Bankruptcy Tax Refunds: Keep ‘Em Small
By Mark Emmett on 9/07/10 | 0 Comment(s)
MINIMIZE YOUR TAX REFUNDS WHILE IN BANKRUPTCY It’s important to minimize your income tax refunds, whether you’re getting ready to file a Chapter 7 case or you’re already in a Chapter 13. In Chapter 7 bankruptcy, tax refunds are probably the most likely asset to be taken by the trustee. This presents a couple of [...]
Why Surrender a California, Florida or Nevada Home in Bankruptcy?
By John O'Connor on 9/05/10 | 0 Comment(s)
Why surrender a home in bankruptcy? Because you owe alot more than the home is worth and have personally guaranteed the mortgage. Why Surrender a home in California, Florida or Nevada in bankruptcy? Because you owe a hell of alot more than the home is worth and have personally guaranteed the mortgage. Sad to say, [...]
Do My Wife and I Both Have To File For Bankruptcy?
By Moderator on 9/04/10 | 0 Comment(s)
Do both spouses have to file for bankruptcy? Well, for starters, no one has to file for bankruptcy, however, if you and your spouse are seeking relief from debts you have incurred together, the answer is likely yes. Let’s say that, due to a recent job loss, you and your wife were forced to use [...]
What If My Creditor Gets a Judgment Against Me Before I File Bankruptcy?
By Drew Broaddus on 9/02/10 | 0 Comment(s)
Many individuals contact us with concerns about credit card debts that have been turned over to collections. Often, the client is concerned about what will happen if the collections agency obtains a judgment on the debt before the client files for bankruptcy. The short answer is that if the underlying debt would have been dischargeable [...]
How Chapter 7 Bankruptcy Works
By Drew Broaddus on 9/02/10 | 0 Comment(s)
Be forewarned, the following journey through chapter 7 bankruptcy law is a bit technical, so if you are considering filing for chapter 7 bankruptcy, consult a bankruptcy attorney. Chapter 7 Bankruptcy: It All Begins A chapter 7 bankruptcy case begins with the debtor filing a petition with the bankruptcy court serving the area where the [...]
Does the Defense of Marriage Act Prevent Gay Couples From Filing Joint Bankruptcy Petitions?
By John O'Connor on 9/02/10 | 0 Comment(s)
In cases where a married couple has incurred joint debt, a bankruptcy filing by only one spouse will not negate the obligation of the non-filing spouse to pay back the couple’s debts. Even after one spouse has declared bankruptcy, creditors can still come after the other nonbankrupt spouse for joint debts. As a result, it [...]
Executory Contracts and Unexpired Leases
By Richard Stokan on 8/31/10 | 0 Comment(s)
The bankruptcy petition includes a section for executory contracts and unexpired leases. I have been asked by several debtors what is an executory contract and unexpired lease? The simple answer is that an executory contract is an agreement between two parties where neither party has fulfilled its obligations under the contract. An unexpired lease is [...]
Interview With Kentucky Bankruptcy Attorney John Rogers
By Moderator on 8/30/10 | 0 Comment(s)
Kentucky bankruptcy attorney John Rogers weighs in on the state of the economy in Kentucky, his law practice, common bankruptcy myths and what it will take to fix the housing crisis. How long have you been practicing in the area of bankruptcy? John: I have been practicing in this area of law extensively since about [...]
Sorry But That’s Not a Short Sale!
By John O'Connor on 8/30/10 | 0 Comment(s)
A few days ago I had a conversation with a realtor friend about the state of the housing market. Inevitably, the subject of short sales came up. My friend said that while overall sales continue to be slow, he has seen quite a few “short sales” recently. This peeked my interest and we got to [...]
State of our economy – what should you do now?
By Richard West on 8/29/10 | 0 Comment(s)
I just read an economic survey indicating that there probably never was an economic recovery and this is not an ordinary recession. The article indicated that despite the amount of time, taxpayer dollars, and governmental effort pumped into our economy, the results are just not there. The mortgage modification program is a complete disaster, despite [...]
