Generally speaking, taxes are exempt from discharge through bankruptcy. However, in some cases you can discharge an IRS debt using a Chapter 7 bankruptcy filing. The only IRS debts that can be discharged are those that are over three years old. There are certain conditions that must be met first. The first condition is one [...]
A meeting of creditors is not as simple as it may sound. In most Chapter 7 and 13 bankruptcy petitions, a debtor is required to attend a meeting of creditors where they are questioned about their financial situation. This can be a rather intimidating experience – however, it needn’t be if you have an understanding [...]
While a bankruptcy petition may help you escape a financial melt down, you have to be aware of the ramifications. The first and most obvious is that details of your bankruptcy are listed with credit reporting agencies. These details will stay on your credit report for a period of ten years. You should understand that [...]
A previous post – Can You Include Credit Card Debts In Your Petition? – dealt with some of the issues relating to credit cards and bankruptcy. Today’s post looks purely at discharging a credit card as opposed to seeking a longer payment period. Totally discharging a credit card debt is generally undertaken using a Chapter [...]
Bankruptcy laws are there to protect everyone – debtors and creditors. There are times when the burden of debt becomes so great that you just cannot meet all the demands being made on you. You may find there are garnishes on your wages and/or bank account, debt collectors knocking on your door at all hours, [...]
The Bankruptcy Abuse Prevention and Consumer Protection Act provides a set of guidelines that must be followed in order to seek protection under a Chapter 7 or Chapter 13 bankruptcy petition. This is especially true for Chapter 7 applications. Part of the process involves a means test to determine whether or not you are eligible [...]
It’s an interesting expression – cram down, yet it is actually used in relation to a Chapter 13 Bankruptcy petition and a secured car loan. A Chapter 13 petition allows the debtor to propose a payment scheme that would pay off their debts over 3-5 years, particularly if some debts where discharged. Car loans are [...]
Bankruptcy is a serious business and while you can download forms and even fill them in online, you cannot file for bankruptcy online. A petition for bankruptcy must be filed at the court whose jurisdiction covers your residential address. In fact, you will need to check with the court to find out exactly what documents [...]
When it comes to financial difficulties for individuals, credit cards are one of the biggest issues. There have been cases where individuals have filed a bankruptcy petition, listing a dozen or more credit cards together with another dozen or more store-based cards – all maxed out. Some petitioners are surprised when their application for bankruptcy [...]
There is a mistaken belief by some that the bankruptcy process will clear away all debts. This is not the case. In fact, there is a long list of debts that are not discharged through bankruptcy and must still be paid on time. Any debts you have from this list will be taken into account [...]
Filing for bankruptcy can be a complex task, however, you do not legally need lawyers to act on your behalf. You can do the research, much of it online including downloading of forms, and you can represent yourself in court. However, due to the complex nature of bankruptcy, you may be doing yourself a disservice [...]
There is more to applying for Bankruptcy than just filling in the forms. Individuals must undertake credit counseling from an approved credit counseling agency during the 180 day period prior to filing their petition. The counseling may be in either a group or individual setting and if a debt management plan is developed it must [...]
A discharge in bankruptcy in simple terms is the termination of the bankruptcy process. When this occurs will depend on the type of bankruptcy and can be as short as four months for a Chapter 7 petition and as long as 4 or more years for other Chapters. Technically speaking, the debtor should be free [...]
One of the most common forms of bankruptcy that people will hear about is a Chapter 11 petition for bankruptcy. You will often hear news items where a certain business has applied for a voluntary Chapter 11 petition for bankruptcy. You will also hear about involuntary petitions for bankruptcy. Chapter 11 is used for businesses [...]
Primary producers such as family farmers and family fishermen that are financially stressed are able to apply for bankruptcy under a special provision known as a Chapter 12 bankruptcy application. The Chapter 12 bankruptcy application is treated in a similar way to a Chapter 13 in that the debtor can suggest an scheme of payments [...]
When seeking bankruptcy relief there are different regulations that apply depending on whether it is an individual or a business that is seeking relief (note there are regulations that go beyond just individuals or businesses). In today’s post, we will concentrate on those regulations that affect individuals. The regulations are enshrined in legislation that the [...]
If you are in difficulties for any reason, rather than seeking bankruptcy as a way out, consider discussing your situation with your creditors. You will be surprised at how many will listen. Of course, some have a reputation for not listening at all – but you still have to try. When communicating with your creditors, [...]
Bankruptcy is one of those terms that most people have heard and probably feel they know a lot about. The law can be complicated so making assumptions can be dangerous. Knowing the facts can help prevent problems and may even save you money, time and stress. In simple terms, bankruptcy is a situation where a [...]
Welcome to the Online Bankruptcy Blog. This blog will focus on financial topics of importance to anyone. We are here to help you avoid bankruptcy as well as to provide you with necessary information and resources regarding bankruptcy should you need it. If you are experiencing credit problems or financial difficulties and it looks like [...]
