13th Jan 2015

The majority of students graduating from college are saddled with student debt.  The amounts vary, but the average debt for college seniors carrying student loans in 2012 was $29,400.  Some have less debt and others have far more, particularly those … more

6th Jan 2015

The law is ever evolving and bankruptcy law is no different.  Despite a large code governing bankruptcy proceedings, there are still many issues for which the code provides no clear answer. One such issue is whether a debtor in bankruptcy … more

29th Sep 2014

Alimony (spousal support) will not be affected by filing a bankruptcy. You must consult a bankruptcy attorney to discuss the effect of bankruptcy on property settlements / divisions from a divorce. The effect of a bankruptcy on a property division … more

Bankruptcy will not eliminate any child support or alimony (spousal support) that you owe. However, depending on your situation, you may be able to catch up any payments you are behind. You must be current on your child support and … more

No, you may file without your spouse. Joint debts Generally, marriage alone doesn’t make both spouses personally liable for a debt. Liability on contracts such as home loans and credit cards arises by agreement between the creditor and the debtor. … more

Student loans are not dischargeable in bankruptcy unless repaying the loan creates an undue hardship on you or your family. Proving hardship requires showing that 1) you are unable to provide a minimum standard of living for yourself and your … more

Transferring assets to someone else before filing will not put your assets beyond the reach of creditors and bankruptcy trustees. Such a transfer could lead to the court denying the discharge of your debt. A trustee can recover assets transferred … more

No, most forms of retirement savings are unaffected by a bankruptcy filing, either because they are not property of the estate or because they may be claimed exempt from the claims of creditors. ERISA pension plans The Supreme Court has … more

All creditors, including the IRS, must stop collection efforts after the filing of a bankruptcy is filed. Whether an IRS or State tax claim can be discharged in the bankruptcy depends on many factors that should be discussed with an … more

For the average individual debtor, receiving a discharge in bankruptcy has no tax consequences. The Internal Revenue Code §108 excludes the discharge of debt in bankruptcy from its definition of cancellation of debt income. Outside of bankruptcy, cancellation of debt … more