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Prior to obtaining a final discharge in a consumer bankruptcy proceeding the debtor must complete an approved instructional course in personal financial management. The instructional course typically takes about 1 1/2 to 2 hours and can be completed over the Internet, in person, or by mail. In a Chapter 7 case, the instructional course must be completed …
State or federal income taxes may be discharged in a bankruptcy proceeding if: 1) the taxes for such tax year are at least 3 years old; 2) a tax return was filed for such tax year at least 2 years prior to the bankruptcy filing date; 3) the tax return was not intentionally false or …
Student loans (also known as “educational loans”) are not discharged in a bankruptcy proceeding unless the bankruptcy judge determines that payment of the debt “will impose an undue hardship on the debtor and the debtors dependents.” 11 U.S.C. Section 523(a)(8). Courts use different tests to evaluate whether a particular borrower has shown an undue hardship. …
Credit card issuers sometimes challenge the discharge of credit card debt in bankruptcy by filing a complaint objecting to the dischargeability of the debt (also known as an “adversary proceeding”) claiming that the debt was fraudulently incurred and therefore should be excluded from the discharge. Credit card debt may be non-dischargeable in bankruptcy under either …
Filing Chapter 7 or 13 bankruptcy results in an “automatic stay” that immediately stops repossession of the debtors vehicle. Under Chapter 7, the debtor has the following options: 1) retain the vehicle, “reaffirm” the debt and keep making regular payments to the creditor; 2) “redeem” the vehicle by making a lump sum payment to the creditor …
When a debtor reaffirms a debt, he is essentially excluding that debt from his bankruptcy proceeding on the debtor’s home. Filing Chapter 7 or 13 bankruptcy results in an “automatic stay” that immediately stops any foreclosure proceeding on the debtors home. Under Chapter 7, the debtor has the following options: 1) retain the home, “reaffirm” the …
Federal bankruptcy laws were established by the United States Congress to provide individuals and organizations with a “fresh start” by allowing them to legally eliminate all or a portion of their debts and to start anew. Federal bankruptcy laws were designed to help those in financial distress—not to further burden or hinder them. Despite the …
The following expenses are typically considered as “allowable living expenses” in a Chapter 7 or 13 bankruptcy proceeding if reasonable in amount: ● Rent or home mortgage payment (including lot rented for mobile home)● Electricity, natural gas, butane● Cable television● Internet service● Water and sewer● Telephone (including cellular phones)● Trash service● Home maintenance/repairs● Food● Clothing● …
