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Filing for a Chapter 7 Bankruptcy in California? Here’s a Step-by-Step Guide

Despite going through extreme financial difficulties, people often refrain to file for bankruptcy, probably because they are unclear of the entire procedure. For individuals who are going through a tough financial situation, Chapter 7 bankruptcy is the best bet as it offers people to start life afresh. In this case, your non-exempt assets are surrendered and sold off to pay the creditors. Any unsecured debt left after payment is discharged. The state of California has two systems of exemption to protect your assets, thanks to which the majority of debtors don’t require to surrender any assets. Here’s what [...]

2019-07-11T10:38:10+00:00

Can Income Taxes be discharged in Bankruptcy?

The unsecured debts such as medical bills or credit card bills are discharged after people get a bankruptcy discharge. This is 3-4 months from a bankruptcy filing in case of Chapter 7 and after 3-5 years in the case of Chapter 13 repayment plan. However, some debts are not discharged like government taxes or spousal/child support, etc. Though under certain circumstances, local, state and federal income taxes can be discharged along with any interest and penalty fees in Chapter 7, Chapter 11 and Chapter 13 bankruptcy. However, not all taxes are dischargeable. To discern which taxes can and [...]

2019-06-14T12:22:40+00:00

Can Educational Loans be Discharged in Bankruptcy?

Bankruptcy is the best legal recourse available to people to get rid of unpaid dues accumulated due to miscalculated financial risks, heavy medical bills or long credit card bills. However, certain debts such as spousal and child support, government taxes and educational loans are not discharged even post-bankruptcy. Getting student loans written off during bankruptcy is extremely difficult, though not impossible, say Dallas based bankruptcy lawyers Recovery Law Group. By proving “undue hardship”, which incidentally is very difficult, one can get them cleared, however, the standards set by the court are extremely difficult to meet. According to the [...]

2019-06-14T12:22:18+00:00