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According to the Census Bureau, 7% of divorce decrees include a provision for alimony or spousal support. When your spouse, who owes you alimony or support files for bankruptcy, it may lead you to wonder whether you can still collect. For the party receiving alimony, those payments are considered income under your bankruptcy estate. When […]
There are hundreds of thousands of bankruptcy petitions filed every year in America. A major disagreement in the area is whether or not many of these bankruptcy filings are fraudulent. About 95% of all bankruptcies are filed by individuals every year. Most consumer bankruptcy filings are Chapter 7 filings, usually about 65%. Additionally, many filers […]
In February, the Department of Justice announced its decision to not enforce Section 3 of the Defense of Marriage Act (“DOMA”), which bars the federal government from recognizing same-sex couples as married. The President concluded that this section is unconstitutional and ordered the Department to halt its defense of DOMA. This policy has caused confusion […]
Bankruptcy Myth #7: I must be a US citizen to file for bankruptcy. Also, if I file for bankruptcy I will not be considered for citizenship. Both of these myths are completely false. First, there is no requirement that you be a US citizen to file for bankruptcy. In reality the only requirement you need […]
Are you thinking about filing for Bankruptcy? Don’t fall for these Bankruptcy myths! In Part I of this feature we explored three common bankruptcy myths. Here we explore a few more common bankruptcy myths that are floating around online. Bankruptcy Myth #4: It is simply just too expensive to file for bankruptcy. I won’t be […]
Filing Order – Bankruptcy or Divorce? Bankruptcy and divorce often go hand in hand – sometimes, the financial strain of divorce and support obligations leads to the filing of a bankruptcy action. Other times, the stress of financial crisis, which often precedes bankruptcy, may lead to additional strains on a marriage. In some situations, when […]