Contact bankruptcy attorneys now for your FREE debt consultation 855.536.9231

Tag Archives: filing 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 »

How Recent Credit Card Use Relates to Filing Bankruptcy

Many people struggling with debt may end up resorting to credit card use because there is no other way to afford food and clothing.  Yet their credit card interest keeps mounting up and they plunge deeper and deeper into credit card debt. The Bankruptcy Code puts restrictions on credit card use prior to filing bankruptcy… 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 »

Ways to Avoid Ever Having to File Bankruptcy Again

When debt spirals out of control and becomes insurmountable, bankruptcy may be the only viable solution.  However, as much as filing bankruptcy can bring relief, most people who go through bankruptcy never wish to go through it again.  Wise financial management is the best preventative.  Here are some tips that help people stay financially solvent:… 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 »

Filing Bankruptcy Does Not Bar Success

For many people, the idea of filing bankruptcy conjures up ideas of business or personal failure.  However, bankruptcy has existed for decades as a means for people to put debt behind them, learn from their mistakes, and forge ahead.  Bankruptcy is a safety net and serves an important economic function. Trump bankruptcies Donald Trump is… Read More »

Bankruptcy Fact or Fabrication

Friends, families, and false sources of information give people wrong ideas about bankruptcy.  While some ideas may be facts, others are fabrications.  Here are some common fabrications regarding bankruptcy: When creditors file lawsuits or take other actions against you, bankruptcy is no longer an option. The opposite is true.  Filing bankruptcy is actually a financial… Read More »

What Is Wage Garnishment and How Can Bankruptcy Help?

If you owe money, it may come as a surprise to find out that a creditor can garnish your wages, leaving you to take home a smaller paycheck.  When debt mounts up and creditors become serious about collection efforts, they sometimes resort to garnishment. Wage garnishment is a court order that allows a creditor to… Read More »

What Happens To My Credit And Me After Bankruptcy?

Even though hiring a bankruptcy lawyer and filing for bankruptcy can help you save your house, your car, and other personal property, many people worry about its affects after filing. “How long will this follow me around?” “Is my credit ruined forever?” “Will I ever be able to buy a house or a car again?”… Read More »