Currently viewing the category: "Discharge"

Can I Sell My Home For A Profit After Chapter 7 Bankruptcy?

On April 1, 2011 By

Question:

We filed chapter 7 bankruptcy last year, received our discharge, but our home was charged off in December 2010. We want to sell our home. If we make a profit, no matter how small, will we have to pay it to the charged off creditors?

Answer:

You will need to pay (or negotiate some [...]

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2011, What Income Tax Year Can I Discharge?

On February 10, 2011 By

Question:

For 2011, what is the most recent income tax year that is eligible for bankruptcy discharge.

Answer:

Despite popular myth, some income tax debt can be discharged (eliminated) in chapter 7 bankruptcy. Bankruptcy code sections 507(a)8 and 523(a)(1) outline the rules for when tax debt may be discharged in bankruptcy.

The primary rule that [...]

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What Is the Worst Case Scenario In Bankruptcy?

On January 7, 2011 By

I am often asked to describe the worst case scenario. For the most part, worst case scenario only occurs when a client is not forthcoming. If all information is on the table, there is always a way to plan for, address, and deal with whatever challenges a client’s circumstances create.

[...]

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Can I Be Sued If I Leave A Creditor Off My Bankruptcy Petition?

On October 19, 2010 By

Question:

Can a creditor not listed on the bankruptcy papers come back a couple years later and sue to get the full amount owed to them?

Answer:

Strictly speaking, yes. If that happens, is it the end of the world, generally no? First, to be a bit of a stickler, you asked “can a creditor…?” [...]

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Can Medical Bills Be Eliminated in Chapter 7 Bankruptcy?

On September 14, 2010 By

Question:

Can medical bills be added to a bankruptcy?

Answer:

Medical bills (or medical debt) are general unsecured creditors as far as bankruptcy is concerned. I am not really sure of the origin of the myth that medical bills are a special class of debt that cannot be eliminated in bankruptcy; but medical debt can [...]

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What, Exactly, Is A Bankruptcy Discharge?

On August 27, 2010 By

A bankruptcy discharge is actually a permanent injunction against anyone from taking any action to collect a discharged debt. Why is this distinction important? When we speak in layman’s terms about bankruptcy, we often talk of bankruptcy “eliminating” debt. However, technically speaking, the debt is not eliminated.

The “eliminated” moniker is apt for unsecured debt [...]

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Discharge vs. Closing of a Bankruptcy Case?

On March 10, 2010 By

Question:

I filed Chapter 7 Bankruptcy in fall 2009, but have not received a discharge. I presume the delay is due to a dispute between the trustee and a creditor to whom I transferred properties to within the 90 day time frame. In less than 3 months, I will be gainfully employed as physician (in [...]

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Can I File a Chapter 7 Bankruptcy After my Chapter 13 Case Is Dismissed?

On July 20, 2009 By

Question:

We filed chapter 13 with a payment plan. Our finances changed and we could no longer make payments, so the court dismissed our case. Our Lawyer did not inform us we could convert it to a chapter 7 or reinstate it; can we now just file a chapter 7?

Answer:

Generally speaking, [...]

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