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Bankruptcy Basics

Bankruptcy law is complex. It can be overwhelming for the consumer researching the subject to read technical legal jargon, which is why we created the Bankruptcy Basics section of the site. At National Bankruptcy Forum, our goal is to provide readers with useful information about bankruptcy and debt that can be easily understood. In this section of the site, we have published over 100 articles that focus on the basics of bankruptcy, such as exemptions, property issues, filing deadlines, and costs. You’ll want to consult with an experienced bankruptcy attorney before filing for bankruptcy, however. This site is not meant to be considered legal advice.

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Posted by: John O'Connor

Exemptions: What Can I Keep if I File Bankruptcy?

Last updated Dec. 26, 2017. Many people mistakenly believe that they will lose everything when they file for Chapter 7 bankruptcy. This is not the case. The Bankruptcy Code allows debtors to claim certain necessary property as off-limits from creditors and the trustee. That property is the debtor’s “exempt property.” The debtor claims property as…

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Posted by: Russ B. Cope

All’s Not Forgiven When Debts Are “Forgiven”

Debts discharged in bankruptcy are not taxable events.

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Posted by: National Bankruptcy Forum

What is a Homestead Exemption? Can My Creditors Take My Home?

Last updated Oct. 30, 2017. Homestead exemption laws prevent the sale of a borrower’s home by their creditors in satisfaction of a debt. In many states, whether your home may be subject to forced sale is a function of how much home equity you have. A Homestead is Your Primary Residence A homestead is defined…

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Posted by: John O'Connor

IRS Beats Debtor to the Punch; Assessed Taxes Not Dischargeable

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…

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Posted by: John O'Connor

How Often Can You File for Bankruptcy and Receive a Discharge?

Last updated Sept. 19, 2017. While you can file bankruptcy as many times as you like, you can only receive a discharge every so often. Wiping away debts and getting a fresh start through the bankruptcy discharge is the primary goal of most debtors. The question then is not really “how often can you file…

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When Creditors Come Calling After Your Bankruptcy Discharge

Last updated March 30, 2018. You don’t owe anymore after bankruptcy. Let’s repeat that: You don’t owe anymore after bankruptcy. So why are creditors still bugging you? The bankruptcy discharge eliminates your obligations to pay debts included in your bankruptcy filing. If you listed it and you received a discharge, then you are no longer…

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