Here’s What You Need to Know about the Discharge of Your Debts under Chapter 7
The point of filing bankruptcy is to get relief from your debts. So, when and how DO those debts get "discharged"--legally written off--in a regular Chapter 7 bankruptcy?
Tag Chapter 7
What Happens to Your “General Unsecured Debts” in Chapter 7?
Your "left-over debts"--those which are neither secured by collateral nor belong to any of the special "priority" categories--often don't drive the decision about whether to file Chapter 7 or 13. But you still need to know how these "general unsecured debts" are handled under these two options.
The Most Basic Concept in Bankruptcy: Debts
The most practical questions you likely have if you are considering bankruptcy is what it will do to each of your debts.
Business Litigation Worth Fighting About in Bankruptcy
The closing of your business, followed by your personal bankruptcy filing, often ends threatened or ongoing business litigation against you. But here are three situations where that litigation could well continue regardless of the bankruptcy.
A Big Benefit to Owing Lots of Business Debt: Skip the “Means Test” and Qualify for Chapter 7
If you owe more business debt than consumer debt, then you can avoid not only the "means test" but also some other roadblocks to a successful post-business Chapter 7 bankruptcy case.
Getting Just Enough Help for Your Home through Chapter 7
When does filing a Chapter 7 "straight bankruptcy" case help you enough so that you don't need a 3-to-5-year Chapter 13 case?
Reasons to Do a Short Sale? Maybe Not
Besides avoiding a foreclosure and its hit on your credit record, you may have other sensible reasons for looking into a short sale of your home. Let's consider those other reasons.
Study Shows Chapter 7 Debtors Represented by an Attorney Are “Almost Ten Times More Likely to Receive a Discharge” of their Debts
My own professional experience about the dangers of filing bankruptcy without an attorney is validated by carefully analyzed data.
Your Kalispell Bankruptcy Lawyer can Provide Special Protection for Your Co-Signers Under Chapter 13
Chapter 7 protects you and your assets with the automatic stay. Chapter 13 goes a big step further by also protecting your co-signers and their assets.
Are You Eligible for Chapter 7? Chapter 13?
Eligibility can turn on 1) who is filing the bankruptcy, 2) the kinds and amounts of debts, 3) the amount of income, and 4) the amount of expenses.
Pre-Bankruptcy Tax Strategies
Get the maximum benefit from your bankruptcy against your taxes by following these sophisticated strategies.
The Benefits of a “Short Tax Year Election” in an Asset Chapter 7 Case
Your Chapter 7 trustee can use your unneeded assets to pay current-year income taxes if you split the calendar tax year into two: the pre-bankruptcy and post-bankruptcy “short years.” Let’s first set the scene. If you have substantial income tax…
Income Tax Refunds In Chapter 7 Bankruptcy
Can you keep your tax refund if you file a Chapter 7 case? It’s mostly a matter of timing. Here are the bullet points: Everything you own at the time your Chapter 7 bankruptcy case is filed becomes your “bankruptcy…
