If Chapter 7 doesn’t write off enough another debts so you can afford to pay the tax, Chapter 13 gives you much more time and protection from the tax lien. Last week we discussed how Chapter 7 handles a recorded tax lien on a tax that bankruptcy CAN’T discharge. The tax debt already can’t be discharged (legally written off in bankruptcy). … Read More
Unexpected Benefit: Prevent the Recording of an Income Tax Lien with Chapter 13
Prevent an income tax lien by filing under either Chapter 7 or 13. But if the tax qualifies for discharge Chapter 13 is slower and riskier. Last week we showed how detrimental the recording of an income tax lien can be for you. It can turn a tax that you could fully discharge (legally write off in bankruptcy) into … Read More
A New Year, a New Financial Start
It’s a new year. What could be a better resolution than to get a new financial start for 2018!? What could be better than that? An Overall New Financial Start Get a new start by discharging (permanently, legally writing off) all or most of your debts. If you have mostly consumer or small business debts you have two main … Read More
An Example Why to Keep an Open Mind about Chapter 7 or 13
Why should you keep an open mind about filing under Chapter 7 vs. Chapter 13? Here’s an example why. Last time we introduced some of the main differences between Chapter 7 and Chapter 13. We suggested that you learn about them but also keep an open mind when you go see a Louisville bankruptcy lawyer. At that meeting you will always hear … Read More
Protection from Your Co-Signer
If you can’t or won’t pay a co-signed debt, or pay a co-signer, you need to protect yourself from that debt and from your co-signer.
Your Chapter 13 Payment Plan
Chapter 13 revolves around your payment plan, which you propose based on your budget, and possibly negotiate with creditors and the trustee.
Friday the 13th Bad Luck Turned into Good
Sometimes life simply dishes out some bad luck. A bad car accident. A serious illness. Bankruptcy turns these lemons of life into lemonade.
Objecting to Priority and Secured Proofs of Claim
If a creditor’s proof of claim is a “priority” or secured debt is too high, object to it to avoid paying too much in your Chapter 13 case.
Relief from the Automatic Stay
Creditors sometimes ask the bankruptcy court for permission to take certain collection action against you or the collateral. In our last blog post we talked about the “automatic stay.” It’s one of the most important benefits of filing bankruptcy. It’s certainly the fastest, going into effect immediately when you or your Louisville lawyer files your bankruptcy case. The automatic … Read More
What’s Credit Counseling & Debtor Education?
These two requirements are quite straightforward to accomplish, but can trip you up if you don’t take care of them when you need to.
The Bankruptcy Chapters–Chapter 7, 9, 11, 12, and 13
You file bankruptcy most likely under Chapter 7 or 13, or possibly 11. Ch. 12 is for farmers and fisherman, Ch. 9 for governmental entities.
Employee Wages and Benefits as a “Priority” Debt
If you owe an employee wages or benefits, it’s likely a priority debt. Same if you are owed wages or benefits. More likely to be paid.
A Creditor Not Enforcing its Lien under Chapter 13
When a creditor fails to enforce its lien in a Chapter 7 case, you are left exposed. Not so under Chapter 13.
The Benefits of a Second Mortgage “Strip”
“Stripping” off a second mortgage has major immediate and long-term benefits.
Benefits from Chapter 13 for Business and Investment Real Estate
Chapter 13 can be an effective way to keep or unload business and investment real estate.