Will filing bankruptcy eliminate tax debts?

https://ift.tt/eA8V8J Once you file for bankruptcy, the automatic stay will go into effect. This means that creditors, including the IRS, cannot continue to collect money from you.  After the bankruptcy, the IRS can resume collection unless the debt has been paid in full or discharged.   Some tax debt can be discharged in bankruptcy. You […]

Should I file a bankruptcy to delay my foreclosure?

https://ift.tt/eA8V8J If you fall behind on your mortgage payments, you may be at risk for foreclosure. If you are facing foreclosure, bankruptcy may help. Once you file either a Chapter 7 or Chapter 13 bankruptcy, the court will issue an automatic stay. This causes creditors to cease collection from you immediately.   By filing a […]

Can I sue someone who has filed for bankruptcy?

https://ift.tt/eA8V8J Bankruptcy’s automatic stay stops most lawsuits once the bankruptcy is filed. Typically, you will not be able to file a lawsuit if it relates to certain debts which include: personal loans, credit card balances, medical bills, utility bills, unpaid rent, unpaid car payments, home foreclosures or accidental personal injury cases.   There are some […]

Do both spouses have to file for bankruptcy?

https://ift.tt/eA8V8J Married couples can file together in a joint bankruptcy that combines both spouses’ debts and property into the same case. The overall goal is to discharge your debt and keep more of your property. In most cases, filing together will allow you to accomplish this. When only one spouse files, the spouse who does […]

Can I give a creditor preference in a bankruptcy?

https://ift.tt/eA8V8J In bankruptcy, the priority that creditors receive is determined by the type of debt. The first party to be paid is the United States Bankruptcy court who charges fees for filing. Next to be paid is secured creditors, or creditors who hold a lien on property that is in possession of the debtor. Examples […]

What is a Chapter 11(v) Bankruptcy?

https://ift.tt/eA8V8J In the new year, businesses in debt will have new options to help keep the doors open and get debt relief. Last month, President Trump signed a bi-partisan bill into law that amends Chapter 11 of the bankruptcy code to allow businesses with less than $2.7 million in debt to file a special reorganization plan, which […]

Is filing for bankruptcy bad?

https://ift.tt/eA8V8J Bankruptcy sounds like a bad word, but it can be the best thing for you if you can’t pay your bills. Many people wrongly believe that bankruptcy means you lose everything. In fact, bankruptcy usually helps you keep your property and gives you an opportunity to start over.   Many people wonder whether bankruptcy […]

What is the difference between Chapter 7 and Chapter 13?

https://ift.tt/eA8V8J Chapter 7 is a liquidation bankruptcy. You don’t pay your debts back, but you may have to give up certain property in return. To qualify for a Chapter 7 bankruptcy, you have to meet certain income requirements. If you make too much money, or if you want to keep your property, you can file […]

What Happens When I File a Bankruptcy?

https://ift.tt/eA8V8J If you are about to file bankruptcy, your finances are probably disorganized. Your creditors are calling you, charging you crazy fees, and suing you, among other things. Once you file for bankruptcy, your finances become more organized because the automatic stay goes into effect, which means that your creditors can no longer take collection […]

In a Chapter 13 Bankruptcy: Can I Pay One Debt Better Than Others?

https://ift.tt/eA8V8J Everyone with debts has at least one bill they’d like to pay, even if they can’t pay them all.  So, if you are already filing Chapter 13 bankruptcy and repaying some debt, why not treat some better than others?   Sometimes that is allowed and sometimes not.  It’s a complicated issue because, at the […]

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