29th Sep 2014
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
28th Sep 2014
You cannot be put in jail for failing to pay your debts. However, if you have the ability to pay child support or alimony and fail to pay, a Court may put you in jail for contempt of court. You … more
Yes. Once you file a bankruptcy it will be included on your credit report for up to 10 years.
If a debt is discharged in a bankruptcy, creditors are prohibited from contacting you to try to collect that debt from you. When a creditor tries to collect a debt that was discharged in bankruptcy, it is (and should be) … more
No, creditors may not contact you after you file a bankruptcy in order to try to collect a debt included in the bankruptcy. However, in certain situations, it may be beneficial to receive statements to know the status of your … more
According to a NACBA Consumer Alert (‘The Debt Settlement Trap: The #1 Treat Facing Deeply Indebted Americans’ October 2012): “Even the industry acknowledges – though not in its ever-present radio and online advertising–that debt settlement schemes fail to work for … more
Yes, you must list all of your assets. However, you will not be required to give up all your assets. The Bankruptcy Code provides that a debtor filing for bankruptcy can keep certain assets by exempting property from the bankruptcy … more
Yes, you must list all of your debts in your bankruptcy, even debts that are non-dischargeable, secured, or that you wish to pay off in full. You can voluntarily pay a creditor after you receive a discharge, without becoming legally … more
In short, none. If you were ordered to pay restitution as part of a criminal sentence, then you must do so, or face the consequences imposed by the criminal court.
Yes, bankruptcy will stop a repossession, but only if it is filed prior to the repossession. Repossession can often occur as soon as a default happens. If you have already missed a payment, you need to consult a bankruptcy attorney … more