This is a question we are asked all the time. Each bankruptcy attorney probably has his or her own opinion on which type of bankruptcy is best for your credit report. After filing thousands of bankruptcies over the years, we don’t believe that there is that much, if any, of a difference between a Chapter … Read more
Times are tough right now and sometimes we would like to pay our debts but just simply can’t. While it would be nice to call the creditor and explain your situation, the fact of the matter is, they are still going to expect the money that you owe them. Unfortunately, creditors aren’t always willing to … Read more
http://www.youtube.com/watch?v=ojPeGXLNwYY There isn’t really a straight answer to that question. Generally speaking, yes, payday loans can be wiped out by filing bankruptcy. A payday loan will be viewed very similarly to credit card debt. Therefore, it can be wiped out through a Chapter 7 bankruptcy or mostly wiped out in a Chapter 13 bankruptcy. The … Read more
The Short Answer Good news for people who feel buried in debt: there is no such thing as "too much debt" to file Chapter 7 bankruptcy. There is no minimum amount and no maximum amount. Chapter 13 bankruptcy is different. It does have debt limits. If your debt is above those limits, you may not … Read more
http://www.youtube.com/watch?v=oFje0NYRV7w . Understandably, this is one of the most common questions we get and it’s a good one! With the economy being in such a downturn, this is often one of the first questions asked, and for many, it’s the most important. “If I can’t pay my bills, how can I afford to pay you?” … Read more
http://www.youtube.com/watch?v=x5ZXRGROQd0 Depending on which bankruptcy you file, bankruptcy may lower your monthly payments for a car but will not lower your payments for a house. A Chapter 7 bankruptcy will not lower your monthly payments but you will be wiping out all of your other debts and will no longer be charged interest and late … Read more
http://www.youtube.com/watch?v=3YNFiDhTBAw . Whether filing for a Chapter 7 bankruptcy or Chapter 13 bankruptcy, there are certain debts that you may not discharge when filing your petition. These debts include the following: Federal taxes and state taxes are typically not wiped out in bankruptcy. Any type of lien issued by the government is not eligible to … Read more
If you have filed for bankruptcy, or you are about to, you may be feeling nervous about your creditors' meeting. One of the most common questions we hear is simple but important: "What should I wear?" You want to make a good impression. You do not want to do anything wrong. That worry is normal. … Read more
http://www.youtube.com/watch?v=NJEk651CFqE Once you file a bankruptcy, an automatic stay goes into effect. This automatic stay states that no creditor can try to collect any debt from you; according to statute 11 U.S.C § 362 (6), “any act to collect, assess, or recover a claim against the debtor that arose before the commencement of the … Read more
The short answer is no, you do not have to pay taxes on debts that are wiped out in bankruptcy. Quite often those trying to decide between bankruptcy and some type of debt consolidation will look to see which option will be most advantageous for them when it comes to tax implications. Usually, filing bankruptcy … Read more
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