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12 July
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A Fresh Start is Accomplished Through Bankruptcy Exemptions

Posted by Ed Magauran
in Recent Articles

Exemptions in bankruptcy are provisions that allow debtors to protect certain assets from being liquidated to pay off their debts. These exemptions provide a fresh start by folks can and do retain essential property and belongings necessary for a reasonable standard of living and enabling them to rebuild their financial lives after bankruptcy. Here's how exemptions provide a fresh start in bankruptcy: Asset protection: Exemptions typically cover essential assets such as a primary residence, personal vehicles, necessary clothing, household goods, tools of the trade, retirement accounts, certain bank deposits, and public benefits. By exempting these assets, debtors can keep them even after...

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27 June
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Are Tax Debts Dischargeable in Bankruptcy

Posted by Ed Magauran
in Recent Articles

The dischargeability of tax debts in bankruptcy depends on various factors, including the type of tax debt, the age of the debt, and the specific bankruptcy chapter filed. Generally, income tax debts may be dischargeable in bankruptcy, but certain criteria must be met. Income tax debts can be discharged in both Chapter 7 and Chapter 13 bankruptcies if they meet the following requirements: The tax debt must be related to income taxes. Other types of taxes, such as payroll taxes are typically not dischargeable. The tax return must have been due at least three years before the bankruptcy filing date. The tax return must...

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20 June
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How does filing bankruptcy immediately protect you?

Posted by Ed Magauran
in Recent Articles

The bankruptcy automatic stay goes into effect immediately upon the filing of a bankruptcy petition. It is one of the most powerful features of bankruptcy law and provides debtors with immediate relief from creditor collection efforts. When a bankruptcy case is filed, the automatic stay imposes a legal injunction that halts most types of collection activities by creditors. This means that creditors are prohibited from taking any further action to collect debts, including filing or continuing lawsuits, garnishing wages, repossessing property, or making harassing phone calls. The automatic stay is designed to provide debtors with a breathing space, allowing them to...

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12 June
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The Automatic Stay Stops All Collections

Posted by Ed Magauran
in Recent Articles

The automatic stay is a fundamental protection afforded to debtors upon filing for bankruptcy. It serves as a powerful shield, providing the debtor with immediate relief and several key benefits. Here's how the automatic stay protects a debtor in bankruptcy: 1. Halts creditor actions: The automatic stay immediately stops most collection actions and legal proceedings against the debtor or the debtor's property. This includes actions such as lawsuits, foreclosures, repossessions, garnishments, and creditor harassment. The stay ensures that creditors cannot continue their collection efforts or take any further legal action without permission from the bankruptcy court. 2. Provides breathing room: By imposing...

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06 June
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What is the Bankruptcy Means test

Posted by Ed Magauran
in Recent Articles

The means test is an important component of the bankruptcy process. Its primary function is to determine whether an individual or household has sufficient financial means to repay their debts, specifically in the context of Chapter 7 bankruptcy. Chapter 7 bankruptcy is a type of bankruptcy that allows individuals or businesses to discharge their eligible debts and obtain a fresh financial start. However, not everyone qualifies for Chapter 7 bankruptcy, as there are income limitations in place to prevent abuse of the system. The means test helps determine eligibility for Chapter 7 bankruptcy by assessing the debtor's income and comparing it to...

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01 July
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What Happens In A Chapter 7 Bankruptcy Meeting Of Creditors?

Posted by Ed Magauran
in Recent Articles

After filing a bankruptcy the Court sets the date for the metting of creditors.  This Bankruptcy meeting is scheduled between 30-45 days after. A notice of the meetig is sent you and to all of the creditors. They or their counsel can ask you questions about the nature and validity of the debts at the meeting. The Trustee swears you in and asks a series of questions to  confirm all of the information provided in the bankruptcy petition.  These questions include that you listed all of your assets, debts,  income,  and expenses.  In some cases the trustee will hold the...

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