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: Erik Clark
All’s Not Forgiven When Debts Are “Forgiven”
Debts discharged in bankruptcy are not taxable events.
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Posted by: Walter Metzen
What is a Homestead Exemption? Can My Creditors Take My Home?
Homestead exemption laws prevent the sale of a borrower’s home by creditors in satisfaction of a debt. In many states, whether your home may be subject to forced sale depends on how much home equity you have. For example, let’s say Jim owes creditors $200,00 after his business failed. Jim owes a home worth $500,000,…
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Posted by: Walter Metzen
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: Erik Clark
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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Posted by: Erik Clark
When Creditors Come Calling After Your Bankruptcy Discharge
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 responsible or liable for that…
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Posted by: Rob Cohen
Qualifying For Chapter 7 Bankruptcy: Timing and the Means Test
Filing date and chapter 7 bankruptcy If you are considering filing a Chapter 7 Bankruptcy case, you may be surprised to learn that the date you file may determine your eligibility for Chapter 7. This is because you must meet one of two requirements to file a Chapter 7 case: (1) you must be below…
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