List of How Bankruptcy Benefits Your Home

Wasson and ThornhillHome Mortgages

If you’re having trouble making your mortgage payments, or other home-related debts, here’s a list of the many ways how bankruptcy can help.   Here’s the List We’ve got a list of 15 separate ways that bankruptcy can either save your home now or protect it in the near future. Here are the first 7—the other 8 we’ll give you … Read More

Reducing Payments on Furniture and Other Secured Debt

Wasson and ThornhillSecured Debts

You can lower your monthly payments, the interest rate, and amount you pay on furniture purchases, secured credit cards, and pawn loans.   Our last 4 blog posts have been about Chapter 13 cramdown of vehicle loans. For most people filing a consumer bankruptcy case, their vehicle loan is their largest and most important personal property debt. But cramdown can also … Read More

Keep Your Vehicle by Reducing Loan Payments through Cramdown

Wasson and ThornhillVehicle Loans

Chapter 7 reaffirmation requires you to make full monthly vehicle payments. Consider reducing loan payments through cramdown in Chapter 13.   The last two blog posts have been about keeping your vehicle in a Chapter 7 case. Two weeks ago was about the benefits of reaffirming the vehicle’s loan. Last week was about possible ways of keeping the vehicle by … Read More

Reaffirm Your Vehicle Loan in Chapter 7

Wasson and ThornhillVehicle Loans

To keep your vehicle and be able to afford to pay for it, reaffirm your vehicle loan in Chapter 7 and discharge your other debts.     A Vehicle Loan is a Secured Debts We started this series of blog posts on debts by introducing secured debts as follows: Each of your debts is either secured by something you own or it … Read More

Dealing with a Debt Not Listed in Your Bankruptcy Case

Wasson and ThornhillDischarge of Debts

The consequence of a debt not listed in your bankruptcy case is you may still owe it afterwards. So how do you make sure to list every one?   Several blog posts ago we introduced the law that debts “neither listed nor scheduled” risk not being forgiven in bankruptcy. Section 523(a)(3) of the U.S. Bankruptcy Code. This follows the bankruptcy principle that debts … Read More

Debts Included Because Creditor Learns about Your Bankruptcy

Wasson and ThornhillDischarge of Debts

You should list all your debts when you file bankruptcy. But a debt may also get discharged if the creditor timely learns about your case.   Last week’s blog post was about the importance of listing all debts in a bankruptcy case to write them off. Debts “neither listed nor scheduled” in the bankruptcy documents are not discharged (legally written … Read More

Debts Not Listed in Bankruptcy

Wasson and ThornhillDischarge of Debts

You must list all your debts when you file bankruptcy. So don’t skip any on purpose. Plus debts not listed you could still owe afterwards.   Supposed to List All Creditors  You can’t pick and choose which debts to include in your bankruptcy case. The U.S. Bankruptcy Code says that the first duty of a bankruptcy debtor is to provide … Read More

No Discharging Child or Spousal Support

Wasson and ThornhillChild & Spousal Support

Bankruptcy does not discharge child or spousal support. The rare exception: if the support debt is not a “domestic support obligation.”   We’re in a series of blog posts about special kinds of debt which bankruptcy may not discharge—write off.  So far we’ve covered criminal fines and restitution, and income taxes. Child and spousal support are more like criminal debts … Read More

Criminal Fines and Restitution Not Discharged in Bankruptcy

Wasson and ThornhillCriminal Law

Bankruptcy does not discharge criminal fines and restitution, but gets rid of other debts so you can focus on all your criminal obligations.     If you owe criminal fines, penalties, forfeiture, or restitution, bankruptcy does not help you directly with those debts. But bankruptcy can still provide you essential help in paying for essential expenses, including criminal related ones. … Read More

Debts NOT Discharged in Bankruptcy

Wasson and ThornhillDischarge of Debts, Uncategorized

Bankruptcy wipes out most debts. The only ones that aren’t are explicitly not discharged under federal bankruptcy law.   Debts Covered by the Discharge The basic rule is that bankruptcy discharges all your debts unless a particular debt fits a listed exception. Focusing on Chapter 7 “straight bankruptcy” today, you will likely receive an Order of Discharge from the bankruptcy court within … Read More

Bankruptcy and Your Debts

Wasson and ThornhillBankruptcy Law

Bankruptcy resolves your debts. How it does so depends on whether your debt is secured, priority, or general unsecured.   Your debts are the reason you are reading this. You want to know how bankruptcy would deal with your debts. Will bankruptcy write off all your debts? Can you keep paying some of your debts like a vehicle loan or … Read More

During 2019 You Can Include 2018 Income Tax Debt in Chapter 13

Wasson and ThornhillIncome Taxes

If you owe 2018 income tax you can now include that tax into a new Chapter 13 case and payment plan.     Have you been considering filing bankruptcy and now also expect to owe income taxes for 2018? If so, the start of 2019 gives you more reason to file a Chapter 13 “adjustment of debts” case. Why? Because … Read More

Get Rid of More Income Tax Debts through Chapter 13 in 2019

Wasson and ThornhillIncome Taxes

If you need to file a Chapter 13 case for other reasons, you can discharge more income tax debts in 2019 by timing it right.   Last week we showed how to permanently write off (“discharge”) more of your tax debts through Chapter 7 “straight bankruptcy.” Today we show how to do this with Chapter 13 “adjustment of debts.” Why … Read More

Avoiding the Disadvantages of a 5-Year Chapter 13 Case

Wasson and ThornhillPre-Bankruptcy Planning

There are financial, credit record, risk, and emotional disadvantages to a 5-year Chapter 13 case that you might avoid through smart timing.   Our last two blog posts were about how the last 6 calendar months of income of a person filing a Chapter 13 case can determine whether his or her Chapter 13 payment plan lasts only 3 years … Read More