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Tag Archives: chapter 7

How Do Homestead Exemptions in Chapter 7 Bankruptcy Work?

Chapter 7 bankruptcy is advised when debts so overwhelm the individual’s ability to repay that assets have to be liquidated. This means that items of value – car, home, furniture, art, jewelry and sometimes even clothing – will be sold by the trustee in the bankruptcy. The proceeds from the sale of those items are… Read More »

Why a Shopping Spree Just Before Bankruptcy Won’t Work

The thinking goes, “what have I got to lose?” Or so one imagines the words people say to themselves who max out their still-working credit cards right before filing for bankruptcy. That approach is wrong on several levels. If you’ve got an itch to spend the remaining balances of your credit cards before you file,… Read More »

Taking Advantage: Bankruptcy Fraud

Bankruptcy is a welcome but serious tool for consumers and businesses in need of structured debt-relief. When debt-relief tools such as consolidation or debt settlement are not enough to address debt or improve pay-down ability, filing Chapter 7 or Chapter 13 bankruptcy can be good options. Relief from debt through bankruptcy is based on identification… Read More »

The Myth of Irresponsibility: Why Most Individuals File for Bankruptcy

The good news on bankruptcy is that the number of filings in the United States went down in 2012. About 1.25 million people are expected to file this year for one of the versions of bankruptcy (Chapters 7, 11 or 13). This is down from 1.38 million in 2011. The Great Recession that began in… Read More »

What Was Old Could Be New

Bankruptcy is an opportunity for a fresh financial start. We talk frequently about the consequences and benefits of debt-relief through filing for bankruptcy. Although individuals and businesses file for Chapter 7 bankruptcy every day, it is not often a household name is included among those aiming to wind down their debt — and their business…. Read More »

The Impact of Social Media on Bankruptcy

You may enjoy posting holiday pictures online or sending out the good word about a new job. But friends may not be the only one reading your news. Facebook, Twitter and other social media networks provide fruitful hunting grounds for disgruntled spouses and divorce attorneys. But increasingly, social media is also sifted by creditors, collectors… Read More »

Is a Trust Fund Exempt in a Bankruptcy Filing?

Even the well-to-do fall on hard times. This happens with spectacularly-compensated athletes, Hollywood celebrities and the progeny of bluebloods – many of whom file for bankruptcy. It’s a little less surprising when overspending or injudicious investments happen to second and third generations of those who earned the money, the so-called “trust fund kids.” The fallen… Read More »

What Form of Bankruptcy is the Right Choice for Me?

The correct form of bankruptcy for you depends on the details of your situation. What sort of debt do you have? Bankruptcy law divides debts into two broad categories: secured and unsecured. Secured debts are debts backed by collateral to reduce the risk of lending. For example, a mortgage is a secured debt because your… Read More »

Bankruptcy and IRS Levies

When taxpayer cannot or will not pay their taxes, the IRS has two primary means of recourse: tax liens and tax levies. A lien is a type of legal claim to your property, which involves notice to creditors that you owe the IRS money and that its claims take priority. For example, if you have… Read More »

What Happens to Cosigners When You File for Bankruptcy?

When your credit is not good enough to qualify for a loan, the lender may require a co-signer.  This practice is common with young people who have not established credit but want to buy a car or a home, and their parents help them out by co-signing. Unfortunately, you cannot usually foresee tough economic times,… Read More »