When you need to get copies of your bankruptcy papers, there’s a long line of people ready to rip you off. I mean, really rip you off. I’d list the companies prepared to overcharge you, but I don’t want to give them any more visibility than they already have. You may need to get bankruptcy […]
Can You Get A Car Loan After Bankruptcy?
Wheels are essential for most of us to get to work. And whatever you’re driving when you file bankruptcy will need to be replaced at some point. So, how are you going to finance that next car if you’ve just filed bankruptcy and face 7-10 years with the bankruptcy on your credit report? The credit […]
Who To Pay After Bankruptcy
You’ve filed bankruptcy. Your creditors are stayed. A bankruptcy discharge is ahead. You’re out from under unrelenting pressure to pay creditors. But don’t let your sense of relief keep you from planning: who should you pay after your case is filed? Paying creditors after filing bankruptcy Two legal realities drive who needs to be paid […]
Did You Tell The Whole Truth In Your Bankruptcy Papers?
You must “tell the truth” on your bankruptcy paperwork, bankruptcy advice sites intone. Most of us shrug that off: we can’t imagine deliberately lying to a court. But carelessness about bankruptcy schedules abounds. If you give the bankruptcy paperwork just a lick and a promise, the resulting schedules aren’t truthful, not because of lies, but […]
Pay No Tax On Debt Discharged In Bankruptcy
Debt discharged in bankruptcy is tax free, even if you get a 1099 claiming otherwise. It’s unnerving when you get a 1099 after you thought the debt, and all its complications, were gone. But for bankruptcy clients, the answer is simple: Debt discharged in bankruptcy is not taxable. Tax on cancelled debt The tax code […]
How The Bankruptcy Liquidation Tests Really Work
Is the Chapter 7 trustee going to sell your house when there’s $5000 in non exempt equity? Do you have to pay the total of the equity in your assets to creditors in Chapter 13 under the liquidation test? Far from it. Just because you have equity on paper does not mean a bankruptcy trustee […]
What You Can Do With Money Before Filing Bankruptcy
Worried that a bankruptcy judge or trustee is going to scour your spending before bankruptcy, looking for behavior that would disqualify you from bankruptcy relief. It’s not so. Yet there seems to be real anguish that “they” are going to toss your case out of bankruptcy court because of some “fault” in how you’ve handled […]
Will I Get a Discharge in My Bankruptcy Case
Getting a bankruptcy discharge is what almost all cases are about. So the question of whether or not you’ll get a discharge looms large in Chapter 7. The short answer is that if you are eligible for a discharge, you’re almost certain to get a discharge. Eligibility, in this context, looks at whether you’ve gotten […]
Disarm The Debt Collector: Understanding The Weapons of Debt Collection
You can stop a debt collector cold, wherever you live, using federal law. It doesn’t take a lawyer, a court, or an enforcer. That’s because the weapons of a debt collector are fear, shame, and annoyance. The weapon delivery system is communication. Those weapons don’t have to be any more threatening than a plastic toy […]
Your Tax Refund Is Exposed In Bankruptcy, Unless…
The prospect of a tax refund makes most of us light up even when we haven’t even calculated what the refund might be. But if you’re thinking of filing bankruptcy before you actually see Uncle Sam’s check, take a minute to plan. Your right to that refund is property of your bankruptcy estate even if […]
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