Most often when you think about filing bankruptcy the process is completed by the debtor seeking protection. Yet, there are special circumstances in which a debtor may not be able to file a petition due to mental, physical, or financial challenges. It may actually make sense for them to file bankruptcy, but they are unable [...]
Comedian David Adkins, better known as Sinbad, filed for Chapter 13 bankruptcy protection. He filed for bankruptcy protection previously in 2009. The 56-year-old funny man jokingly claims to be broke, but documents related to his filing claim he makes $16,000 per month. This may not seem like typical pocket change but the comedian reportedly owes millions to [...]
Can Bankruptcy Reduce Your Principal Loan Balance? Did you know that Chapter 13 bankruptcy may help you reduce your principal loan balance on certain secured debts? Many consumers may not realize they'd qualify to have debt such as a car loan reduced in order to establish affordable monthly payments. The concept is also referred to [...]
Bankruptcy and Workers Compensation Workers compensation benefits are funds made payable to an individual who was injured while on the job and unable to perform their duties due to the injury. The compensation may be considered a main source of income for the household. If bankruptcy is an option it is common to wonder if [...]
Bankruptcy is one of the most powerful tools consumers can utilize to regain financial control. When considering this option you should get a clear idea as to how it can help improve your situation. It may help you eliminate qualifying debt obligations while helping you reestablish others. Plus, depending on your situation one chapter may [...]
Many people who think about getting debt discharged may assume it can only be erased through Chapter 7 bankruptcy . In fact, Chapter 13 bankruptcy has the ability to not only discharge debt, but in some cases may help eliminate debt that is not eligible for discharge in Chapter 7. Meaning, you may be given [...]
Medical debt continues to be one of the most common reasons why people file personal bankruptcy. Yet, recent studies may provide evidence that rising drug costs are partly to blame. Medical debt related to unpaid bills is one matter, but for those who are dealing with a medical illness, the rising cost of medicine is [...]
Keeping Cash on Hand During Chapter 7 Bankruptcy There are exemptions available in Chapter 7 bankruptcy that may help protect your cash. Although the cash in question has to qualify as an exempt asset. It's common for consumers to be afraid of filing in fear of losing cash assets. The good news is you may [...]
Chapter 13 Bankruptcy and Your Tax Debt If you're seeking a solution to help manage tax debt then Chapter 13 bankruptcy may be something to consider. It often depends on the type of debt in question, along with other financial obligations of the debtor. You may even gain an advantage using Chapter 13 to handle [...]
A Michigan man may face more than 20 years in federal prison after pleading guilty recently to charges related to money laundering and bankruptcy fraud. Adrian Hassan Tageddine, 42, of Dearborn Heights, admitted to authorities he hid assets including cash and luxury vehicles when he filed for bankruptcy in 1999. Internal Revenue Service (IRS) agents [...]