Category Archives: Bankruptcy Info

How Many Times Can I File Bankruptcy

There is no limitation in the Bankruptcy Code as to how many times or how often a person can file bankruptcy. However, there is a limit as to how often a person can receive a discharge in bankruptcy. To determine eligibility to receive a discharge in a second bankruptcy case you must consider under which […]

Beware of Bankruptcy Fraud

Fraud is an intentional deception made for personal gain or to damage another individual. Most people are honest and would never commit fraud. But the Bankruptcy Code and related case law is complicated and sometimes debtors commit fraud in their bankruptcy case without even knowing. There are three common ways that a debtor may unknowingly […]

Treatment of Student Loans in Bankruptcy

Student loans are unsecured claims but unlike other types of unsecured claims they usually cannot be discharged in bankruptcy. The treatment they receive in bankruptcy cases differs depending upon whether the debtor filed under Chapter 7 or Chapter 13 of the Bankruptcy Code. In Chapter 7 cases student loan creditors do not collect payment from […]

Financial Windfalls After Filing Bankruptcy

Filing bankruptcy creates an estate. The estate consists of everything the debtor owns or is entitled to receive at the time the case is filed. Debtors can apply exemptions to their property to exempt it from the bankruptcy estate. Through the use of exemptions debtors receive the benefit of the automatic stay and the discharge […]

Debts Discharged in Bankruptcy Not Income for Tax Purposes

One advantage bankruptcy has over debt settlement is that the discharged portion of the debt is not reported to the Internal Revenue Service as income. Creditors that forgive debt in a debt settlement agreement are required to report the forgiven portion to the Internal Revenue Service in an IRS form 1099-C. At the end of […]