Board Certified Specialist in Bankruptcy
One of the heartbreaking realities of my practice in insolvency law is getting a phone call from an adult child who has just learned that a credit card company has sued or obtained a judgment against his or her parent, or that their parent’s real estate is in foreclosure because of missed mortgage, HOA or real estate tax payments. In my line of work, it is rare to see a senior citizen with a … [Read more...]
Yes, it costs money to file for bankruptcy protection. This post covers court costs and legal fees related to Chapter 7, Chapter 13 and Chapter 11 bankruptcy cases. Too often, I counsel folks who qualify for bankruptcy protection who’ve been spending their money trying to avoid filing. They spend it on so-called debt relief programs; they spend it trying to keep their home out … [Read more...]
People in financial hardship often need income tax relief. Contrary to what many people believe, income taxes can be dis-chargeable in a Chapter 7 bankruptcy case. "Dis-chargeable" means certain income taxes will cease to exist just as other debts. A three-point test to discharge taxes in Chapter 7 bankruptcy In order for tax debt to be dischargeable, the taxes must meet a three-point … [Read more...]
The word"bankruptcy" is heard everywhere, from coffee shops to church bazaars and the evening news. It's clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13. Chapter 7 is a liquidating bankruptcy. It is normally utilized to obtain a “fresh start” for an individual … [Read more...]