The Automatic Stay! What Happens When I File a Chapter 7 Bankruptcy Petition?
A voluntary Chapter 7 Bankruptcy case is commenced upon the filing of a petition with the bankruptcy court. A bankruptcy petition is a formal written request, bearing your signature, requesting relief from the bankruptcy court for relief. Pursuant to Section 301 (b), “the commencement of case under this chapter constitutes an order for relief under…
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What Does It Mean When the Chapter 7 Trustee Abandon Assets?
Chapter 7 trustee’s right to abandon assets in a Chapter 7 Bankruptcy A Chapter 7 trustee’s right to abandon assets in a Chapter 7 Bankruptcy filing is governed by Section 554 of the United States Bankruptcy Code. The Code states there are two ways the debtor’s assets are abandoned in a Chapter 7 bankruptcy case. …
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No Shame in Bankruptcy
You’ve thought about it, over and over. You’ve probably even picked up the phone and started to dial it, only finding yourself making excuses why you shouldn’t do it. Embarrassment? Shame? Just an overall gut-feeling that something seems wrong. We are, of course, talking about that phone call to the lawyer’s office to discuss your…
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Filing Bankruptcy? Do it Immediately
If you have to file for bankruptcy, the sooner you file the better. The longer you wait, the more it’s going to cost you. The issues become more complex thus you end up paying your lawyer more. Your credit score will take a beating too, as you miss making payments to creditors. Only in a…
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Are Gambling Debts Dischargeable in Bankruptcy?
Online Casinos, Gambling Debt and Bankruptcy Maybe you like playing the ponies or placing a wager on your favorite sports team. With advances in technology and recent changes in the law, you don’t have to travel far to gamble your paycheck. In fact, you may not even need to get out of your pajamas. Just…
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Myths About Bankruptcy
” Bankruptcy-Only the Deadbeats file for bankruptcy.” False, nothing is further from the truth. There are some filers who will blatantly try to defraud their creditors by abusing the bankruptcy system. However, they account for a very small percentage of all filings. The majority of people file for bankruptcy after a major, life-altering event. These …
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How Long do I have to Wait to File Bankruptcy Again? Can I File Bankruptcy Twice?
HOW LONG DO I HAVE TO WAIT TO FILE BANKRUPTCY AGAIN? CAN YOU FILE BANKRUPTCY MORE THAN ONE TIME? The hard facts about how many times someone can file bankruptcy. Can you file bankruptcy more than one time? How Often Can You File Bankruptcy? If you’ve filed for bankruptcy before and received a discharge, then…
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Do you owe more on your car than it is worth? If so….
Do you owe more money on your car than it is worth? You may be able to use a Chapter 13 bankruptcy “cramdown” to reduce the balance and interest rate on your car loan. What Is a Car Loan Cramdown? As soon as you drive your car off of the lot, it depreciates very quickly,…
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Can I Discharge IRS and State Tax Debt in Bankruptcy
A common question I get is whether one can discharge IRS and State income tax debt in bankruptcy. Simply put, Debtors must meet ALL of the following criteria to discharge taxes in a CHAPTER 7 Bankruptcy: 1. Income taxes are at least three years old from the date they were due (e.g., 2010 taxes came…
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