BankruptcyQuestionsNationalBankruptcyForum

There are different kinds of debts.  The United States Bankruptcy Code governs the discharge of debts.  Debtors need to understand that by submitting themselves to the jurisdiction of the bankruptcy court, they are likewise agreeing to have their finances examined and ruled upon by the bankruptcy court using the Bankruptcy Code. To begin, debts are [...]

To be able to discharge a tax debt, the tax needs to be older than 3 years, correct? I think this what normally people including myself normally remember about discharging taxes.  Let’s see on a recent case: 4.8.11 client filed bankruptcy hoping to discharge 2007 income tax. Correct or not? Well, there are full three [...]

Bankruptcy Enjoys Federal Oversight Not everyone needs to or should file a bankruptcy case.  Bankruptcy is something that should be a last resort.  But when financial pressures become unbearable, bankruptcy is most likely the best option. First, bankruptcy enjoys federal oversight and protection.  Debt consolidation commercials, which try to stigmatize bankruptcy, conveniently omit the fact [...]

How bankruptcies affect cosigners When filing for bankruptcy, it’s important to understand the consequences. Although most of the consequences will fall squarely on you, a bankruptcy could have negative ramifications on your cosigners. Even though it’s always crucial to do what’s financially beneficial, it’s also vital to understand how it will affect your cosigners. Here [...]

The oldest of the baby boomers are just now reaching the age of retirement, and with that comes a series of new concerns.  The average cost of a nursing home today is somewhere around $7,000 a month, and that number is only on the rise.  For adults who need special assistance, such as Alzheimer’s patients, [...]