When you claim bankruptcy, all of your assets can be used to pay back some of the debts owed to your creditors. These assets include your possessions, home, income and more. Once this has been done, you will have to agree to certain restrictions and there will be an investigation of your financial affairs.
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Are you currently in financial trouble? This article discusses what bankruptcy is and the pros and cons of it.
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The short answer is yes. Bankruptcy is not a sin and bankruptcy is not the problem. The problem is caused by behaviors such as living beyond one’s means, or failing to exercise wisdom in spending decisions.
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Filing for bankruptcy is a complicated process. Those who are going through the process are doing so to try to recover from debts and take financial responsibility in the future. There are many blunders that people make that may result in their case being thrown out. Reporting all assets is essential in a case, and failure to so will all but deplete the chances of achieving bankruptcy status. Hidden assets are one of the major causes of a bankruptcy filing being turned down.
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Can tax debts be discharged in bankruptcy? Can student loans be discharged in bankruptcy? Can child support be discharged in bankruptcy? As a Phoenix bankruptcy lawyer, these are common question that I am asked and in this article I answer them.
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Learn about the tax implications of bankruptcy from an experienced Enrolled Agent. In this article, you will learn if your tax debt qualifies for discharge in bankruptcy, as well as how the bankruptcy process affects your taxes.
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Being strapped for cash is never a fun time at all. When you are considering Bankruptcy you need to call in a Professional with experience. To put your mind at ease, below are questions you will be asked.
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As a Phoenix bankruptcy lawyer, a Tucson bankruptcy lawyer and a Casa Grande bankruptcy lawyer this is something that I get asked fairly often. This is what I tell my clients.
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Bankruptcy debtors need to disclose everything on the petition they submit with the court. If the debtor intentionally tries to hide assets or events from the court, the debtors discharge could be denied, and the debtor could even end up in prison.
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Chapter 7 bankruptcy debtors are faced with the decision whether to reaffirm their secured debts, which are typically their car and mortgage payments. Debtors should tread carefully when considering signing a reaffirmation, as often times these debts are their largest debts. Sometimes debtors can keep the collateral without reaffirming.
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