In bankruptcy cases, the term “discharge” is frequently used. In the most straightforward sense, to have one’s debts discharged means that those debts are wiped out and their slate is cleared; the debtor’s liability for the discharged debt is essentially erased. However, the reality is more complicated. Often, it is only certain types of debts [...]
If you’re considering bankruptcy, you may be wondering how bankruptcy will affect your spouse. Depending on the circumstances involved, bankruptcy can affect your spouse financially. In most cases, however, your debts are yours alone, unless your spouse has co-signed or guaranteed your debt. For example, if you are both joint-debtors on an [...]
If you’re going through bankruptcy, you may be wondering about child support. Will child support debt be discharged in bankruptcy? The answer is no. Child support is not discharged in bankruptcy. This is considered a social & political obligation. Social and& political obligations (such as alimony, child support, taxes, and [...]
If you’re going through bankruptcy, you may be wondering why financial counseling is required. According to the new bankruptcy laws that were passed in 2005, all bankruptcy filers are required to undergo mandatory credit & financial counseling. Gaining the knowledge you need to make successful financial decisions is an important step in making [...]
If you’re considering bankruptcy, you may be wondering, “Is my credit card debt wiped out in bankruptcy?” The answer is generally yes, but will depend on whether your actions could be considered fraud. If there is a question of credit card fraud (abuse), the credit card company will try to convince the bankruptcy [...]
If you’re going through bankruptcy, you may be wondering about your medical bills. Can medical bills be discharged in bankruptcy? In most cases, the answer is yes. If you’re filing Chapter 7, your medical bills will typically be discharged. However, if you’re filing Chapter 13, you will be required to follow [...]
If you’re planning to file for bankruptcy, it’s important to understand how the process works. Let’s look at the steps involved with filing for Chapter 7 and Chapter 13 bankruptcy. For both Chapter 7 and Chapter 13, the first step in the process of filing for bankruptcy is mandatory credit counseling. A new bankruptcy law [...]
If you plan to file for bankruptcy, it’s important that you understand the difference between secured and unsecured debt. In a bankruptcy, secured debt is usually treated differently compared to unsecured debt. Therefore, it’s important that you understand what type of debt you have and how it affects your bankruptcy case.
Let’s begin by looking at [...]
Although bankruptcy can be a good solution for certain people, it is not the right solution for everyone. There are several possible bankruptcy pitfalls that you need to be aware of. Most people are aware that bankruptcy can remain on their credit report for up to 10 years. What is not commonly known is that [...]
If you’re filing for bankruptcy, you may be wondering what a trustee is, and what role he will play in your bankruptcy. The trustee’s role is to act as a representative of your creditors. The involvement of the trustee will vary, depending on which chapter of bankruptcy you’re filing. Even though the trustee’s role is [...]