Student loan debts have only ever been dischargeable by bankruptcy under the most dire of circumstances, but student loan write-offs may soon be easier to accomplish if the Obama administration’s proposal is approved. The Department of Education recently released a report identifying solutions they believe will benefit people who are struggling to repay their loans. [...]
It is a popular misconception that only unsuccessful people or businesses file for bankruptcy, or that there is no way for people to achieve success in the future after filing. Allmand Law Firm, PLLC would like to dispel the myth that bankruptcy and success are somehow mutually exclusive of one another, and focus on how [...]
Financial troubles can happen to anyone. Even the most financially responsible people can experience hardships that lead them into overwhelming debt, including the loss of a job, a long-term illness, or any other unforeseen personal crisis. Debt troubles can happen at any time and may happen more than once, and thankfully, bankruptcy can be an [...]
In 2005, lawmakers passed the Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA) and made several significant changes to U.S. bankruptcy laws. BAPCPA affected both consumer and business bankruptcies by creating a new test to determine who is capable of paying back what they owe, and what bankruptcy chapter they are eligible to file under. [...]
If you ask any bankruptcy lawyer what they feel the best time is for filing bankruptcy, you'll likely hear a resounding, "Now!" In truth, waiting around to file bankruptcy increases your risk for wage garnishments, lawsuits, auto repossession, and even foreclosure of your home. The New Year is here now, and there are many reasons [...]
The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy [...]
A consumer facing a insurmountable financial burden many times pursue either a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy provides a consumer relief in the form of what is known as a discharge from a good portion of his or her debts. On the other hand, relief in a Chapter 13 proceeding involves [...]
When you file bankruptcy protection debtors are required to list their assets. This information is recorded in Schedule C of your filing documents or your petition. If you have children you may have concerns about their property and whether bankruptcy can assist in keeping them away from creditors. In most cases, this is not an [...]
Do You Have to Repay What You Owe in Bankruptcy ? The answer depends on which chapter you file. Chapter 13 bankruptcy is court-approved repayment plan that helps debtors make affordable payments on debt obligations. Chapter 7 bankruptcy can eliminate qualifying debts through a discharge approved by the court. Once you have a better idea [...]
One of the best ways to learn more about your options when considering filing bankruptcy is to do your homework by researching what is available. You can also discuss your situation with a qualified bankruptcy attorney that can provide further insight to help you make an informed decision. Even though you may feel as if [...]
