Bankruptcy Blog Archives

It is already tax time again. All of you know that April 15th is the deadline for filing your 2011 income tax. What many of you facing bankruptcy should know is that there can be a different deadline for filing your tax if you have filed a Chapter 13 bankruptcy and have not yet attended [...]

How does a marriage separation affect your bankruptcy? If you are separated and are considering bankruptcy, you should know that the separation definitely adds additional considerations to declaring Chapter 7 and Chapter 13 bankruptcy. The first distinction that needs to be considered is whether your separation is legal.  People may claim that they are “separated” [...]

No one ever expects they are going to go bankrupt, let alone know anything about the process of filing for bankruptcy protection when they do. So, for most, the process of bankruptcy is an ongoing learning experience. It begins with searching for a lawyer and gathering information. A bankruptcy lawyer will normally provide you with [...]

Chapter 13 bankruptcy is one of the two common types of bankruptcy used by individuals.  Unlike Chapter 7 bankruptcy that can eliminate an individual’s debt altogether, Chapter 13 bankruptcy is a debt reorganization and debt consolidation plan. Debt consolidation as a part of a Chapter 13 bankruptcy means that you will submit to a bankruptcy [...]

Filing for bankruptcy protection is your Constitutional and individual right, but filing for bankruptcy protection is a personal decision only the bankrupt should make. Here are 3 excellent reasons you might want to consider filing for bankruptcy protection. 1. You are Completely Bankrupt You are completely bankrupt, as a general rule of thumb, when your [...]

A Peculiar Quirk in Bankruptcy Law Homeowner association fees causes a very peculiar quirk in bankruptcy law. Past homeowner association fees can be discharged in a Chapter 7, but once the discharged debt has be taken care of and the bankruptcy closed, the fees still follow the property. The newly generated monthly homeowner association fees, [...]

A Chapter 13 bankruptcy is commonly called a wage earner’s plan. It is a type of bankruptcy most individuals can file requiring you to design a pay back plan with your disposable monthly income to pay your unsecured creditors. During the plan, all secured debts will be expected to be paid on time and up [...]

One of the more difficult things to do once you file bankruptcy is to buy a house. A bankruptcy can remain on your credit report for up to 10 years. There are circumstances that are exceptions to a spouse having poor credit when a report prevents the spouse from buying a house, and that is [...]

Many of you who are needing to file bankruptcy sometimes come into a small financial windfall in the form of an inheritance. What are your options on inheritance before filing bankruptcy? To help you understand your options if you suddenly come into an inheritance and are considering bankruptcy, lets assume you shared an inheritance with [...]

You should only consider filing bankruptcy after exhausting all of your other options like debt consolidation and credit counseling to repay your debts. But if you are facing a severe financial crisis, filing bankruptcy may allow you to either discharge certain qualifying unsecured debts through Chapter 7 Bankruptcy or restructure your debt payments by filing [...]