When a person files a bankruptcy case, the goal is to wipe out as much debt as possible so that the person can get a fresh start. You may not want to get rid of some of your debts if, for example, you want to keep your home and car and want to continue to pay the mortgage and car payments. There are other debts that you cannot get rid of. Your other debts are either dischargeable, meaning that your personal liability will be eliminated, or non- dischargeable, meaning that you will continue to remain liable on the debt after your bankruptcy is over. Learn More
Not necessarily. There are different options when it comes to homes and vehicles when filing for bankruptcy. Learn More
Priority Tax Claims In order to secure a bankruptcy court’s approval of a plan of reorganization, a debtor is required to satisfy, in full, all obligations entitled to priority treatment under the bankruptcy law[1][2]. Some taxes, owed to the federal government, generally are deemed to be priority obligations. In a recent case, a bankruptcy appellate […]
Congress recently passed legislation entitled The Bankruptcy Threshold Adjustment and Technical Corrections Act which the President signed into law on June 21, 2022. The changes to the law will help people because it significantly expands who can qualify for Chapter 13 relief. Chapter 13 is a reorganization bankruptcy for individuals which gives people an opportunity […]