No. Although outside of bankruptcy you can be taxed on the amount of debt that one of your creditor’s discharges for you, inside of bankruptcy the IRS does not consider your discharge of debt as income. But wait a minute! You may be thinking: How can a discharge of debt be considered income? Well, the […]
In order to get a discharge of your debts, a Chapter 13 debtor must complete their plan by paying a certain amount of money each month for the length of the plan. But what happens if you are unable to pay the monthly payment required by your plan? Sometimes it is possible to modify the […]
It is completely understandable if you have debt you may not want other people knowing about it. After all, your debt is something that is a completely private matter between you and your creditor. Unfortunately, some debt collectors like to intimidate or guilt people into paying their debt(s) by threatening to tell other people about […]
Of course you have heard about “unsecured” and “secured” creditors, what is it that differentiates between the two terms? A creditor is somebody to whom money is owed. For example, when you owe the bank money because you have taken out a loan, they are then your creditor. We can separate creditors into two categories, “secured” and […]
The bank has already started the foreclosure process on my home, is it too late to act? No. As long as the foreclosure process has not yet been completed, filing bankruptcy can stop the foreclosure process and allow the debtor an opportunity to bring the payments current and thereby “cure the default.” The right to […]
Usually, as long as your parents do not pass away 180 days past the date of filing, none of the trust’s assets are at risk in the bankruptcy. To read more about this issue click here. Or consult a Tucson Bankruptcy Attorney.
What About My Tax Refund? Planning around a tax refund is sometimes the most important part of a tucson chapter 7 bankruptcy. Every time you receive a paycheck your employer withholds money that is sent to the government as payment of income taxes. Most employees overpay the government every year that is one reason they […]
The answer is not completely simple. It is a matter of public record, however nobody will be notified unless you owe them money or you have received a garnishment through your employer. Your creditors will all be notified, as well as your landlord. Most other people in your life will not be notified unless you […]
No. You will not. The purpose of making bankruptcy available as an option is not to punish you for whatever circumstances have lead to financial troubles or for getting in over your head. For the vast majority of our clients, they have gotten too deeply into debt through no fault of their own. Maybe they […]
When someone files for bankruptcy, they are immediately assigned a “trustee”. A trustee is similiar to a referee. They work between the debtor and creditors to ensure that both are treated equally. They are appointed to examine your case, finances and assets. The trustee look over your assets for any nonexempt property that can be sold, […]
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