When filing for Chapter 7 Bankruptcy protection, a Debtor is required to file a statement of intention indicating how he or she will treat each secured Claim. See 11 USC 521(a)(2). Secured claims typically include automobiles and homes, however, a debtor must also state an intention as to executory contracts and unexpired leases such as [...]
Are Home Owners Association Dues Dischargeable in Bankruptcy?
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Are HOA Dues Dischargeable in Bankruptcy? It depends on the type of bankruptcy the homeowner filed, chapter 7 liquidation, or a chapter 13 which is a repayment plan. Also, it may depend on whether the homeowner is keeping the home or surrendering the home in the bankruptcy. Let me explain. When an individual files bankruptcy [...]
The difficulty in discharging student loans
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Now I know I’ve written about exceptions to the non-dischargability of student loans in Bankruptcy, and I stand behind what I’ve written. What I wrote was correct and the test of undue burden under 11 U.S.C. § 523(a)(8) is correct. However the practical complications of overcoming this test can be quite difficult. [...]
Emotions and Bankruptcy
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Emotions and Bankruptcy – Jay S. Jump – Jump Law Group – Washington State – www.jumplawgroup.com One of the statements I hear most often when doing an initial client interview is ‘I never thought I would end up here. I’m a complete failure.’ I cringe everytime I hear it because it isn’t true. Life is [...]
What are the Tax Consequences of a Bankruptcy Discharge?
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Debts discharged in bankruptcy are not taxable events.
Can I Keep My Car If I File For Bankruptcy?
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As a bankruptcy attorney, I field tons of questions about cars and understandably so. After all, it doesn’t do much good getting a fresh start financially if you can’t drive to work. So let’s tackle the questions once and for all on National Bankruptcy Forum. Can a consumer who files for bankruptcy keep their car through [...]
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