Bankruptcy and Taxes

Bankruptcy and Taxes

I owe taxes.  Can filing bankruptcy help me? Generally, tax debts are not dischargeable in bankruptcy. However, in law, there are always exceptions to the rule. If a tax debt is more than ten years old and the Internal Revenue Services has made no attempt to collect...
Bankruptcy and Tax Refunds

Bankruptcy and Tax Refunds

If I file for bankruptcy, will I loose my tax refund? It depends on the time of the year that the bankruptcy is filed. After a bankruptcy petition is filed, the tax refund is considered property of the bankruptcy estate. This means the trustee has the right to that...
Bankruptcy and Lawsuits

Bankruptcy and Lawsuits

I am being sued. Can filing for bankruptcy stop a lawsuit? Yes and no. The end result of a lawsuit is a judgment against the loosing party, resulting in money damages. If a creditor wins a lawsuit against the Debtor, the creditor must collect on that judgment. One way...
Bankruptcy and Rental Property

Bankruptcy and Rental Property

If I file for bankruptcy, will I loose my second house? It depends on whether a Chapter 7 bankruptcy or a Chapter 13 bankruptcy is filed. A Chapter 7 bankruptcy is also known as a “liquidation” bankruptcy. If a Chapter 7 is filed by an individual or a...
Bankruptcy and Foreclosure

Bankruptcy and Foreclosure

I am behind on my mortgage payments – can bankruptcy protect my home? Yes and no, depending on which bankruptcy chapter one chooses to file. At first, all the property that a Debtor owns except property that is exempt under Arizona law (if the Debtor lives in...
How to Stop Annoying Creditors

How to Stop Annoying Creditors

I am being harassed! What can I do to stop the calls? There are ways of stopping annoying creditor calls, or at least minimizing them. Credit collection became so harrassing that Congress passed the Fair Credit Collection Practices Act, 15 U.S.C. Section 1692. Under...