Tag: discharge
BANKRUPTCY PETITION PREPARERS
Bankruptcy petition preparers offer an option sort of like a guy in a trench coat selling wrist watches. Bankruptcy petition preparers are not attorneys but offer ‘document preparation services’. With a word processor and a computer, pretty much anyone can create a pile of paper. But a troublesome issue looms […]
BANKRUPTCY: Is ADHD A Defense Against Not Disclosing All Assets?
Bankruptcy filing requires truthful, complete disclosure of all assets, income and debt. But, the bankruptcy petition, schedules and other forms go on for pages, presenting many questions and issues. One debtor claimed the medical condition of ADHD (Attention Deficit Hyperactivity Disorder) prevented him from comprehending everything. He claimed his failure to include […]
BANKRUPTCY: INCLUDE ALL ASSETS INCOME AND DEBT
People sometimes talk about “putting things into” a bankruptcy, or “not putting something into” their bankruptcy. In reality, bankruptcy law requires full complete truthful disclosure of all assets, income and debt. Often, various issues can be addressed in a beneficial manner as long as there is full disclosure. But, when […]
Charge Off: What is it? Do I Still Have to Pay Charged Off Debt?
A “Charge off” is an accounting device used by creditors. Generally, if a debt has not been paid for 180 days or more, the original creditor will write off your debt, removing it from their books. It does not mean that the debt no longer exists or that you no […]
BANKRUPTCY: Means Test – Chapter 7
The means test under Bankruptcy Chapter 7 determines whether people are even eligible to file bankruptcy under Chapter 7. Failing the test requires filing a chapter 13, filing no bankruptcy or taking a closer look. First Step To Chapter 7 Means Test The first step is simple math. Add all […]
Discharge of Student Loans in Bankruptcy: Exception to Rule
Discharging student loans in bankruptcy occurs only as an exception to the rule. Chapter 7 bankruptcy discharges garden variety unsecured debt, largely credit cards. But, student loans are different. To discharge student loans there must be proof that payment imposes an undue hardship as defined in bankruptcy law. Many courts […]
Should I File Bankruptcy? What Basics Should be Considered?
Should I file bankruptcy? Just the thought can overwhelm. Mountains of debt, collections and other pressing issues bring the issue into view, requiring a look at pros and cons. First, calculate how long it will take to pay off your debts. Throw all credit cards in a drawer. Figure how […]
Keeping Cars in Bankruptcy
Is keeping cars in bankruptcy possible while still discharging credit card debt? We want to file a chapter 7 bankruptcy. How do we tell if we make too much money to even file a chapter 7?. Whether or not bankruptcy filers can keep any individual piece of property depends on […]
