Common situations I come across with bankruptcy inquiries:“I want to file for bankruptcy but I don’t want to lose my car.”“I have a mortgage that I’m able to pay but I’m struggling. Would I lose my house if I file for bankruptcy?” Filing for bankruptcy relief generally relieves a debtor from substantial personal economic liabilities […]
A common question arises in many of my recent debt relief consultations: How will my income tax debt affect my attempts to completely wipe out my debt, both overall, and as to the tax debt itself? Taxes and Bypassing The Means Test The first hurdle to proceed in filing under Chapter 7 is the “means […]
Recently, there was a flurry of headlines noting a disturbing trend in the U.S.— 42 percent of people of color have debt in collections, according to a study released by the Urban Institute (data on website subject to change). “Debt in collections” refers to money that’s owed well past an account’s due date (usually 180 […]
In today’s economy, many people find themselves underwater with regard to their monthly expenses. When their total monthly debts amount to more than the money they’ve got coming in—and, as is usually the case, the monthly mortgage payment represents their larges expense—people sometimes opt to neglect this big debt and pay off their smaller, more […]