By Jeff Field | Published August 30, 2022 | Posted in Bankruptcy | Tagged Tags: adversary proceeding, BAPCA, credit card companies, debt discharge | Leave a comment
How Credit Card Companies Can Challenge Debt Discharge
Credit card debt is one of the financial issues that can push a borrower into filing for bankruptcy. However, federal law allows a creditor to challenge discharge of a particular debt by claiming it was obtained by “false pretenses, false representation, or actual fraud.” Credit card companies have two primary strategies for raising such challenges. Read More
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Can You File a Chapter 7 Without Affecting Your Spouse?
Married couples often file joint bankruptcy petitions. In many cases it makes perfect sense for both spouses to liquidate (Chapter 7 bankruptcy) or reorganize (Chapter 13 bankruptcy) their debts. However, it is possible for only one spouse to declare bankruptcy and under certain circumstances, it is in the couple’s best interests to do so. One Read More
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What a Bankruptcy Attorney Can Do That You Probably Can’t
Individuals filing for bankruptcy have the right to represent themselves. Some people are tempted to do so, reasoning that bankruptcy consists of simply filling out forms. However, in most cases, going into bankruptcy without an attorney is a risky course of action. According to recent statistics, people who file Chapter 7 bankruptcy petitions through legal Read More
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Bankruptcy Abuse Prevention Law Can Limit Discharge of Credit Card Debt
The purpose of bankruptcy is to give financially overwhelmed individuals a fresh start and the chance to repair their credit. Many types of consumer debts can be discharged (canceled) in bankruptcy, including personal loans, medical bills, past due utility charges and, quite commonly, credit card accounts. In fact, much of the debt in Chapter 7 Read More
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Are IRAs Exempt From Creditors During Chapter 7 Bankruptcy?
In a Chapter 7 bankruptcy (also known as “liquidation”), a court-appointed trustee is tasked with collecting and selling the debtor’s assets and using the proceeds to pay the creditors. However, the trustee cannot take everything. The debtor can legally retain ownership of certain assets, in whole or in part. These bankruptcy exemptions include various forms Read More
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Proving “Undue Hardship” to Discharge Student Loan Debt
Americans are now burdened by $1.75 trillion in student loan debt. That’s twice as much as the $856 billion Americans owe on credit cards. Not surprisingly, a large number of people who file for bankruptcy have student loan debt. Unfortunately, only about 1 percent of them even try to get that debt discharged. Part of Read More
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How Bankruptcy Can Be Used to Fight Eviction
One of the principal benefits of bankruptcy is that it imposes an automatic stay on debt collection. If you are a residential tenant, the automatic stay puts an immediate halt to certain actions against you, including efforts to collect overdue rent. If you are at the point where you are facing eviction, filing bankruptcy may Read More
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Taking Advantage of Small Business Bankruptcy Protection
Until just two years ago, small businesses that ran into financial trouble couldn’t find much protection in the bankruptcy system. Reorganization under Chapter 11 was too expensive and filing for Chapter 7 would mean going out of business. Fortunately, today there is another, more useful bankruptcy option known as Subchapter V — a slimmed-down version Read More
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5 Bankruptcy Myths That Keep People from Seeking Debt Relief
Far too many people continue struggling with debt because they are afraid of how bankruptcy might affect them in the future. There are all kinds of myths out there about how bankruptcy means you lose everything and leaves you with terrible credit that can never be repaired. In reality, bankruptcy’s bad reputation is based on kernels Read More
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Why Bankruptcy is Often a Better Remedy Than Debt Consolidation
Some people facing uncomfortable financial burdens might look to debt consolidation as an alternative to filing for bankruptcy, perhaps out of fear that bankruptcy will ruin their credit rating. However, debt consolidation has its own disadvantages that might make it a poor choice in many situations. Bankruptcy can be a better option if, for instance, Read More
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