Adjusting your mortgage and other home-related debts under Chapter 13 can often give your home the very best fresh start.
With Chapter 13 you may have to pay some part of the taxes that you could just discharge under Chapter 7, but it may be worth it.
Think about filing bankruptcy in early 2016 if you had some extra source of money in mid-2015.
We show step-by-step how filing bankruptcy before the end of December can enable you to qualify for Chapter 7 “straight bankruptcy.”
Filing bankruptcy in December instead of January can make the difference between qualifying for Chapter 7 or being forced into Chapter 13.
Income tax debts can be written off when meeting certain conditions, mostly by being old enough. Here’s what happens in Chapter 7 and 13.
If you owe a bunch of income taxes, and have a tax lien on your home, it’s tempting to try to fix everything by selling your home.
The reality is that most people who want to file a “straight bankruptcy” Chapter 7 case can do so; if not, Chapter 13 may be better anyway.
Chapter 13 has huge advantages in many situations, often making any extra cost well worthwhile.
Under Chapter 13 some special creditors may be paid in full, while others are paid much less, sometimes even nothing. What determines this?
Whether you must pay for 3 years or 5 depends mostly on your income. Exactly how long it last depends on the many moving parts of your case.
It’s a formal proposal about how much you’ll pay your creditors. It is, often after some adjustments, “confirmed” by the bankruptcy court.
To qualify for filing Chapter 7 bankruptcy, you must pass the “means test.” It is usually quite easy to pass.
What if you can’t write off all the income taxes you owe with a Chapter 7 case but can’t afford to pay those taxes in a Chapter 13 one?
Don’t let what you’ve heard about “losing” your tax refunds be a factor in deciding whether to file a Chapter 13 “adjustment of debts.”