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5 Mistakes to Avoid Before You File Bankruptcy
There are many mistakes for consumers to avoid before filing bankruptcy. The following list is what I consider some of the top mistakes to avoid before filing bankruptcy. 1. Not Being Honest With Your Attorney: Disclose everything to your attorney;
What Can You Do When You Accidentally Miss a Creditor in Bankruptcy?
Infrequently, a client will come to me after they receive their bankruptcy discharge with a debt that the client forgot to include in their bankruptcy. At the time the client filed the bankruptcy, the debt was not listed on their credit reports nor had the client received a bill for the debt to the best…
Potential Tax Consequences of Settling Debt Outside of Bankruptcy
Settling debt for less than what is owed on the debt can create tax liability. This article discusses this issue, and how bankruptcy and even insolvency may resolve this issue. By settling debt for a fraction of what you owe may open the door to tax liability. For example, you settle a debt for $5,000…
Federal & State Bankruptcy Exemptions: Household Goods & Furnishings
As discussed in the last post, exemptions are laws that protect your property when you file for bankruptcy relief. Most people get to keep all of their property when they file a chapter 7 bankruptcy because of the protections afforded by exemptions. This post will extend the discussion of bankruptcy exemptions, and highlight one particular…
Bankruptcy Exemptions: Tools of the Trade
When filing for bankruptcy, a consumer is afforded numerous exemptions, or laws that protect a person’s property. These exemptions help to protect a homestead, livestock, household goods and furnishings, vehicles, and other property. There is an exemption that protects tools of the trade as well. This post will detail the tools of the trade exemption,…
Don’t Pay Mom or Dad Back! File Bankruptcy First!
Outside the context of bankruptcy, this is a very strange notion: don’t pay Mom or Dad back – file bankruptcy first. But this has some very real world consequences. I usually see an uptick in people paying back their relatives around tax season, when people get their tax refunds. But this could prove potentially disastrous…
Divorce Debts & Bankruptcy: What is Covered & What is Not
Certain divorce debts are non-dischargeable in bankruptcy, meaning they do not go away. Other divorce debts may be dischargeable in bankruptcy. This posts details how bankruptcy and debts related to divorce interact. CHAPTER 7 BANKRUPTCY & DIVORCE DEBTS A chapter 7 bankruptcy, or a “liquidation” bankruptcy, has little effect on divorce debts. Virtually all obligations…
What to Bring to Your Free Bankruptcy Consultation in Eugene
I offer free bankruptcy consultations, both for Chapter 7 bankruptcy and Chapter 13 bankruptcy, in Eugene or by phone. These bankruptcy consultations generally last about 30-60 minutes, and I review a consumer’s financial situation through a series of questions I ask and I discuss how bankruptcy may benefit the consumer, either a Chapter 7 bankruptcy…
There’ll Be a New Trustee in Town
Longtime Chapter 13 Trustee Fred Long (who covers the Eugene Region of the District of Oregon) will be retiring in several months. There is now a search committee at the United States Trustee, a division of the Department of Justice, looking for qualified applicants to fill this position. The Chapter 13 Trustee’s job, along with…
Bankruptcy Myths Debunked: Part 2
There are many persistent myths and misconceptions surrounding bankruptcy. In an earlier post, I addressed 5 such myths and misconceptions. This post will discuss an additional five myths and misconceptions that may surround bankruptcy. MYTH 1: If You Are Married, You Must File Bankruptcy With Your Spouse: This myth is untrue. An individual spouse may choose…
DISCLOSURE*
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.