Here are the rest of the important changes affecting Chapter 7 and Chapter 13 bankruptcy cases filed on or after April 1, 2016.
If you have a child or spousal support lien on your home because you’re behind on support payments, with Chapter 13 you can safely protect the home. If you are behind on your support payments, your ex-spouse and support enforcement agencies have tremendous tools to use against you to try to force you to catch up. And if you own a … Read More
During the first months of 2016 your bankruptcy can write off more of your tax debts.
Here are more features of Chapter 7 worth knowing and taking advantage of.
If you owe more than 1 year of income taxes, some may be dischargeable and some may not. What happens if you owe both kinds?
Income tax debts that can’t be written off must be paid, either after a Chapter 7 case or during a Chapter 13 one.
Unpaid support is the highest priority of the “priority” debts. Chapter 7 frees up money to pay it. Chapter 13 buys you time to do so.
Which of the two consumer bankruptcy options is better for you if you have lots of unsecured debts depends on the kind of unsecured debts.
Most of the time everything you own is exempt, meaning it’s protected in a Chapter 7 bankruptcy. If not, Chapter 13 can usually protect it.
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.
Get relief from what can be the most dangerous kind of debt. Support enforcement is very powerful. Fight back with something even stronger.
Under Chapter 13 some special creditors may be paid in full, while others are paid much less, sometimes even nothing. What determines this?
If your possessions are not fully protected by the available property exemptions under Chapter 7, Chapter 13 can save the day.
If you can afford your monthly installment agreement with the IRS/state, it may be an appealing solution. But often not the best one.
Give your asset to the Chapter 7 trustee to pay a very special creditor. Either because you donât need that asset or itâs your best option.