Category Archives: Chapter 7 Bankruptcy

Fresh Start in the New Year

New Year’s Resolutions? Even with the best intentions, often the first thing we find are the same old obstacles. What’s standing in your way before you can take the next step? Have you taken a moment to see what making a Fresh Start might mean? Maybe it’s scrapping what hasn’t worked and focusing on what…

Top 5 Reasons that Student Loans should be Dischargeable in Bankruptcy

what obama should do for student loan debt relief

President Obama’s executive order with regard to student loan debt relief doesn’t go far enough. Here are five reasons why the President and the Congress should go further: 1. Even the IRS Doesn’t Get the Protection that the Student Loan Creditors Enjoy. When most people think of a creditor that is going to get its…

Debt Settlement? Look out for Tax Liability!

debt settlement look out for tax liability

I have been receiving calls from people who are looking into settling debts with creditors for less than the complete amount owed. This is sometimes possible, and sometimes a good idea. However, people are surprised to find out that they may be creating income tax liability by doing this. Yes, it’s true: debt forgiveness is…

Debt Relief for Student Loan Borrowers

Girl worried about paying student loans

What are Debt Relief options for student loans? Here is the run-down for people who live in the San Francisco Bay Area: 1. Income-Based Repayment (IBR) Fortunately, there is a federal program called Income-Based Repayment. This is one form of debt relief available for many borrowers who have federally-guaranteed student loans. However, you can’t do…

Top 5 Reasons to file a Chapter 13 Bankruptcy

Family happy to be out of debt

1. You missed a few payments on your mortgage or car and you can’t come up with the lump sum payment to bring yourself current. In a Chapter 13 bankruptcy you will be able to spread out those payments over 36-60 months, and your creditors cannot foreclose on your home, repossess your vehicle, or continue…

I Own My Home – Should I file a Chapter 7 Bankruptcy?

home saved through bankruptcy

Probably not. Most of my clients who own their homes are driven to file bankruptcy because they are behind in mortgage payments on their home loans. If you are behind on mortgage payments for your home loan, DO NOT file a Chapter 7 case!  The lender will respond by seeking permission from the Bankruptcy Court…

Should I file a Chapter 13 Bankruptcy?

Chapter 13 Plan

There are two main reasons that most of my clients file a Chapter 13 Bankruptcy: First, if you cannot pass the Means Test discussed in my previous blog post, Do I Make Too Much Money to File a Chapter 7 Bankruptcy?, and a Chapter 7 filing is not available, you may still be able to…

Do I Make Too Much Money to File Bankruptcy?

money saved through bankruptcy

  Since the Bankruptcy Code was amended back in 2005, many people are unsure if they qualify to get rid of their debts by filing a Chapter 7 Bankruptcy case.  A Chapter 7 Bankruptcy is also known as a “Fresh Start” bankruptcy because it discharges all unsecured debts such as credit card debts, medical and…

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