Filing for bankruptcy can be a daunting prospect, especially when the legal jargon starts to get confusing. One key term you might come across is the “presumption of abuse” when filing for Chapter 7 bankruptcy. This legal concept can influence whether you are eligible for bankruptcy and what type of debt relief you can receive.…

Bankruptcy is a legal process allowing individuals or businesses unable to pay their debts to seek relief from some or all of their financial obligations. While it may provide relief to those struggling with overwhelming debt, the decision to file for bankruptcy should not be taken lightly. There are several advantages and disadvantages to consider.…

When someone files for bankruptcy, their goal is usually to get rid of their debt and start fresh. But what happens if the debtor passes away before the bankruptcy case is finalized? It is important for individuals to understand the legal implications of this situation when filing for bankruptcy. Unfortunately, the end of life is…

Filing for bankruptcy is an important decision to make, and it can be further complicated when you are married and considering filing jointly. In general, filing for bankruptcy jointly with your spouse can provide some advantages, but it also has its disadvantages. The decision to file for bankruptcy individually vs. jointly depends on the amount…

Depending on your financial situation, you may find that converting from one type of bankruptcy to another is the best option for you. If you are considering filing for bankruptcy, it is important to understand the differences between Chapter 7 and Chapter 13 bankruptcy and when it might be beneficial to convert from one type…

Prisoner’s dilemma is a subset of game theory wherein the police arrest two men and accuse those men of being involved in the same crime. The police separate the men and place them in different prison cells so that each defendant does not know what the other defendant is telling the police. The men, now…

When Credit Card Debts Aren’t Dischargeable In addition to medical bills, one of the leading causes of bankruptcy in the United States is too much consumer debt, largely from credit cards. Chapter 7 bankruptcy in particular can be extremely appealing to those with lots of credit card debt as it promises to completely discharge all…

Most people know that alimony and child support obligations can never be discharged in bankruptcy. The media and politicians are very fond of reminding people that student loans can’t be discharged in bankruptcy (though there are some exceptions to this rule). While those two exceptions to bankruptcy law are well-known, there are also several other…

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…