Are You Eligible to File for a Chapter 7 Bankruptcy?

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If you are considering filing for bankruptcy as an individual, you have two primary options under the U.S. Bankruptcy Code: (i) you can file under Chapter 7; or (ii) you can file under Chapter 13. While each form of bankruptcy offers its own benefits and drawbacks, many people focus on Chapter 7, at least initially….

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What Am I Allowed to Own after Bankruptcy?

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There are many common misconceptions about bankruptcy. One of these misconceptions is that filing for bankruptcy means giving up everything you own. While it is true that filing for certain types of bankruptcies will trigger an obligation to sell some of your property, the bankruptcy process is not designed to leave you without any assets…

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Bankruptcy and Foreign Debts

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bankruptcy

For those overwhelmed by their personal debt, or debt from a business venture, bankruptcy can be an important means of getting past the stress and starting over. While bankruptcy addresses debts that you may have that are acquired in the United States are governed by U.S. law, many clients also wonder how bankruptcy will affect…

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Can You File for Bankruptcy with a Pending IRS Audit?

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bankruptcy and IRS audit

Have you gotten over your head into debt? Filing bankruptcy could provide you with a means to end your debt nightmare and make a fresh start. But what if you’re in the middle of being audited by the IRS? Can you still file for bankruptcy with a pending audit? Yes, but there are some things…

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Common Terms in Bankruptcy to Know

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bankruptcy terms

If you’re going through bankruptcy, you may encounter a number of legal terms that may be unfamiliar. Understanding these common terms will help you more easily navigate the bankruptcy process and ensure that you make the right decisions. Here are some of the most common terms you may encounter in your bankruptcy case. Administer: To…

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The Benefits of Hiring a Bankruptcy Attorney

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bankruptcy

Both businesses and individuals may file for bankruptcy when they are unable to repay their debts. Chapter 7 bankruptcies may require you to sell assets in order to pay your debts, while Chapter 13 bankruptcies may allow you repay according to a structured repayment program. Either way, a bankruptcy attorney can help you navigate this…

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What is an “Unsecured Creditor” in a Bankruptcy?

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“Unsecured Creditor”

When you file for bankruptcy, your creditors are entitled to try to collect what you owe from your bankruptcy estate. These creditors can either be “secured” or “unsecured.” In a personal bankruptcy, a secured creditor is typically a bank or other entity that has loaned money for a piece of real or personal property. The…

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Is a Tax Refund Exempt from a Bankruptcy Case?

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bankruptcy law

For many individuals who are considering bankruptcy or are in the midst of the bankruptcy process, a tax refund can provide much-needed financial relief. Even if a tax refund does not solve all of your financial problems (and it most likely will not), getting money back from the government may be enough to get you…

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