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Organizing Your Financial Records

Throughout the course of the year you probably receive numerous financial statements, many of which are probably living in a large pile of papers. It is important to keep your financial records ...
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Tax Consequences of Bankruptcy

When your debts are discharged through the bankruptcy process, the IRS treats these debts as taxable income to you. Any bank, credit union or other financial institution that writes off a debt for ...
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Converting Chapter 13 to Chapter 7 Bankruptcy

You have the right to convert your bankruptcy case from Chapter 13 to Chapter 7 at any time. However, in order to convert your case, you must qualify for a Chapter 7 bankruptcy by satisfying the ...
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Converting Chapter 7 to Chapter 13 Bankruptcy

You have the right to convert your bankruptcy case at any time from Chapter 7 to Chapter 13. In fact, you can convert to Chapter 13 at any time. Even if the trustee objects, the bankruptcy court may ...
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What is a Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is a reorganization of debt, allowing you to repay all or a portion of your debt through a Chapter 13 plan, while protecting your assets. It allows you to pay off your debt ...
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Does Bankruptcy Affect Workers' Compensation Benefits?

In short, workers' compensation benefits are not considered an asset of the debtor and are protected. The workers' compensation benefits would be listed in the bankruptcy petition but would be a fully ...
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Avoiding Liens under Chapter 7 Bankruptcy

If you are considering filing a Chapter 7 bankruptcy, it's probably because you want your debts discharged. The general rule in bankruptcy is that liens are not discharged. However, certain liens can ...
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Does Bankruptcy Eliminate Back Child Support?

Neither chapter 7 or chapter 13 bankruptcy eliminates back pay child support. Child support is a court ordered obligation and therefore it is not dischargeable through any bankruptcy. Unpaid child ...
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What is the 341 Creditor's Meeting?

The 341 creditor's meeting is a short meeting with your creditors that takes place usually 30 days after filing your bankruptcy petition. What is the purpose of the meeting?? The purpose of this ...
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History and Purpose of Bankruptcy

We can trace bankruptcy law in the United States all the way back to the 1800s and English law, but bankruptcy law has experienced many changes over the years. Some of major changes include: The ...
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Chapter 7 Bankruptcy Basics

Bankruptcy is a legal proceeding for people who cannot pay their debts and are looking for a new start. Filing a bankruptcy petition immediately stops all of your creditors from seeking to collect ...
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Positive Effects of Bankruptcy

We all know about the negative effects of bankruptcy, i.e. a mark on your credit report, but one must remember that there are two main positive effects of filing for bankruptcy. No More Creditors You ...
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Gathering Information for Filing Bankruptcy

If you are thinking about filing for bankruptcy you will need to gather information about your finances. This information will be used to your bankruptcy petition, which need to be as accurate as ...
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Discharging Your Second Mortgage Through Bankruptcy

Filing for bankruptcy can discharge your second mortgage. Filing for Chapter 7 bankruptcy will discharge your personal liability for your second mortgage, but the lien on your home will still remain. ...
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Will Filing for Bankruptcy Stop Bank Levies?

Creditors place levies on your bank account to take the money that you owe them. So, what can you do to stop your creditors and save your money? Filing for bankruptcy will stop creditors from taking ...
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What Is Debt Settlement? Does It Work?

Debt settlement is a process where you negotiate with your creditors to reduce your debt in exchange for a lump sum payment. It sounds great right? Here are a few reasons why it is not: You will need ...
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Qualifying for Chapter 7: The Means Test

In order to qualify for Chapter 7, you must pass the "means test"-a formula used to determine whether you have enough money to pay creditors. The purpose of the means test is to reserve Chapter 7 for ...
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Debts Not Dischargeable Through Bankruptcy

Not all debts are dischargeable in a Chapter 7 bankruptcy. These non-dischargeable generally debts include but are not limited to: Most taxes (some exceptions for income taxes debt 3-years old) Child ...
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Can Chapter 7 Bankruptcy Discharge Personal Loans?

The short answer is yes. Virtually all of your unsecured loans can be discharged through Chapter 7 bankruptcy. Your personal loans are unsecured loans as long as you have no collateral attached to ...
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Whats Happens to My Lease When I File for Chapter 7 Bankruptcy?

The Bankruptcy Code gives you two options when you file for Chapter 7: assume your lease (keep it) or reject it (get rid of it). But why would you do either? You might want to assume your lease if you ...
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Can I File for Chapter 7 Bankruptcy and Keep My Home?

Yes, you can keep your home as long as: $75,000 if you are single, $100,000 if you are a part of a family unit, or $175,000 if you are over 65 or physically disabled or under 55 with less than $15,000 ...
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Should Married Couples File For Bankruptcy Jointly or Separately?

When filing for bankruptcy, married couples tend to file jointly because they are so financially intertwined and their debts are comingled. California couples are especially financially entangled ...
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Why Should I Hire an Attorney instead of a Bankruptcy Petition Preparer?

The bankruptcy process is like floating down a river in the Amazon jungle and you have three options: Go alone -you're going down the river without a boat. You might trust your survival skills but ...
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Donald Trump's Bankruptcies: Shameful Failure or Business Savvy?

Starting a business isn't easy. Keeping it afloat is even harder especially in this economy. It's no surprise that nobody, not even "The Donald," is a stranger to business hardships. On four separate ...
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Avoiding Leins Under Chapter 7 Bankruptcy

If you've filed or are considering filing a Chapter 7 bankruptcy, it's probably because you want your debts discharged. The general rule in bankruptcy is that liens are not discharged. However, ...
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