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Can I pay back family before bankruptcy?
/in Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Debt, Family /by ModeratorIn times of difficulty, we naturally turn to family and friends for help. The same holds when those difficulties are financial. Family and friends know you and understand your troubles; they’ll be willing to lend you a hand even when banks won’t. They trust you regardless of your credit score. If you borrow from people […]
Gift or loan, and why does it matter for bankruptcy?
/in Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Personal Finance /by ModeratorWhen you’re struggling with debt, it’s natural to turn to friends and family for help. They know you and they trust you, making it simpler and easier to seek financial aid from them than from a bank. If your financial difficulties continue and you decide to file for bankruptcy protection, what happens to the friends […]
IRS Sanctioned for Willful Violation of Discharge Order
/0 Comments/in Bankruptcy Basics, Case Law and Analysis, Chapter 7 Bankruptcy /by John O'ConnorThe Bankruptcy Discharge Applies Even To The Federal Government Creditors who attempt to collect on debts that have been discharged in bankruptcy often find themselves in serious hot water with the Bankruptcy Court. Bankruptcy judges take the discharge order very seriously and will dish out punishment to those who ignore its prohibitions against continued collection […]
Make Paying Credit Card Debt a Low Priority in Rough Financial Times
/0 Comments/in Consumer Debt, Credit, Personal Finance /by Jason WittShould I Pay My Credit Card Bills? The economic downturn caused people from all walks of life to turn to their credit cards as a life raft, hoping they could keep bills current with the plastic until a new job came around. Thankfully, sometimes that new job does pop up and the credit card bills […]
How to Screw Up Your Bankruptcy Discharge
/0 Comments/in Bankruptcy Basics, Chapter 7 Bankruptcy /by John O'ConnorGrounds For Objecting to the Bankruptcy Discharge In the vast majority of cases, the bankruptcy discharge is the primary reason debtors enter the Bankruptcy Court. After all, people file bankruptcy to get rid of debt and a federal court order is certainly an effective way of making this happen. However, receiving a discharge is not […]