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Pay the Mortgage in Bankruptcy? Yes, you must pay your mortgage even if you plan to file bankruptcy. Much has been written about the ability of chapter 13 bankruptcy to help homeowners catch up on past due mortgage payments, but beware it’s not a cure all. It’s true, filing a chapter 13 bankruptcy can stop […]
Filing timely tax returns is key if you wish to discharge tax debt in bankruptcy It is possible to discharge income tax debt in bankruptcy, however, not all taxes are eligible and timing plays a very important role. If you’re anticipating tax troubles on the horizon, it is always best to go ahead and file […]
You Can File Bankruptcy as Often as You’d Like, But… While you can file bankruptcy as many times as you like. However, “wiping away” debts and getting a fresh start through the bankruptcy discharge is the primary goal of most debtors. The question therefore is not really “how often can you file for bankruptcy?” as […]
Collection Efforts Prohibited by Bankruptcy Discharge Once you file for bankruptcy and receive your discharge order from the court, creditors are prohibited from attempting to collect on debts that were included in your bankruptcy, period. Section 524(a)(2) of the Bankruptcy Code explains that a bankruptcy discharge “operates as an injunction against the commencement or continuation […]
What is an Offer in Compromise? Tax settlement firms love to advertise the offer in compromise, a method for resolving IRS back taxes that theoretically involves payment of a small portion of the outstanding tax bill owed and forgiveness of the rest. Tax settlement firms love to imply that the IRS will simply forgive the […]
Chapter 7 Bankruptcy Basics Perhaps you’re considering filing for bankruptcy and have some questions. Why is the word “liquidation” associated with chapter 7 bankruptcy? Why is chapter 7 bankruptcy called “straight” bankruptcy? Maybe you’ve met with a bankruptcy attorney who has reviewed your case and assured you that your property is safe from the bankruptcy […]
Homestead Exemptions Don’t Protect Investment Property Although homestead exemption laws vary by state, none of them protect investment property. A homestead is, by definition, a primary residence. You don’t necessarily need a white picket fence and a golden retriever, but you must live in the home in order to claim the exemption. As a general rule, investment […]
Utilities and Bankruptcy It’s almost summer time again, and the economy hasn’t fully recovered. Many consumers are still struggling to pay bills and no one wants to be left without air conditioning in July. If you’re concerned about having the power shut off due to past due utility bills, it is important to be aware […]
It’s no secret that the housing downturn produced a record number of defaults and resulting foreclosures. The worst days are behind us, but many homeowners are still struggling to pay the mortgage. In the event you do fall behind on the mortgage, it’s generally a good idea to try to maintain the following bills for […]
Americans Owe More Than Their Homes are Worth Even though the worst days of the housing crisis are behind us, many Americans owe more on their mortgages than their homes are worth. Some are severely underwater. With banks generally unwilling to offer lasting mortgage modifications, many consumers feel out of options when dealing with a […]
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