Top 10 Bankruptcy Myths
Filing for bankruptcy hurts your credit for 10 years. Not True. Bankruptcy stays on your credit about 7 to 10 years. Although the bankruptcy will stay on your credit, you can start rebuilding your credit once your bankruptcy is discharged. Making current, full payments on debt is one way to start building your credit while […]
What Bankruptcy Can Do for You
Bankruptcy has a bad reputation in our culture but the truth of the matter is that, for many people, it is absolutely the best option to escape the stress of insurmountable debt and to gain a fresh financial start. Here is a list of some potential benefits to filing for bankruptcy protection: End those harassing […]
Nevada Leads the Nation in Bankruptcy Filings
New Las Vegas bankruptcy data and Nevada bankruptcy data released by the government last week details just how bad the Nevada bankruptcy situation remains. The data set paints a grim economic picture, reinforcing the need for an experienced bankruptcy lawyer to help guide you through the process at a time when Nevada bankruptcy courts are […]
Chapter 13 – A Law With Benefits
Many debtors choose not to file for Chapter 13 bankruptcy because it requires repayment of at least a portion of their debts. Chapter 7 bankruptcy, another option, wipes out many debts entirely. In some cases, however, Chapter 13 bankruptcy IS the better bankruptcy option. Furthermore, certain debtors don’t get to choose because not everyone is […]
Bankruptcy FAQ
1. What is a Chapter 7 bankruptcy and/or a Chapter 13 bankruptcy? Chapter 7 bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In […]
Bankruptcy Court Finds IRS Form 1099-C Does Not Prevent Collection of Debt
A bankruptcy court in Pennsylvania recently ruled on an issue that has been a frequent source of confusion to those working with short sales. The issue is whether a 1099-C issued by a lender to a borrower automatically relieves the borrower of liability for the debt. In other words, is a creditor prevented from pursuing […]