One reason that many people are hesitant to consider bankruptcy, and particularly Chapter 7 bankruptcy, is that they fear it will mean losing all of their assets. While Chapter 7 bankruptcy does involve submitting all of your assets, including vehicles, to a bankruptcy trustee so that he or she can determine what assets should be…

It’s well-known that federal student loans are very difficult, if not almost impossible to discharge in either Chapter 7 or Chapter 13 bankruptcy. There is another type of education loan that is lesser known to most people that is often thought of as nondischargable in bankruptcy, but a recent decision from New York indicates this…

April 15 is almost here, which means the annual deadline is looming to file income taxes. It’s a time that many Californians dread with good reason, but as many debtors have found, bankruptcy isn’t all bad for income taxes. If tax debt meets certain requirements, such as being more than three years old, they can…

There are a variety of reasons that debtors choose Chapter 13 bankruptcy over Chapter 7. Some have debts that can only be discharged in Chapter 13 bankruptcy. Others prefer Chapter 13 because it allows them retain more of their assets while going through the bankruptcy process. Some debtors would like to file for Chapter 7…

Bankruptcy can be a liberating process. There’s a great sense of relief that comes over many debtors when they realize they’ll no longer be drowning in hundreds of dollars in payments each month or hounded by creditors, in constant fear of collection lawsuits or repossession. But along with that relief can also come feelings of…

When you file for Chapter 7 or Chapter 13 bankruptcy, a trustee will be appointed to your case. The trustee is typically a local attorney experienced in bankruptcy law. The function of the trustee is to represent the estate that is created when you file for bankruptcy. The trustee is not meant to be your…

While Chapter 7 bankruptcy allows for many debts to be discharged soon after the initial filing, Chapter 13 bankruptcy requires debtors to submit a repayment plan that will allow them to make monthly payments on their debts for either three or five years before receiving a discharge. However, in some cases a bankruptcy judge will…

You’ve probably heard that it is impossible to discharge student loan debt in bankruptcy. That’s not exactly true, but it is very difficult to convince a court to let you off the hook for your student loans in either Chapter 7 or Chapter 13 bankruptcy. But with more than $1 trillion in outstanding student loan…

There is no set formula for determining when an individual should file for bankruptcy. The decision to file for bankruptcy largely depends on the types of debts and assets an individual has. For example, bankruptcy is typically right for someone with a large amount of credit card debt who rents. But bankruptcy may not be…

The biggest difference between Chapter 7 and Chapter 13 bankruptcy is the ability to keep property that is subject to a lien, such as a home or car. In Chapter 13 bankruptcy, this property can usually be retained subject to a repayment plan if the debtor has a high enough qualifying income. In Chapter 7…