BankruptcyLawNetwork

Chapter 7 Bankruptcy Lets You Cut Your Debt Losses and Move On.

11/20/11

Sometimes it makes more sense to let go of the past and start building a new future.  Chapter 7 bankruptcy can be your solution.  Does this debt arrangement conversation sound familiar? Client: I want to make arrangements to pay this debt. Me: Ok, how much can you offer to pay? Client: Nothing, I don’t have [...]

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Can I Pay Tax By Credit Card Then File Bankruptcy?

11/17/11

Credit card debt is frequently discharged in bankruptcy.  Taxes can be paid with a credit card.  State and Federal governments accept and even encourage such payment.  However, a credit card debt incurred to pay tax is probably not dischargeable.  There are at least two important reasons why credit card convenience may result in non-dischargeable debt. [...]

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Guaranteed Student Loans is an Entitlement for Public Universities, Too

11/15/11

In a recent BLN post, I suggested that student loans used for “for-profit” colleges be dischargable in bankruptcy since they make up only 10% of the guaranteed student loan market but account for 50% of the defaulted student loans.   However, lest you think your sacred alma mater is above reproach, the evidence is clear that [...]

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Did Revisions To Bankruptcy Start A Revolution?

11/15/11

Last month, we marked the sixth anniversary of changes to the bankruptcy law.  The Bankruptcy Abuse Prevention and ConsumerProtection Act (BAPCPA or dis-affectionally called BARF by many in the field of bankruptcy) became operative on October 17, 2005.  And then the world changed. A little more than six months later, the Case-Shiller index of real estate [...]

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Bankruptcy Exemptions Make the System Work

11/11/11

When a bankruptcy is filed, the debtor can keep anything that is “exempt.” That always includes household goods and personal effects, and, most of the time, provides a homestead exemption that protects the debtor’s home. But why? Actually, bankruptcy exemptions are absolutely necessary to a fair and forgiving economic system.  If filing bankruptcy meant losing [...]

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Bankruptcy Information: More Like Fish or Red Wine?

11/11/11

Unlike red wine, the information you provide a bankruptcy lawyer does not improve with age. Bankruptcy information is far more like fish:  no longer palatable after it sits for a while. A bankruptcy filing is a snapshot of the client’s situation on the day the case is filed.  From the point when the case is [...]

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Student Loans In Bankruptcy

11/08/11

  At least the graduate in the picture has a job.  Being that is involves wearing a chicken suit, it might not produce enough scratch to pay off his share of the more than $1 trillion dollars in student loan debt now owed in our country. (image credit dreamstime) The issue is no this site [...]

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Why Do-It-Yourself Bankruptcy Filing Is Like Buying Pills Without A Doctor

11/08/11

Just like the prescription for a medicine, the bankruptcy filing is part of the treatment plan. Unless you take the right drug, at the right time, in the right amount you risk a serious problem. With bankruptcy you only file in the right way, at the right time, with the right planning or you will risk a serious problem. There are no do-overs in the bankruptcy court.

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Not Sure If Your Are Eligible to File Bankruptcy Again?

11/07/11

You want to file bankruptcy but you are not sure if you are eligible to file again. There is a quick an easy way to see if you MIGHT be eligible to file and receive a discharge. On the top line of the image above choose the case that you have filed in the past. [...]

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Revealed: The Formula for Determining Whether You Should File for Bankruptcy

11/06/11

Everyone seems to have heard of a simple “formula” for determining when you should consider filing a chapter 7 or chapter 13 bankruptcy.  The problem is that once you start looking for the formula, it becomes apparent that there are numerous versions, and none of them seem to agree with one another. Many seem to think that [...]

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