A chapter 11 case begins with the filing of a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary […]
A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. (3) In addition to the petition, […]
Chapter 13 bankruptcy can be an option if you are facing foreclosure after falling behind on your mortgage payments. It will allow you to pay off the amount owed through a repayment plan, usually within 3-5 years, depending on your income and other circumstances.
In Washington, you may retain any property that falls into one of the exemptions categories if you file bankruptcy. However, there are certain debts that you will not be able to discharge even in bankruptcy, among them are certain non-dischargeable taxes, as for example, back […]
If your debt to someone else has been canceled or forgiven, the canceled amount may be taxable. Generally, to the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. The […]
A loan modification does not re-establish liability on the loan. While the terms of the loan might change, the loan is not being refinanced. Refinancing the property into a completely new loan would re-establish liability, but not a loan modification.
To file or not to file, that is the question… The decision of whether or not to file for Bankruptcy depends heavily on your personal situation. For some, filing for Bankruptcy can be just the helping hand they need to get out of the hole […]
Bankruptcy is a viable solution for many individuals and businesses, but there is items you should know before filing or you may lose your personal or real property. When a bankruptcy is filed, a debtor is entitled to claim certain bankruptcy exemptions. Exemptions are values […]
There’s a lot to pay attention to if you’re getting ready to file for Bankruptcy. Ultimately, you want to make sure that you’re doing everything by the book so as to avoid any and all risks you may be taking. Filing for Bankruptcy is designed […]
For some debtors, Chapter 13 bankruptcy is a better option than Chapter 7 bankruptcy. And sometimes Chapter 13 is the only option because a debtor is not eligible for Chapter 7 bankruptcy. It’s important to sort out the issues and decide which form of bankruptcy […]