A largely forgotten form of consumer bankruptcy is Chapter 12. Although geared for a family farmer or fisherman, it is designed to be filed by consumers rather than companies. A Chapter 12 can be filed by a family farmer or fisherman. To qualify, more than 50% of your income must be derived from a farming [...]
Bankruptcy Basics
On Tuesday, Gary Busey filed Chapter 7 bankruptcy. That’s not all that shocking–plenty of celebrities have sought bankruptcy protection. Entertainers like Gary Coleman, Burt Reynolds and Jerry Lee Lewis, businessmen like P.T. Barnum and Donald Trump, socialites like Patricia Kluge, professional athletes like Lenny Dykstra and Lawrence Taylor. Even Abraham Lincoln and Walt Disney filed [...]
It’s tax time and the hunt goes on for tax deductions to lower your income tax hit. Tax deductions lurk in the most unlikely places. If your Chapter 13 plan is catching up home loan arrears, look at your trustee’s annual report for some deductible mortgage interest. Most likely, the lender’s filed proof of [...]
So, are you looking for information on bankruptcy? There are a number of reasons that people go to the internet for research if they are thinking of filing for bankruptcy, even before consulting a lawyer. Many people turn to the web to find information. What you find on the internet varies from excellent to terrible, [...]
When people are in a Chapter 13 bankruptcy and hit a snag in their case, often they request a hardship discharge. The name alone should indicate that this type of discharge is not given upon a mere request. There are specific requirements that must be met before you can even be considered for this type [...]
One of the most stubborn myths about bankruptcy is the one which says that chapter 13 requires full payment of all your debts over 60 months. If true, this would indeed rule out chapter 13 for most consumers. After all, what good would come from being granted 60 months to pay off all your debts? If you can’t [...]
