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Which Debts Do I Pay First?

When you don’t have enough money at the end of the months to pay your bills, what do you do?  If you don’t pay all your debts, there may be serious consequences for you and your family. Which debts should you pay first?  You should pay your debts in the order of their importance and

Figure 1THINGS EVERY CHAPTER 13 DEBTOR SHOULD KNOW A chapter 13 bankruptcy case is a long process. There is little pleasure to being a debtor or a claim holder in a Chapter 13 bankruptcy case. It requires commitment, patience, and determination to complete a plan. Bankruptcy may not be the best long-term best choice for

Bankruptcy Information Sheet

      BANKRUPTCY LAW IS A FEDERAL LAW. THIS SHEET GIVES YOU SOME GENERAL INFORMATION ABOUT WHAT HAPPENS IN A BANKRUPTCY CASE. THE INFORMATION HERE IS NOT COMPLETE. YOU MAY NEED LEGAL ADVICE. When You File Bankruptcy You can choose the kind of bankruptcy that best meets your needs (provided you meet certain qualifications):

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Alternatives to Chapter 7 Bankruptcy

Bankruptcy is a powerful tool for individuals and their families to eliminate debt and to recover from financial hardship. But, filing chapter 7 bankruptcy has risks attached to it. It may not be the best solution for the debt problems that some debtors have. First, chapter 7 generally won’t help you stop a foreclosure or

Is Debt Discharged in Bankruptcy Taxable?

Generally, when you borrow money, you may deposit a check in your bank account.  If you use a credit card, you receive money, property or services.  In both cases, you receive something and own a debt to a creditor.   The Internal Revenue Service (IRS) does not consider the value of the money, property or services

What is a Debtor Education Course?

In order to receive your final discharge in a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, every debtor must obtain Debtor Education Training from an approved Debtor Education Provider. The purpose of the debtor education course is to teach you how to manage money and use credit wisely after bankruptcy.  Debtor education and credit counseling

What is a Credit Counseling Course?

  Before any debtor files a petition for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, every debtor, including those with primarily business debts, must take a Credit Counseling course from an approved credit counseling agency.  Credit Counseling takes about 2 hours and can be done over the phone or on the internet. There is a

It is well known that Bankruptcy Code generally prohibits the discharge of student loans that are owed to or funded by a government agency or department.  The Code provides an exception to the rule of non-dischargability: when the debtor can show that the debt, if not discharged, would cause the debtor, an “Undue Hardship”.  Bankruptcy

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What Types Of Bankruptcy Are There?

For most individuals and their families there are two kinds of bankruptcy.  They are known as:  Chapter 7 – Liquidation and Chapter 13 – Adjustment of Debts of an Individual with Regular Income.  But, some individual family farmers or fishermen may file a Chapter 12 – Adjustment of Debts Of Family Farmer or Fisherman With