New Pandemic Relief Law Agreement
On December 20, 2020, the leaders of both parties in Congress have finally agreed to new pandemic relief: $300 per week unemployment benefits and $600 stimulus checks.
Jeffrey K. Greenwell
Priority Debts in No-Asset Cases
Priority debts are largely unaffected by a Chapter 7 case--it does not discharge them, so you need to pay them after finishing your case.
Priority Debts in an Asset Chapter 7 Case
Your Chapter 7 trustee may pay your priority debts--in full or in par--through the proceeds of the sale of your unprotected, not exempt assets.
Priority Debts
One of the most important aspects of bankruptcy is that all debts are not equal. "Priority" debts are treated special in a number of ways.
Nondischargeable Co-Signed Debts
Co-signed debts get tougher if your co-signer challenges the discharge of your obligation to him or her, or if the debt isn't dischargeable.
Concerns about Co-Signed Debt
If you have a co-signed debt, you may have two separate sets of concerns. Those having to do with your common creditor, and those with co-debtor.
Additional Charges and Curing Your Mortgage Arrearage
Resolve disputes with your lender in Chapter 13 about 1) additional fees and charges, and 2) whether you've cured the mortgage arrearage.
Resolve Mortgage Accounting Disagreements
Chapter 13 gives you valuable power to force your mortgage lender to be up front about how much you owe, and to efficiently dispute the amount.
Use Chapter 13 To Delay Your Home Sale
Chapter 13 gives you much more power over your mortgage and other home-related debts so that you can sell your home when it's best for you.
Help Buy Time To Deal With Your Home Through Bankruptcy
Chapter 7 can help buy time to deal with some creditors or negotiate with others, which may help you keep your home.
Protection from Your HOA
Bankruptcy gives you protection from your HOA. Chapter 7 may be enough, but Chapter 13 buys much more time.
Avoid a Support Lien through Bankruptcy
Chapter 7 is very limited in helping avoid a support lien. Chapter 13 is much more powerful, as long as you precisely meet some conditions.
Avoid Income Tax Liens in Chapter 13
Chapter 7 can prevent future income tax lien recordings against your home, if the tax is truly dischargeable and you have a no-asset case.
Avoid Income Tax Liens with Chapter 7
Chapter 7 can prevent future income tax lien recordings against your home, if the tax is truly dischargeable and you have a no-asset case.
Prevent Future Income Tax Liens
Bankruptcy can prevent future income tax lien recordings against your home. The result: paying nothing on the tax vs. paying it in full.
