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Category: Bankruptcy

Does Bankruptcy in Florida Clear Out Tax Debt?

Does Bankruptcy in Florida Clear Out Tax Debt?

In the United States, personal bankruptcy is a legal process that allows individuals to clear out their financial debts and start fresh. This means that any debts that may be owed could be automatically eliminated by the court system. However, before you make any decisions, it is important to know whether your tax debts will be cleared out by the bankruptcy process. In some cases, tax debts are discharged in a Florida bankruptcy. However, this is not always the case, and there are certain fa[...]

Should Paying Back Debts From Family and Friends Be on Your To-Do List Before Declaring Bankruptcy?

Should Paying Back Debts From Family and Friends Be on Your To-Do List Before Declaring Bankruptcy?

When faced with financial difficulties, many people turn to their friends and family members first. Of course, it is easier to borrow money from family and friends than it is to get a loan from a bank or credit union. What happens if what they provide you is not enough to alleviate your financial difficulties? What you need to know is as follows: Debts owed to family members are lawful. However, if you file for bankruptcy, they will not take precedence over any other debt obligations you[...]

Do Medical Bills Qualify for Bankruptcy?

Do Medical Bills Qualify for Bankruptcy?

If you or a loved one has received a heartbreaking medical diagnosis, been injured in a car accident, or wound up in the hospital after a serious illness, you may be wondering, “Do medical bills qualify for bankruptcy?” The answer is typically “yes.” Medical bills account for 40% of bankruptcies, according to the National Institutes of Health (NIH). An estimated 530,000 families file bankruptcy annually for issues related to medical bills and/or lost wages due to illness or injury. [...]

How Do I Get Out of Payday Loan Debt?

How Do I Get Out of Payday Loan Debt?

Payday loans are often the loans of last resort for people struggling to pay their debts and for life’s necessities, so if you have one of these loans, you may wonder, how do I get out of payday loan debt? If that’s your situation, other than paying off the debt, there are limited options that may allow you to change when and how much you pay back. If this debt is one of many dragging you down, you should consider filing for bankruptcy protection to give yourself a fresh financial start. [...]

Florida Chapter 7 Means Test Calculator – Do I Have Too Much Money to Use Chapter 7?

Florida Chapter 7 Means Test Calculator – Do I Have Too Much Money to Use Chapter 7?

Congress changed our bankruptcy laws in 2005, making it harder for those with higher incomes to file for Chapter 7 bankruptcy. The intent was to force this group into a Chapter 13 bankruptcy, to at least partially pay their debts. The Chapter 7 means test for Florida is a formula determining whether you should get debt relief under Chapter 7. It looks at your income and many other factors to see if you’re able to pay your debts. There’s no shame in declaring bankruptcy. It’s a legitima[...]

Can I file bankruptcy without my spouse?

Can I file bankruptcy without my spouse?

A person can file bankruptcy without their spouse. Whether or not this is a good choice depends on the laws in your state and the individual circumstances in your case. Florida is a “common law” state (as opposed to a “community property” state). In a common law state like Florida, debts that you and your spouse co-sign for result in your sharing these debts jointly. With few exceptions, debt taken on individually by one spouse generally remains that spouse’s responsibility alone. [...]

Can I keep my house if I file bankruptcy?

Can I keep my house if I file bankruptcy?

Sometimes when credit card and mortgage debts become overwhelming, a person can feel panicked. Lots of questions swirl through your mind like “How do I stop these creditors from calling me?” and “Can I keep my house if I file for bankruptcy?” It can be a struggle every month just to make minimum payments, and you may be tempted to let unopened bills pile up on the kitchen table. If this describes your situation, there is an option for a better future. Bankruptcy can be a chance to [...]

Critical Questions to Ask Your Bankruptcy Lawyer Before Filing

Critical Questions to Ask Your Bankruptcy Lawyer Before Filing

Regardless of how much you think you know about the bankruptcy process, it is often still a good idea to speak with a knowledgeable lawyer who can answer any questions you might have. Reviewing the facts with a knowledgeable attorney is also one of the best ways to make sure that you avoid any errors that could end up jeopardizing your bankruptcy case.   To better prepare you for the initial meeting with your bankruptcy attorney, this article reviews some critical questions you should ask[...]

Should You Wait on Bankruptcy or File Now?

Should You Wait on Bankruptcy or File Now?

  The COVID-19 pandemic and the subsequent havoc that the virus has wreaked on the economy have left many people facing difficult financial times. If you think that bankruptcy is a good option, you have likely also considered whether you should file for bankruptcy now or wait.  On one hand, filing for bankruptcy too early might mean losing a property you would have otherwise been able to keep. Conversely, waiting on bankruptcy might mean you can avoid the process entirely. To help you de[...]

Navigating Life After a Bankruptcy Discharge

Navigating Life After a Bankruptcy Discharge

If you recently received a discharge following either a Chapter 7 or Chapter 13 bankruptcy, you are probably excited for a new beginning and a second opportunity to build a strong credit score. Making mistakes during this process, however, can lead to substantial complications. To make sure that you navigate this period successfully and rebuild your credit as strongly and quickly as possible, consider the following critical tips for life after bankruptcy.   Keep Copies of Bankruptcy Documents[...]