April 2013

28 Apr What Are The Real Benefits Of The Bankruptcy Discharge?

income for bankruptcy--profit loss statementA bankruptcy discharge is one of the primary reasons that a person files for bankruptcy protection. We all should know this, but do we really know what the bankruptcy discharge allows us to do? This is the question that really needs to be answered. First, we need to discuss what the bankruptcy discharge is and then we can speak about the benefits. The discharge can be defined in lawyer terms or in a way that non-lawyers can understand. A legal definition of the bankruptcy discharge is that the discharge creates a statutory permanent injunction against the collection of all dischargeable debts of the debtor. In non-legal terminology, the discharge prevents creditors, whose debts were properly included in the bankruptcy and legallydischarged, from taking any or all steps to collect on their debt.
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26 Apr Trouble Getting a Mortgage Modification? Get Your Bankruptcy Court to Help!

Homeowners experiencing financial difficulties can avoid losing their homes by getting a mortgage modification. The trouble many people have is getting their mortgage company to agree to grant them an affordable modification. Recently, several Bankruptcy Courts have gotten involved in the mortgage modification process. The Courts...

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24 Apr Random Bankruptcy Audits Stopped

Random audits of consumer debtors in bankruptcy cases have stopped. "Due to budgetary constraints, the USTP has indefinitely suspended its designation of cases subject to audit." Source:U.S. Trustee notice. Material Misstatements The auditors looked for“material misstatements" in consumer debtors' bankruptcy schedules by comparing the documents to tax returns,...

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21 Apr Bankruptcy 420

In honor of April 20th everywhere, and in the immortal Hollywood movie words of Jeff Spicoli, Hey dude, let’s party. But first, a quick drug trivia lesson. Who said “Are you on drugs?” My Cousin Vinny’s Judge Chamberlain Haller. Don’t you just love that movie, I know...

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