Imagine this scenario – a successful person loses their job and with it their income. Because of age, or gender perhaps, they cannot get another job. The debts mount, the creditors send constant letters of demand, perhaps even arriving on the doorstep to demand payment. Sound familiar? Are you at that place in your life? [...]
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 [...]
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 [...]
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 [...]
