Recent Posts in Discharging Debts Category
Posted on Nov 14, 2011 By Nicholas Westbrook
While a Chapter 7 Bankruptcy can discharge (i.e., eliminate) many types of debts, there are 19 categories of debts that Congress has identified as not dischargeable (called "excepted from ...
Continue reading "Some Debts Cannot be Discharged Through Bankruptcy" »
Posted on Sep 29, 2011 By Nicholas Westbrook
There is an old saying in Bankruptcy: "Pigs get fat and hogs get slaughtered." This means when honest debtors take full advantage of available, legal exemptions to keep their property and ...
Continue reading "Don't Be a Hog in Bankruptcy" »
Posted on Sep 22, 2011 By Nicholas Westbrook
A Debtor in Chapter 13 Bankruptcy is required to pay all disposable income (income remaining after all expenses and deductions are accounted for) into a repayment plan over three to five years. When a ...
Continue reading "Tax Refunds After Filing for Chapter 13 Bankruptcy" »
Posted on Sep 16, 2011 By Nicholas Westbrook
When you make the decision to file Bankruptcy , it is very important to list all of your creditors, their mailing addresses, and the amounts owed. The Bankruptcy Code requires that you list all of ...
Continue reading "Reviewing Your Credit Report Prior to Bankruptcy is Important" »
Posted on Aug 8, 2011 By Nicholas Westbrook
Of all the creditors you are facing or may face in your lifetime, the Internal Revenue Service is the most powerful. The IRS has significant collection powers unlike anyone else. Moreover, federal law ...
Continue reading "Bankruptcy Can Help with IRS Taxes" »
Posted on Jul 5, 2011 By Nicholas Westbrook
After Bankruptcy , derogatory or negative information remains on your credit report between seven and ten years. However, the Fair Credit Reporting Act (FCRA) specifically addresses Bankruptcy ...
Continue reading "How Long Will Bankruptcy Stay on My Credit Report?" »
Posted on Jun 5, 2011 By Nicholas Westbrook
One of the reasons people file Bankruptcy is to get a "discharge." A discharge is a Court Order, which states you do not have to pay most or all of your debts. A discharge means you no longer have ...
Continue reading "What Happens When a Creditor Forgives a Debt?" »
Posted on Jun 5, 2011 By Nicholas Westbrook
Over the last several years, unemployment has increased dramatically. Millions of Americans rely on unemployment benefits to make ends meet and find a new job. What happens when this benefit ends? ...
Continue reading "Unemployment Benefits Have Increased -- But Jobs Remain Scarce" »
Posted on Mar 9, 2011 By Nicholas Westbrook
Have you been served with a lawsuit or been threatened with litigation by a creditor? The first question you need to ask is, "Do I owe this debt?" Common sense should tell you that if you owe the ...
Continue reading "Bankruptcy Can Stop Lawsuits and Judgments" »
Posted on Jan 12, 2011 By Nicholas Westbrook
Discharging student loans through a Bankruptcy is very difficult to do. The U.S. Bankruptcy Code states that a debtor may obtain a discharge of a government-sponsored student loan only if repaying the ...
Continue reading "Student Loans and Bankruptcy" »
Posted on Dec 14, 2010 By Nicholas Westbrook
One of the common terms in Chapter 7 and Chapter 13 Bankruptcy is "discharge" of your debts. A discharge in Bankruptcy is a Court Order that imposes a permanent injunction against applicable ...
Continue reading "Exceptions to the Court’s Discharge: When a Creditor Can Still Collect After Bankruptcy" »
Posted on Nov 30, 2010 By Nicholas Westbrook
A recent study by the University of Michigan School of Law found that an increasing number of people over the age of 65 are filing for Bankruptcy protection . Fortunately, most retirement savings ...
Continue reading "Bankruptcy Can Protect Your Retirement Accounts" »
Posted on Nov 4, 2010 By Nicholas Westbrook
The Bankruptcy laws are meant to give an honest debtor a fresh start, but not a head start. The Bankruptcy laws protect honest debtors who comply with the numerous requirements and substantially ...
Continue reading "Bankruptcy Fraud Can Result in Serious Penalties" »
Posted on Oct 12, 2010 By Nicholas Westbrook
The typical Chapter 7 Bankruptcy Case is closed between five and six months after the Case is filed. Chapter 7 of the U.S. Bankruptcy Code is streamlined to discharge cases quickly when there are no ...
Continue reading "How Long Will My Chapter 7 Bankruptcy Case Last?" »
Posted on Aug 19, 2010 By Nicholas Westbrook
There are many reasons you may want to repay a debt that has been discharged through Bankruptcy . Whether it is an obligation to a family member, friend, or a local creditor, there is no prohibition ...
Continue reading "Repaying a Debt After Bankruptcy" »
Posted on Aug 12, 2010 By Nicholas Westbrook
The Federal Trade Commission recently announced new rules to prohibit debt settlement firms from collecting up-front fees from their customers. The FTC's new rules take effect October 27, 2010, and ...
Continue reading "Don’t Be Misled By Debt Settlement Companies" »
Posted on Aug 6, 2010 By Nicholas Westbrook
What do Abraham Lincoln, Mark Twain and Walt Disney have in common? How about Kim Basinger, Larry King and Burt Reynolds? The answer is: they have all filed personal Bankruptcy and gone on to have ...
Continue reading "A Brighter Financial Future is a Phone Call Away" »
Posted on Aug 3, 2010 By Nicholas Westbrook
When a person files Bankruptcy , the federal law stops creditor collection actions and gives the debtor an opportunity to formulate a plan to repay or eliminate his or her debts. When a person owes a ...
Continue reading "Bankruptcy Can Stop Disconnection of Utilities" »
Posted on Jul 30, 2010 By Nicholas Westbrook
During most of my initial consultations, the person sitting across from me asks: "Will filing Bankruptcy ruin my credit?" The short answer is "Yes." It is common sense that filing Bankruptcy will have ...
Continue reading "Will Bankruptcy Ruin My Credit?" »
Posted on Apr 14, 2010 By Nicholas Westbrook
In 2009, Bankruptcy filings increased by 32% according to the Associated Press. A significant number of these filings included small business owners who were overwhelmed with debt and needed a fresh ...
Continue reading "Personal Liability for Business Debts" »
Posted on Feb 4, 2010 By Nicholas Westbrook
Earlier today, a potential client asked if consumer Bankruptcy could help discharge prior income taxes owed to the IRS. To answer this question, it is important to review FIVE basic rules found in the ...
Continue reading "Discharging IRS Tax Debts Through Bankruptcy" »