In 2005, The Bankruptcy Code was revised, making it more difficult and sometimes impossible for many debtors to obtain relief under Chapter 7 of The Bankruptcy Code. Disabled veterans were excepted from some of the new eligibility requirements that affected most debtors. If you are a disabled veteran who became disabled while serving your country, […]
THE BANKRUPTCY ESTATE
When a debtor files bankruptcy, an estate is created. The estate includes all of the person’s legal and equitable interests in property at the commencement of the case, and may also include any property the debtor becomes entitled to during the 180 day period following the filing of the bankruptcy case. However, debtors can exempt […]
WHAT DEBTS CANNOT BE DISCHARGED IN BANKRUPTCY?
There are three common types of debts that cannot be discharged in bankruptcy. The first type of nondischargable debt is income tax liability. The general rule is that if you incurred income tax liability within the last three tax years, the debt will not be discharged in bankruptcy. The second type of nondischargeable debt is […]
WHAT HAPPENS WHEN A DEBTOR DIES WHILE IN BANKRUPTCY?
Rule 1016 of the Federal Rules of Bankruptcy Procedure addresses what happens to a bankruptcy case when a debtor dies. In Chapter 7 bankruptcy, the case continues. The estate of a Chapter 7 debtor is administered and the case concluded as though the death had not occurred. When a bankruptcy case is filed, property is […]
What is Chapter 7 Bankruptcy?
Everybody has bills. Perhaps you must be late on a payment or miss one entirely. It isn’t ideal for your credit score, but in the present condition of America’s economy, lots of people need to “rob Peter to pay Paul.” If this really is you, you most likely don’t need to think Bankruptcy, not just […]