Latest on the Bankruptcy Blog

Bankruptcy has long been an avenue for resolving debt burdens and debts otherwise causing an individual financial hardship. However, not all debts are equal and some have not been eligible for a debt discharge through bankruptcy. For example, some tax debts, unpaid domestic support payments, and student  loans are among those most difficult to obtain  … Read more

Businesses and families alike are experiencing the pain of inflation, and not just at the pump. Besides high gas prices, costs are rising around for everyday essential items from the costs of food to municipal expenses. The rise in inflation is not just a United States problem, as the high costs of energy and supply  … Read more

Debt collectors are notorious for harassment and intimidation when attempting to collect a debt. As a result, many consumers are often faced with harsh language and threats as collectors push every line to collect their money. Since the 1970s, there have been strict rules in place to govern debt collectors from crossing lines like making  … Read more

This week a California man failed to use his bankruptcy to wipe out old state income tax debts. The Ninth Circuit held that his notices to the state don’t amount to tax returns. Those notices weren’t tax returns that allowed him to eliminate his state tax debt as part of his Chapter 7 bankruptcy.  The  … Read more

The far reaching consequences of the pandemic may be slowing in some ways, but ramping up speed in others. Families have struggled with record levels of illness, job loss, and financial hardship in the last two years. Many are now finding their problems have gone from bad to worse in a matter of minutes. Eviction  … Read more

According to the Monthly Treasury Statement, the federal government collected $283,927,000,000 in October; the first fiscal month of 2022. The federal government spent $448,983,000,000 in October; setting a second highest record of spending ever for the first fiscal month of 2022. The highest month of spending ever for a first month of a fiscal year  … Read more

A repossession is an action to recover collateral for a debt. The most common example is taking a car back from a person who bought it on credit. For many people facing financial hardship, losing their car may make debt problems worse when they can’t get to work. How Can I Stop Repossession? There are  … Read more

Tax debts can be costly in many ways. Unlike other types of debt, defaulting on paying your taxes can result in having your wages garnished, your property placed under lien, and even land you thousands of dollars more in debt. Additionally, tax debts are different than traditional forms of debt in that they often are  … Read more

You may have heard that filing for bankruptcy is bad because it will liquidate all your assets. This is false. Although there are some instances in which some of your income or assets could be used to pay debts to creditors as part of your bankruptcy filing; they won’t take everything you have. In fact,  … Read more

Many people are looking for ways to decrease their spending, increase their earnings, and regain financial control. Times may be tough from time to time, but there are ways to prevent or get out of debt. Here are a few strategies for making your plan to become debt free. Outline Your Goals The first step  … Read more