Category: Bankruptcy Rules

There are two main types of Chapter 7 bankruptcies: asset and no-asset cases. There is a huge difference between the two. Read on to learn more about a bankruptcy asset case. Legally speaking, a Chapter 7 Bankruptcy is known as a “liquidation” bankruptcy. The bankruptcy court is empowered to liquidate your assets to provide a…

Going through a Chapter 13 Bankruptcy can be confusing enough without tax season sneaking up behind you. In this post, I will go through some frequent questions regarding Chapter 13 bankruptcy and taxes.  What returns are due? According to the Bankruptcy Code, all Chapter 13 debtors must file all required tax returns for the years ending…

When a person signs their bankruptcy forms, they do so under penalty of perjury. This means that the government can prosecute a bankruptcy debtor for lying on their bankruptcy paperwork. This alone is a good enough reason to tell the truth and not hide anything. Surprisingly, omissions on your bankruptcy paperwork can have effects in other…

No one ends their bankruptcy thinking that they will need to do it again. However, as most people facing bankruptcy already know, you can’t plan for everything life throws at you. “Can I file bankruptcy again?” is a question that we get asked quite often. Whether there is a medical emergency, divorce, or if you lose your…

A separated couple have the option of filing a Chapter 7 bankruptcy together. Despite keeping separate households, they can still qualify for bankruptcy. However, there are some important things to be considered. Keep reading to avoid some common problems in these type of cases. First, separated couples will have to file two Schedule Js. Schedule…

To qualify for bankruptcy, there are multiple things to look at. Debt, income, and other factors all play a role. This article will focus on qualifying for Chapter 7 Bankruptcy. The first qualification is that you must have debt. There is not necessarily a hard and fast rule about how much debt you must have to…

Almost everyone that calls my office wants to know whether they can keep their car despite having filed for bankruptcy. The answer is almost always yes! In a Chapter 7 Bankruptcy, also known as a liquidation, a debtor’s assets are subject to being taken by the Bankruptcy Trustee. However, in most consumer cases, this never…

Want to file bankruptcy? The bankruptcy process can be very intimidating and confusing. And that’s for good reason. Bankruptcy is a critical life decision that has long-lasting implications. But at its core, the bankruptcy process is comprised of a few important areas. 1. Assets The bankruptcy court and the bankruptcy trustee want to know about…