Question:
I filed Chap 7 bankruptcy on 12/28/09. We had no assets to protect outside of our Homestead. We are unexpectedly getting a tax refund of 4,500. We are surrendering our vehicles in the bankruptcy and this money would represent the only means of replacing our transportation. Our 341 meeting is on 2/10/10 and we will [...]
Question:
Concerning the discharge of income taxes, does chapter 13 offer any advantages over chapter 7? Does chapter 13 discharge any kind of tax or penalty that chapter 7 does not?
Answer:
Since the 2005 bankruptcy code amendment (BAPCPA), when it comes to discharging taxes, chapter 13 does not provide a meaningful advantage over chapter 7 bankruptcy. If [...]
I certainly understand the concern client’s have about bankruptcy being public record and public knowledge. However, shame and fear are “self” inflicted wounds. The perception is that society defines people by their financial wellbeing; when a person encounters financial distress, the client believes there is no one to talk too and the client feels isolated. [...]
Question
I live in a community property state and I recently inherited farmland property in my name only. My spouse is considering chapter 7 bankruptcy. Will my inherited land be considered part of my spouse’s bankruptcy?
Answer:
Bankruptcies in community property states have some unique advantages and some disadvantages. One advantage is that often times only one spouse [...]
Question:
Two years ago I was sent the title for a motorcycle from the finance company by mistake while still owing money on it. They signed the title over to me at which point I transferred it into my name. Since then I’ve sold the motorcycle and in doing so signed the title over to the [...]
Question:
Is money from a tax refund considered income for use when filing bankruptcy? I know the tax refund can be taken by the trustee, but can it be counted towards your income/expense schedules? If your gross income for the previous 6 months June thru December is $2300, but you also receive a $9600 tax return [...]
Question:
I filed chapter 7 bankruptcy and was discharged last year. I have decided to try to keep my home since my ex-husband left the home. We have a second mortgage and the house is worth less than what is owed on the first mortgage. I am negotiating with the first mortgage to modify the loan. [...]
Question:
I have a small business partnership with friend. We have funded the business with a credit card in my name only and the business. Sales have dropped off quite a bit over the last few years and we are planning on closing it. Problem is I need to file bankruptcy and have learned that the [...]
Question:
If I don’t pay my credit cards, can my creditors sue me and put a lien against my home. What does the Homestead Act do?
Answer:
First, what is the end-game for your financial challenges? Why would you let things spiral so out of control as to let your creditors get judgments against you? There are many [...]
On the small scale we distinguish between cost and value instinctively. For example, when grocery shopping we see a 6 oz can of Tomato Paste and an 8 oz can of store brand Tomato Paste. The 6 oz. can cost $1.29; the 8 oz. can cost $1.52. The 8 oz can costs more, but it [...]
