Extinguishing Credit Card Debt in Bankruptcy

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 … [Read more...]

What Bankruptcy Can and Cannot Do for You

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 … [Read more...]

Bankruptcy Options for Your Small Business

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 … [Read more...]

Using a Bankruptcy Filing to Manage Medical Bills

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 … [Read more...]

Knowing When It’s Time to Consider Bankruptcy

In our years in practice, we've helped many people get a fresh start with personal or business bankruptcy filings. We've also had many people come to us after waiting far too long, limiting our ability to minimize the consequences of a bankruptcy filing. We know there can a lot of reasons to put off the decision to file: You may be overly … [Read more...]