Submitting a List of Creditors When you file for bankruptcy you are required to submit a list of creditors you want to include in the filing. In many cases, it's up to the debtor whether or not to add a creditor with a zero balance. It's not out of the ordinary to have a credit [...]
When you file bankruptcy, most often the debtor who files the petition, also known as the primary borrower, is protected from creditors. This may vary depending on which chapter is filed. It is possible for creditors to pursue collection attempts with the cosigner since they originally agreed to pay if you are unable to. Options [...]
Bankruptcy and Unpaid Income Taxes Certain income tax debt may qualify for discharge through bankruptcy but you need to have your income taxes filed. It is unlikely bankruptcy will wipe out unfiled tax debt but there are specific requirements that need to be met in order for tax debt to be successfully discharged. Chapter 7 [...]
When You Should Wait to File Bankruptcy Sometimes waiting to file bankruptcy may make better financial sense depending on personal circumstances. Holding off on filing may give you advantages that can help you retain property, discharge more debt and avoid potential pitfalls that could prevent discharge of debts. If you've moved to another state and [...]
Understanding the bankruptcy process includes knowing what steps are involved to ensure a successful outcome. Reviewing your options and planning ahead can help save time and reduce stress. The following helps give you an idea of what to expect and what actions you should plan to take in an effort to complete the filing process [...]
Planning Ahead For Your Bankruptcy Filing Many consumers don't realize that you can plan filing for bankruptcy months and even years ahead of time. It is not only a wise idea but it may help you avoid common challenges that keep debtors from completing the filing process successfully. Understanding your options may help you retain [...]
Falsifying Information When Applying for Unemployment Falsifying information on your unemployment application may have serious consequences. The Texas Workforce Commission states that anyone who provides false information or is found being untruthful when supplying information in order to receive benefits may get jail time, fines and even reducing chances of gaining future employment. The same [...]
Types of Debt Discharged in Bankruptcy One of the benefits of filing Chapter 7 bankruptcy is the ability to discharge qualifying debt. Debt that is discharged is eliminated; meaning creditors are unable to pursue collection attempts against the debtor once the action is granted by the judge. The debtor is no longer liable for the [...]
Chapter 13 bankruptcy allows debtors to repay creditors under a court-approved payment plan. The plan includes making scheduled payments that are often less than what the debtor was originally paying. The repayment plan has a 3 to 5 year payment period with creditors unable to pursue collection action against you. Whatever terms are set in [...]
Secured Property and Chapter 7 Bankruptcy It's common to be told by your bankruptcy attorney or trustee that secured property should be paid for or returned in a Chapter 7 bankruptcy case. Meaning if you have a debt that includes secured property with a lien, you'll have to set up a payment arrangement with the [...]