Typically the filing of a bankruptcy, whether it be a chapter 7 or a chapter 13 eliminates any type of tax liability with regard to the discharged debt.  You might find that a creditor will send you a 1099C at some point after you file for bankruptcy.  However, if you contact your accountant or your CPA or your tax preparer, they will likely advise you that the debt does not have to be or that the tax on the debt does not have to be included in your taxable income because you eliminated it in your bankruptcy case.  Many creditors will simply send those statements not knowing whether or not

Typically, your neighbor will not find out that you filed for any type of bankruptcy protection.  Although bankruptcy is public record, it is not widely published in any newspaper.  It is found online and somebody who wants to search the Clerk of the United States Bankruptcy Court website could find out whether or not you have ever filed for bankruptcy.  However, the likelihood of one of your neighbors out of the blue contacting the Bankruptcy Court website and searching around for your name is very rare.

You must list everybody that you owe and everything that you own on a bankruptcy petition.  It doesn’t matter if the item is paid in full or if there’s money owed on it or if you have a partial interest, if you have any interest or owe any money or even if it’s paid, you must list all of your property.

A common concern for debtors that are considering filing for bankruptcy is whether or not they are going to lose their vehicle if they file a bankruptcy.  The answer to this question depends on several factors so it would be in your best interest, if this is a concern of yours, to consult a bankruptcy [...]

It’s that time again. Time to explain why filing personal bankruptcy can provide enormous tax savings.

In re Casey Marie Anthony, Bankr. M.D. Fla., Case No. 8:13-bk-00922-KRM
Although this blog typically focuses on Michigan bankruptcy cases, last week’s Chapter 7 filing by Casey Anthony raises interesting questions about the impact of bankruptcy on public figures.

In a typical bankruptcy case, you are never going to see a judge.  In a chapter 7, you’re going to see a bankruptcy trustee.  The trustee is a person appointed by the bankruptcy court to administer your case.  The trustee wants to make sure that you are listing all your assets and all your liabilities and you are answering truthful questions to the statement of financial affairs.  The trustee’s job is to see if there are any nonexempt assets that can be taken, sold and administered for the benefit of your creditors.

You are not going to go to jail if you file for bankruptcy.  In fact, bankruptcy is a great way to get a fresh start, eliminate debts such as credit card bills, medical bills, personal loans and other types of unsecured debt.  There’s nothing to be ashamed about in filing for bankruptcy.  Bankruptcy is a federal right granted to you in the Constitution for being allowed to either reorganize your debt or get a fresh start.  If you do not file for bankruptcy and you bury your head in the sand and ignore your creditors, then there is a chance that you might have to go to court.  If you are sue

Many times licenses are suspended for parking tickets, for child support, for driving without insurance.  These suspensions can be lifted during a Chapter 13 bankruptcy, during the 110 days of your case.  Now, this is not a lot of time to repay the debt; however, it does unfreeze the suspension, give you the opportunity to drive and an opportunity to work out some type of installment payment plan prior to your case coming to a conclusion.

Utah has its own foreclosure process.  A helpful link is Utah Foreclosure Help which contains a lot of helpful information about foreclosure and assistance scams.  In summary, it takes about 200 days from the time you make your last house payment until the time your lender can foreclose or sell your property.  After 90 days of missed payments, the lender can file a NOD or Notice of Default.  This is public record as it is recorded at the County Recorder's office.  You then have 90 days after t