Although bankruptcy is one of the options to get rid of the debts, this is not the piece of advice a professional would give you. On the other hand, a lender would never like to lose his money anyway.
Think from the other side, if you are a lender. Would you like your consumer to file [...]
If you are considering filing bankruptcy to clear yourself out of debt, it is better to do a rethink. You might think that going for bankruptcy will put an end to all your monetary problems. But, in reality, the picture is quite different. It is not that simple. Bankruptcy comes with a number of trappings. [...]
State or federal income taxes can be discharged in a bankruptcy proceeding if:
1) the taxes for such tax year are at least 3 years old;
2) a tax return was filed for such tax year at least 2 years prior to the bankruptcy filing date;
3) the tax return was not intentionally false or fraudulent; and
4) the [...]
Individual bankruptcy can be very simple or it can be very complex. It depends largely on the complexity of an individual’s person finances. Someone who does not have extensive assets will find that chapter 7 and the chapter 7 bankruptcy court proceedings can be very simple. Sometimes to the point of barely realizing you have [...]
The credit card holder is no longer required by law to pay any debts that are discharged. The discharge operates as a permanent order directed to the card issuer that they do not take any collection action on discharged debts. It is a situation, where a credit card holder has no amount or asset to [...]
A recession occurs when a country’s GDP is down for two full quarters (the GDP growth must be negative for a full 6 months period for a country to be in recession). The most recent period of economic downturn hit the UK during the second quarter of 2008. During the last quarter of that same [...]
Credit card issuers sometimes challenge the discharge of credit card debt in bankruptcy by filing a complaint objecting to the dischargeability of the debt (also known as an “adversary proceeding”) claiming that the debt was fraudulently incurred and therefore should be excluded from the discharge.
Credit card debt may be non-dischargeable in bankruptcy under either of [...]
In the United States Bankruptcy Code, Chapter 12 provides special guidelines designed for bankruptcy filings involving the reorganization of family farms and fishing operations. While Chapter 12 bankruptcy cases are modeled closely after those falling under Chapter 13, there are important differences. One of the main differences is that the amount of debt in question [...]
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