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Tag Archives: bankruptcy case

Bankruptcy Statistics Nationwide

Bankruptcy is more common than you may think. According to the Administrative Office of the United States Courts, in 2011 there were over 1.4 million bankruptcy filings nationwide. The vast majority of these — over 70 percent — were for liquidation under Chapter 7. Also surprisingly, individuals and other nonbusiness entities accounted for over 96… Read More »

Why Legal Help Is Vital for Bankruptcy

Many people do not realize the complexities involved with filing bankruptcy. The U.S. Courts’ website contains numerous bankruptcy forms. Understanding the forms alone is an overwhelming task. Bankruptcy filing must also comply with tax laws and protect against any potential challenges from creditors. In addition to providing expertise and legal advice relating to the feasibility… Read More »

How Bankruptcy Remedies the Economic System

We often hear people say that filing bankruptcy is “unethical” or “wrong” and that it isn’t good for society.  From a macroeconomic viewpoint, however, bankruptcy filings are good for the economy.  When a person files for bankruptcy, it frees up that person’s monetary flow. Without the bankruptcy system, debtors would remain unable to pay debts,… Read More »

How Does an Automatic Stay Affect IRS Debt?

The automatic stay in a bankruptcy case is a court order that stops creditors from collecting debt. This order also applies to revenue agents from the Internal Revenue Service (IRS). The automatic stay prevents the IRS agents from: Garnishing your wages Filing a lawsuit against you Demanding payment Seizing your assets Issuing tax liens Taking… Read More »

What Are Adversary Proceedings in Bankruptcy?

Most people who file bankruptcy only experience the administrative aspect of bankruptcy.  They have no exposure to bankruptcy’s adversarial or litigation-side.  Yet, creditors can oppose or challenge certain aspects of your bankruptcy case, which opens the door to litigation. Bankruptcy is a unique area of law that uses different terms than many other legal areas. … Read More »