Archive for February 2018

If you are considering bankruptcy because of tax problems, then you will benefit from reading this article. Most people believe that taxes cannot be discharged in bankruptcy. This myth is not true. There are some technical rules that allow tax debts to be discharged in bankruptcy. If you meet each of the following requirements, then…

In Bankruptcy cases, specifically Chapter 11 and Chapter 13, lienstripping is an effective tool in reducing the payments made to creditors. In Chapter 13, the debtors reorganize their debts into a repayment plan whereas Chapter 11 is for businesses and individuals whose debts exceed the limits in Chapter 13. Lienstripping is referred to as the…

Chapter 11 bankruptcy was originally designed for businesses but individuals may also file under this chapter. Those individuals who exceed the debt limits of chapter 13 bankruptcy are required to file under chapter 11. The current debt limits for chapter 13 is $1,010,650 for secured debts and $336,900 for unsecured debts. The debt limits appear…