Archived
Does Chapter 7 discharge protect against loan modification providing 3 years of debt forgiveness causing taxable income?
Robert's answer
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Answered on February 22, 2016
I believe so, but I check with a tax professional first.
Archived
Is this 1099C treated as income for 2015 tax purposes since it was filed Oct 2015 and not discharged until January 2016?
Robert's answer
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Answered on February 22, 2016
The safest thing to do is to address the 1099 C by attaching IRS form 982 to your tax return and listing the debt as discharged in a title 11 case.
Archived
If I pay off a large court fine close to a chapter 7 bankruptcy could that raise any preferential payment red flags?
Robert's answer
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Answered on February 22, 2016
I agree with Francis and Stuart, you really have nothing to worry about.
Archived
Is there a "failed business" exemption that can be used to protect property in my spouse's name and his credit from my BK?
Robert's answer
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Answered on February 20, 2016
All community property becomes subject to the court on your filing, regardless of the nature of your debt. A properly drafted prenuptial...
Archived
What can I do
Robert's answer
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Answered on February 16, 2016
I'm surprised they won't work with you. However, you do have a right to redeem for fair market value, although you will have to file a motion with...
Archived
Do debts get discharged in a chapter 13 bankruptcy and chapter 7 bankruptcy?
Robert's answer
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Answered on February 16, 2016
Yes debts get discharged in both. Which one is better in your situation depends on a number of factors. I urge you to get a free consultation with...
Archived
How simple or complicated is the following scenario when filing a chapter 7 bankruptcy? And how is the approval rate for such?
Robert's answer
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Answered on February 15, 2016
You need to go talk to an attorney in person. There's too much that needs to be asked and too much to tell for this forum. If you charged much...
Archived
Does information from your credit counseling course, that is required before filing Chapter 7, have any effect on your case?
Robert's answer
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Answered on February 14, 2016
You want to be honest, but you also need to make sure you don't have too much income left over after inputting your income and expenses, or you'll...
Archived
Can I file for chapter 7 BK even if I just leased a new Honda last month?
Robert's answer
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Answered on February 08, 2016
The short answer is yes, especially if you're going to assume the lease on a new car.
Archived
Do we need a lawyer and which will be best for us 13 or 7? Also what is the average lawyer fees for a 13 or a 7? thank you
Robert's answer
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Answered on February 07, 2016
I think you not only need an attorney, you need a bankrupty attorney who regularly files both 7s and 13s.
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