Understanding the Power of Filing for Bankruptcy When you are drowning in debt, your problems can quickly compound if debt collectors and collection agencies begin to hound you for repayment. The reality is no one wants to be in debt, and if you could repay now, you would, but collectors will...
Can I Discharge Income Tax Debt Through Bankruptcy?
Filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy helps many individuals get on top of insurmountable debts. In addition to enjoying benefits like the automatic stay, which freezes collection actions, filers are typically permitted to discharge unsecured debts following the successful...
Will My Children Be Responsible for My Debt When I Die?
Thinking about death and what will happen to your loved ones after you are gone can be an uncomfortable endeavor, but proactive thinking is necessary to protecting your family from unintended consequences. You owe your family a plan when considering what will become of not only your property but...
What Debts Are Not Discharged in Bankruptcy?
Although bankruptcy is often the best possible option, it isn’t right for everyone. Depending on your situation, this strategy might trigger certain consequences, such as lowering your credit score, forcing you to part with higher-value property, or downsizing your business. Sometimes, it might...
How Long Can I Keep My Car After Filing Chapter 7?
You might have heard that bankruptcy can wipe out tens of thousands of dollars of debt. You might have also heard that bankruptcy will strip you of everything you own—including the essential property you use every day, such as your car. The first statement is true. Depending on your circumstances...
Can Bankruptcy Lower My Mortgage Payments?
Did you know that Americans owe more in mortgage debt than any other type of debt? Last year, total U.S. mortgage debt reached a new record of nearly $9.5 trillion. Becoming a homeowner is undoubtedly a part of the American dream, but millions of people struggle to accomplish this goal or maintain...
Can Bankruptcy Discharge Student Loans?
When you ask an attorney (or the internet) whether bankruptcy can eliminate your student loan debt, the answers may vary. This is because student loan debt is technically dischargeable, but you need to file an adversary proceeding (separate lawsuit) to do it. Very few people attempt this for the...
After a Bankruptcy Discharge, Do I Have to Pay Creditors Back?
You’re either thinking about filing bankruptcy or you’ve already decided to do so, but now you’re needing more information about the bankruptcy discharge. You probably have questions like, “What is the discharge exactly?” and “Do I have to pay my creditors back after my debts are discharged?” In...