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Tag Archives: filing bankruptcy

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 »

How to Prepare for a Meeting with Your Bankruptcy Attorney

If your financial situation has gotten to the point where you think bankruptcy might be the best option for you, the time has come to consult with an experienced bankruptcy attorney. But before you meet with your bankruptcy attorney for the first time, get prepared by doing the following: Know your assets. Write a list… Read More »

Excessive Consumer Spending Versus Economic Stimulus

Bankruptcy presents somewhat of a paradox. It is a deterrent to excessive consumer spending but can also serve as an economic stimulus. On a personal level, people understand that spending more than they earn results in financial problems. However, sometimes for a business to get off the ground, some investment risk is necessary. This is… 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 »

Undue Hardship and Student Loans

Prior to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005, private student loans were dischargeable. However the BAPCPA changed that. It is a general fact that under the Bankruptcy Code, student loans are not dischargeable. However, under certain circumstances debtors strapped with student loans can discharge them through bankruptcy. The exception falls… Read More »

Tax Liabilities and Implications with Filing Bankruptcy

Filing bankruptcy often involves tax implications, but not in the ways you might think.  Filing bankruptcy itself is not a taxable event.  However, there could be tax implications if property is sold to pay creditors, or if debts are forgiven by creditors. Typically, when you owe someone $600 or more and they cancel or forgive… Read More »

What Are Preference Payments in Bankruptcy?

When you file bankruptcy, there are rules established by the Bankruptcy Code. One rule addresses payments made to creditors within 90 days of filing for bankruptcy. The name for these payments is preference payments. As the name implies, the creditor obtaining the payment receives preference over other creditors who are also owed money. The bankruptcy… Read More »

Filing Bankruptcy After Divorce Is Final

One advantage of filing bankruptcy after the divorce is completed is a shorter divorce than a divorce that proceeds concurrent with bankruptcy. Shorter divorces are generally less expensive. Recent changes from the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made it more difficult to discharge divorce-related debts in bankruptcy. You cannot discharge any divorce-related… Read More »

Filing Bankruptcy Before a Divorce

Whether financial stress is a factor before or after divorce, bankruptcy and divorce are legal actions that are often interrelated. When planning for divorce, it is important to understand the consequences of your timing for filing bankruptcy. The advantages of filing bankruptcy prior to divorce are: Simplifies issues in the divorce, i.e. neither party gets… Read More »

Actions that Can Result in Bankruptcy Dismissal

A bankruptcy dismissal is the court’s denial of a bankruptcy filing and the court throws out your case.  Once dismissed, depending on the reason for the dismissal, you might have to wait 180 days (six months) from the date of dismissal before you can file bankruptcy again.  Bankruptcy dismissal is something that anyone filing bankruptcy… Read More »