Tampa Bankruptcy Court Important Decision Regarding Discharge of Income Tax Debt

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A Bankruptcy Judge in the Tampa Bankruptcy Court delivered an important decision regarding the Discharge of Income Tax Debt in Bankruptcy on August 23, 2022. The debtor filed what is referred to as an adversary proceeding seeking to Discharge numerous hundreds of thousands of dollars in tax debts. The Internal Revenue Service responded and argued that such debt should not be discharged pursuant to Bankruptcy Code 523(1)(C) based upon the premise that the debtor had willfully attempted to evade the payment of such taxes. Bankruptcy Read More +

Introducing Your Chapter 13 Bankruptcy Trustee’s Role

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Undergoing a Chapter 13 bankruptcy is both stressful and time-consuming. You feel as though your life is in the court’s hands as they determine your disposable income and decide upon an amount that’ll be used towards repaying your debts over the next 3 to 5 years. They’re also the ones who will determine whether you can take out any more significant debt during this time. To help oversee these things, as well as others, you have a Trustee appointed to your case. What Your Chapter Read More +

Options Besides Bankruptcy

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When you’re struggling with debt, filing for a Chapter 7 bankruptcy or Chapter 13 bankruptcy may be a good option. However, before doing so, you should take some time to see if there are any alternatives available because these could be your best remedy. Negotiate With Your Creditors If you either have some disposable income or you’re willing to sell some of your assets to get this type of income, you should try to negotiate with your creditors before filing for either a Chapter 7 Read More +

Buying A Car After Chapter 7 Bankruptcy

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A Chapter 7 bankruptcy may be on your credit report for as long as 10 years after when it was filed. You may need to get a car loan during this time. While it’ll be more difficult, it’s still doable if you make a larger down payment or you’re willing to pay the lender a higher interest rate. Is it a good idea to buy a car after a Chapter 7 bankruptcy? This really depends on your transportation needs and financial circumstances. One of the Read More +

Does Dismissal of A Bankruptcy Dismiss Any Adversary Proceedings?

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If a debtor files Bankruptcy, whether a Chapter 7 or Chapter 13 Bankruptcy, does an adversary proceeding filed against the debtor, subsequently result in the dismissal of the adversary proceeding? Some debtors who file a consumer form of bankruptcy, such as a Chapter 7 or Chapter 13, may expectantly or unexpectantly find themselves a defendant in an adversary proceeding. An adversary proceeding is an action filed in the bankruptcy court in which a creditor objects to the dischargeability of a certain debt based upon either Read More +

Why You Should Pay Down Debt Prior to A Recession

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Many Americans are feeling uncertain about their financial health as the possibility of a recession looms over their heads. One piece of advice that’s being given today is to pay down as much of your debt as possible, even if that means filing for bankruptcy. While this is always important, with a looming recession, it’s even more critical now than ever. There are several reasons for this. More Available Credit When Needed Throughout a recession, you may feel uncertain about many things, including your job Read More +

Bankruptcy’s Effect on Employment

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If you’ve considered filing for bankruptcy, you may be concerned about how doing so would affect your employment. This is something people are commonly concerned about. While the simple answer here is that your current employment won’t be affected, there are some indirect consequences you’ll want to know about. For instance, your filing may prevent you from obtaining a job in the private sector later on. Therefore it’s wise to be concerned and take time to think things through carefully here. Job Security You can’t Read More +

Things to Know About Bankruptcy and Divorce

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When it comes to finances, there are various things that can make circumstances more complex. One of the most complex challenges that couples face from a legal and personal perspective is the issue of bankruptcy when also going through a divorce. In some circumstances, a divorce may be happening at the same time as a bankruptcy. Either one of the couple or both of them might be feeling for bankruptcy at the same time as there is a divorce being filed or planned. This can Read More +

A Quick Guide to Bankruptcy

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Bankruptcy isn’t a situation that anybody wants to be in. The main reason people file for bankruptcy is that their debt has gotten to the point that it can no longer be handled effectively, and often they are forced into making this move. When debt becomes too overwhelming for a person or a business in Tampa, it is not always possible to continue making payments. Rather than suffering the severe long-term consequences of getting further into unmanageable debt, bankruptcy can seem like the preferable alternative. Read More +

How Bankruptcy Can Affect Your Spouse

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One of the more common questions received by the bankruptcy lawyers is, ” How filing for bankruptcy will affect my spouse?” This question comes up frequently when just one of the spouses is planning to file for bankruptcy. Several people have a wrong impression that if they are married the spouse will also be responsible for the debt. However, in reality, this is not the case. Both the spouses will be on the hook only in case the debt was incurred in both the partners’ Read More +