Tampa Bankruptcy Court Important Decision Regarding Discharge of Income Tax Debt

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

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 +

What It Means to File Bankruptcy on A Car Loan

There are a lot of people who mistakenly believe that if they file for bankruptcy, they’ll wipe out their car loan and still keep their vehicle. Unfortunately, this isn’t true. While bankruptcy unwinds your obligation to pay back your car loan, you still need to make payments if you want to keep your vehicle. Here are the answers to a few other common questions regarding this subject. How does bankruptcy work regarding my vehicle? When you file for bankruptcy, the contract that requires you to Read More +

5 Tips When Preparing to File for Bankruptcy

Filing bankruptcy could be one of the biggest financial decisions you ever take. It can have significant implications for your finances and your personal life over the next few years and beyond. Therefore, it’s important to consider what is involved with filing bankruptcy and what you can do in order to prepare better for this big financial step in Clearwater. Let’s consider some of the top tips that could help you when preparing to file for bankruptcy. Spend Time Researching It’s important to know what Read More +

the Pros and Cons of Filing for Bankruptcy

There are many pros and cons of filing for bankruptcy. One of the biggest cons to doing so is that when you file for either a Chapter 7 or a Chapter 13 bankruptcy, it’ll show up on your consumer credit report for anywhere up to the 10 years of your life. Another thing that you’ll want to take into consideration is that if you want to file for a federally backed mortgage loan, some creditors won’t approve you for credit while you’re still in bankruptcy. Read More +

Options Besides Bankruptcy

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

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 +

Foreclosures 2022

The last few years have been rough for Americans and the entire world. Stocks have been very volatile, inflation is up, and political unrest seems to be dividing the country even more than ever. To make matters even worse Foreclosures have been increasing over the past few months. In this article, we will discuss the topic of foreclosures in America, with a special focus on the state of Florida. WHAT IS A FORECLOSURE A Foreclosure is a legal process by which a lender tries to Read More +

Does Dismissal of A Bankruptcy Dismiss Any Adversary Proceedings?

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

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 +