Can I file for bankruptcy if I use my home for AirBNB?
Filing for bankruptcy as a homeowner can be a frightening thought because, well, you don’t want to lose your home. Especially if your home produces income, such as with AirBNB, can you file for bankruptcy?
KEEP READING . . .When you have debt, what to do: Debt Consolidation vs Bankruptcy
If money is tight for you, and you’re struggling with your debt, you may be looking to take action. Bankruptcy, it seems, is the “last resort” for people (which I don’t think it should be – bankruptcy can be used strategically). You see commercials for debt consolidation programs that offer low monthly payments to get […]
KEEP READING . . .I received a wage garnishment. Can filing for Bankruptcy help?
You get home and check your mail when you notice a discreet envelope from a marshal’s office that says “Personal and Confidential.” You open it up and you see, in big letters at the top of the letter, “GARNISHMENT.” In a few weeks, you notice that your paycheck is smaller. You notice a new deduction: […]
KEEP READING . . .In bankruptcy, is there a difference between a “debt” and a “claim”?
Legal cases often hinge around very fine, technical distinctions between words. This is one of those times. In this article, we’ll take a look at a very important issue: in bankruptcy, is there a difference between a “debt” and a “claim?”
KEEP READING . . .Can I discharge a credit card debt that was incurred to pay taxes?
As the tax return season is in full swing, many people have already filed their returns and, unfortunately, may owe the IRS or state taxing agency. While there are usually options available to pay taxes, many people don’t want to deal with an on-going debt. If you already had an eye towards filing for bankruptcy, […]
KEEP READING . . .What happens if you fail to turnover property in bankruptcy? You could lose your discharge!
When a bankruptcy case is filed, the goal is to keep the debtors with as much of their property as possible. Sometimes, though, to get the discharge, a debtor has to turnover property. Generally, it’s because they don’t have sufficient exemptions to protect the property. A very tricky asset can be a potential tax return. Even […]
KEEP READING . . .If I File for Bankruptcy, Can I Keep My Tax Return Refund?
Question: What happens to my tax return if I file for bankruptcy? It’s tax time, which means you’re excited about receiving a tax refund, or you’re dreading paying more in taxes.
KEEP READING . . .Single Mother Wins Discharge of Student Loans in Bankruptcy Court
As I’ve commented before (such as here and here), the student loan issue is something that should be receiving plenty of attention in the coming months. Bankruptcy offers an interesting opportunity for student loan debtors because, under certain circumstances, courts are willing to discharge student loans. In this case, the debtor (who, to me, more people […]
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