Incurring New Debt When Considering Bankruptcy

Wasson and ThornhillBankruptcy Advice

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Photo by Morning Brew on Unsplash Should you be incurring new debt if bankruptcy may be on your horizon? What are the risks and potential consequences if you do? Two weeks ago we listed 5 crucial things you’d benefit from learning about if you’re thinking about bankruptcy: if bankruptcy is indeed the best option for you how Chapter 7, 11, … 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

Dealing with Simple and Difficult Debts in Chapter 7 and 13

Wasson and ThornhillBankruptcy Options

Overall, Chapter 7 deals with simple debts as well or better than Chapter 13 does, which deals with more difficult debts better.   Debts in Bankruptcy When deciding between Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” you look at many factors. You have to meet certain qualifications (usually easy to meet) to file either one. The amount … Read More