Bankruptcy Law tips – Law News Depot

Bankruptcy Law – Taxes Are Not Discharged in Bankruptcy

22Jun

By Law News DepotNo Comments

Bankruptcy Law

Bankruptcy Law – Taxes Are Not Discharged in Bankruptcy

Bankruptcy is a legal process that allows individuals and entities to get rid of their debts. Bankruptcy is usually imposed by a court order or initiated by the debtor. This article explores the different aspects of bankruptcy law, including tax issues. Taxes are not discharged in bankruptcy, though debtors generally are. This can be a confusing issue for many. This article will explain how bankruptcy can work for you and what to expect if you file for bankruptcy. Chapter 12 bankruptcy There are several things to know about chapter twelve bankruptcy law. Firstly, debtors must file a repayment plan within 90 days of filing for bankruptcy. It must outline how the debtor plans to repay all claims over three to five years. The plan must also provide for priority claims, which are those ...

22Jun

By Law News DepotNo Comments

Bankruptcy Law

Bankruptcy Law – What You Should Know

Bankruptcy law describes the process by which individuals and entities who cannot pay their debts can receive relief from these obligations. In most cases, bankruptcy is imposed on people or entities by a court order, but in some cases, it may be initiated by the debtor. Here are the facts about bankruptcy law and what you should know about filing for this type of relief. Listed below are some examples of situations in which bankruptcy may apply. If you are unsure of whether you can file for bankruptcy, consult a professional attorney for more information. Chapter 13 bankruptcy Under Chapter 13, you can discharge both secured and unsecured debts. Secured debt is debt that uses collateral to ensure repayment. Unsecured debt, on the other hand, is debt that you do not own or have secu...

Bankruptcy Law – The Basic Principles of Bankruptcy

22Jun

By Law News DepotNo Comments

Bankruptcy Law

Bankruptcy Law – The Basic Principles of Bankruptcy

Bankruptcy is a legal process that provides debt relief for individuals and entities that are unable to pay their debts. This procedure is often imposed by a court order, but the debtor may initiate it as well. Listed below are the most common types of bankruptcy and how they are handled. The bankruptcy process can be difficult, but following some basic guidelines can help you navigate it successfully. This article outlines the basic principles of bankruptcy law and provides information on how to file for Chapters 7 and 13. Chapter 7 A typical Chapter 7 bankruptcy filer has a significant amount of debt, usually credit card or unsecured bills, and a few assets. This type of bankruptcy liquidates nonexempt assets to eliminate most of the debt. There are certain types of debt that are ...

Bankruptcy and Taxes – What Bankruptcy Law Says About Taxes Not Discharged

22Jun

By Law News DepotNo Comments

Bankruptcy Law

Bankruptcy and Taxes – What Bankruptcy Law Says About Taxes Not Discharged

Bankruptcy is a legal process by which individuals and entities can seek relief from their debts. Bankruptcy is often imposed on a person or entity, but may also be initiated by the debtor. For more information about bankruptcy, see the following links. Also, keep in mind that taxes are not discharged, even though the debtor generally is discharged from all debts. Also, consider restructured debt before filing for bankruptcy. Chapter 7 bankruptcy When you file for bankruptcy, you can keep most of your property. However, some debts cannot be discharged under Chapter 7 bankruptcy law. This includes certain types of secured debt, which can be reaffirmed. Fortunately, attorneys can use the law to protect your assets. Here are a few things to know about this type of bankruptcy. Also, rem...

21Jun

By Law News DepotNo Comments

Bankruptcy Law

When debts exceed assets, a person panics. There are many worries about their future. Especially, if they lent money to a reliable borrower, they will be upset if the person is unable to repay it. Thankfully, there are laws that govern situations where debts are overwhelming. Bankruptcy law deals with these situations. Read on to learn more. Here are a few tips for those in debt. Chapter 7 bankruptcy There are many benefits of Chapter 7 bankruptcy under bankruptcy law. It takes about four to six months and costs $299 in filing and administrative fees. It usually only requires one trip to the courthouse. With Chapter 7, you can get rid of your debt without losing your home, car, or other necessities. You may be able to reclaim any property that you have sold in the past two years. Ho...