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March 2017 Archives

Can Chapter 13 discharge credit card debt?

Chapter 13 bankruptcy is often misunderstood, but with proper care, it can be a lifesaving tool. In broad strokes, Chapter 13 is a way to create a structured payment plan to make good on your debts, while putting a halt to collection tactics. "But doesn't a bankruptcy discharge debt," you might be asking? Yes and no. Not all debts are treated the same under a Chapter 13 procedure, which may help you repay some debts in full while discharging others. Chapter 13 can be especially effective at discharging unsecured debts such a credit cards.

Small business owners may benefit greatly from Chapter 7

Starting your own business can be a rough road to travel, and for many business owners, the idea simply fails to get off the ground. There are numerous reasons why this might be, but whatever the reason, a failed business idea does not have to dismantle your entire life. Many business owners file for bankruptcy to keep a failing business from destroying the rest of their lives, which is a perfectly legitimate use of bankruptcy.

Bankruptcy automatic stay may help halt harassment

Facing substantial debt can leave you feeling a myriad of emotions. You may wonder how you could get out from under the outstanding balances you owe and feel considerable stress due to constant creditor calls. This stress can have significant effects on multiple areas of your life, including your overall health. Therefore, you may wish to consider exploring bankruptcy and learning how the process could potentially help.

Politician plagued by problematic bankruptcy

Bankruptcy is often thought of as a process where people declare that they have no money and a court allows them to cancel their debt. In reality, the process is far more complex than this, and sometimes a person may take actions that are not permitted, complicating or canceling the bankruptcy entirely. An elected official in a Chicago suburb, who is now seeking election, is currently under scrutiny for actions he took while in bankruptcy during his first term.

Man denied bankruptcy because of embezzlement

If you have suffered from some very poor fortune or made some errors in judgment, you may be able to make a clean start through bankruptcy. However, not all debt can be discharged, as one Georgia man learned recently. A bankruptcy court overseeing Northern Georgia ruled on March 6 that a man who had applied for bankruptcy could not discharge debt that he had accrued after attempting to hide money that had been erroneously transferred to his company. Because the court believed he had taken steps to hide the funds from its rightful owner, it considered the debt to be embezzlement, disqualifying him for discharge through bankruptcy.

Filing Chapter 13 bankruptcy to stop a sheriff sale

Financial challenges are stressful, but almost nothing is as disheartening as the threat of possibly losing your home. If you receive notice that your home is in foreclosure or notification of a sheriff sale, your situation is not beyond repair. The circumstances are serious, but with experienced guidance, you may be able to stop this process and even keep your home.

Discharging cash advance debt through Chapter 7

If you're considering a Chapter 7 bankruptcy, you may be concerned that not all of your debts will qualify for discharge, especially some of the more destructive types of debt. Cash advance debts can be some of the worst culprits in driving you deeper into personal debt and feeling like there is no way out, and there is some conflicting information out there about whether or not cash advance debt can be discharged with bankruptcy. Of course, like most serious matters, there is not a simple yes-or-no answer to this question. Can you discharge cash advance debt with a Chapter 7 bankruptcy? Well, probably.