Tag: Filing For Bankruptcy
TAMPA BANKRUPTCY COURT DECISION RELATING TO TAX REFUNDS
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A Bankruptcy Judge in Tampa delivered an important decision regarding tax refunds in Bankruptcy. On July 20, 2022, Bankruptcy Judge CJ Delano rendered a decision regarding whether a debtor may retain a portion of a tax refund received in the amount of $5,500. The debtor claimed $3,750 of such refund as exempt. The debtor’s argument…
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…
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…
What it Means to File Bankruptcy on a Car Loan
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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…
5 Tips When Preparing To File for Bankruptcy
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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…
The Pros And Cons Of Filing For Bankruptcy
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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…
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…
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…
FORECLOSURES 2022
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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…
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…
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…
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…