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afraid to file bankruptcy

Top 5 Reasons People Are Afraid to File for Bankruptcy Protection

Many people in the United States are afraid to file for bankruptcy because they do not understand that most people who file are financially better off in the long run. After filing, most people see their debt erased and their credit scores improved.  Despite all these facts, people are still afraid to file because they […]

co-debtor stay cosigner bankruptcy

How Co-Signers Are Affected in Bankruptcy: The Co-Debtor Stay

What Happens to Cosigners and Joint Account Holders in Bankruptcy? When you file for bankruptcy protection, the bankruptcy discharge only eliminates your liability on discharged debts.   Your lender or credit provider can still pursue your cosigners and joint account holders to recover monies still owed on their loan. The extent to which cosigners or […]

1099 bankruptcy discharge tax

What Happens if You Receive a 1099 From a Creditor After You File for Bankruptcy?

WHY WAS I SENT A 1099-C AFTER DISCHARGE?Did you receive a 1099-C after your bankruptcy discharge? A 1099-C is generated by a financial institution, such as a lender, after a qualifying event. A qualifying event occurs when the entity has written-off or canceled a debt in excess of $600. Cancelling the debt requires the bank […]

how to convert chapter 13 to 7 bankruptcy

Converting Your Chapter 13 Bankruptcy Case to Chapter 7

Individuals who file for Chapter 13 bankruptcy sometimes find themselves unable to afford funding their Chapter 13 case.  Luckily, the bankruptcy laws were designed to anticipate this scenario and Congress realized that unexpected emergencies such as unforeseen bills, illness, and loss of employment happen. At this time of year in particular, we often see a […]

timeshare bankruptcy maintenance fees

How Do You Deal with Timeshares in Bankruptcy?

What Type of Property Right is a Timeshare Exactly? Time-sharing is an innovative form of property “ownership” borroweol from the computer industry. As the name implies, it is a method of creating multi- ple interests in a single piece of property by temporally dividing its use among as many as fifty purchasers. Each purchaser acquires […]

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