Category Archives: Bankruptcy Help

Taxes and bankruptcy – debunking a myth

No wonder people think “bankruptcy can’t help me with my tax debt.”

“Automatic” Protection from Your Creditors

Many bankruptcy attorney ads say: “Stop garnishments.” “Stop foreclosures.” “Stop repossessions.” So bankruptcy stops all those bad things. But is it as good as it sounds? How does it really work?

THE Goal of Bankruptcy: Discharge of Your Debts

Most–but not all–debts are written off, or “discharged,” in a bankruptcy case. Is there a simple way to know what will and what will not be discharged?

Are student loans dischargeable in bankruptcy? 2 case studies

In the past, I have mentioned the difficulty of getting student loans discharged in bankruptcy.  But I have yet to discuss why it is so difficult to get a bankruptcy court to discharge student loans.  In this post, I’ll examine the process through a recent case from Maryland where student loans were actually discharged in […]

Can you keep all of your stuff in bankruptcy?

You want to know: “Can I really keep everything I own if I file bankruptcy?”

An old debt isn’t on my credit report – do I still owe it?

What does it mean when an old debt is not on your credit report? So, you just checked your credit report and you couldn’t find an old debt you know that you owed. Or, a debt collector just contacted you about an old student loan they say you still owe, but you checked your credit […]

Bankruptcy helps avoid tax due on forgiven debt

When could you have to pay taxes on money that you owe? When someone, like a credit card company, forgives the amount that you owe. The IRS calls this “canceled debt” or “forgiveness of debt income” and it’s something that you need to watch out for if you owe money that you aren’t paying back.
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In debt? You’re not alone

A new study shows that a whopping 77 million Americans has debt that’s listed on their credit report as being “in collections.”  That’s 35% of adults who have credit files.  And this debt is spread around all over the country, even though a higher percentage of it is in the South. The student was released […]

Are you eligible for Ch. 7 or Ch. 13 bankruptcy?

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.

Lots of business debt can allow you to qualify for Ch. 7 more easily

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.