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Category Archives: Personal Bankruptcy

Does Filing Bankruptcy Relieve Any Tax Debt?

How filing bankruptcy affects tax debts varies greatly from case to case and depends on individual circumstances, the type of bankruptcy filed, and court decisions. However, in all bankruptcies, one factor never changes.  The only tax debt that bankruptcy may provide relief for is income tax debt. If the IRS has not filed a lien… Read More »

What is a Subordination Agreement and How Does It Apply to Bankruptcy?

Like other specialized fields, bankruptcy contains many terms and financial concepts that can be confusing or unfamiliar.  Subordination agreement is often one of these terms. To subordinate something means to place it lower in rank or importance.  In bankruptcy, creditors are subject to subordination, meaning some creditors take priority for payment over others. A subordination… Read More »

What Is the Bankruptcy Code?

The United States Constitution gives Congress the authority to create laws governing bankruptcy throughout all states in the United States.  In 1978, Congress passed the Bankruptcy Reform Act, which is contained in Title 11 of the United States Code and known today as the Bankruptcy Code. The Bankruptcy Code has undergone various amendments, with the… Read More »

How Does the State Where You Live Affect Asset Exemption in Bankruptcy?

When filing bankruptcy, debtors list exempt assets in their schedules and Statement of Financial Affairs.  Exempt assets are not subject to liquidation to pay unsecured creditors during a Chapter 7 bankruptcy.  However, which assets are exempt during bankruptcy largely depend on state law, because state property laws determine asset exemption―unless the debtor lives in a… Read More »

What Is the Homestead Exemption?

The family home is often an individual’s or couple’s most valuable and substantial asset.  Families generally invest more money in their homes than in any other asset.  So, it stands to reason that many debtors are concerned about whether filing bankruptcy can lead to losing their home.  However, when filing a Chapter 7 liquidation bankruptcy,… Read More »

Judicial Structure for U.S. Bankruptcies

There is no such thing as filing a bankruptcy petition in a state court.  State courts have no jurisdiction over bankruptcy and any debtor filing bankruptcy must file with a U.S. bankruptcy court.  In addition, the bankruptcy courts are units that fall under the U.S. federal district courts, which are trial courts in the federal… Read More »

Deciding Whether to File Chapter 7 or Chapter 13

Various factors come into play when deciding what type of bankruptcy to file.  The entire purpose of filing bankruptcy is to wipe debts clean and restore solvency.  Because filing an inappropriate form of bankruptcy may not serve the intended purpose, it is important to carefully evaluate the types of bankruptcy. Exempt assets Depending on which… Read More »

What about Pre-Bankruptcy Credit Counseling?

Since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005, debtors opting for bankruptcy face a new prerequisite—180 days prior to filing bankruptcy, they must complete a credit counseling session as an eligibility requirement. What does credit counseling involve? During credit counseling, you participate in a counseling session where the counselor… Read More »

Can I Buy a Home After Filing for Bankruptcy?

Many people think it’s impossible to buy a home after filing for bankruptcy. Unfortunately, there are many bankruptcy myths. The good news is, this couldn’t be further from the truth. Not only is it possible, but you don’t have to wait ten years, either. Of course, you will have to wait until you can re-establish… Read More »

What Should I Bring to My Meeting With My Bankruptcy Attorney?

In life, it’s absolutely important to be prepared. This is also true when preparing to meet with an attorney. If you are considering filing for bankruptcy, your first meeting with your bankruptcy attorney can end up being a big waste of time if you don’t come to the meeting prepared. Following is a list of… Read More »