Is Debt Discharged in Bankruptcy Taxable?

Generally, when you borrow money, you may deposit a check in your bank account.  If you use a credit card, you receive money, property or services.  In both cases, you receive something and own a debt to a creditor.   The Internal Revenue Service (IRS) does not consider the value of the money, property or services

What is a Debtor Education Course?

In order to receive your final discharge in a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, every debtor must obtain Debtor Education Training from an approved Debtor Education Provider. The purpose of the debtor education course is to teach you how to manage money and use credit wisely after bankruptcy.  Debtor education and credit counseling

What is a Credit Counseling Course?

  Before any debtor files a petition for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, every debtor, including those with primarily business debts, must take a Credit Counseling course from an approved credit counseling agency.  Credit Counseling takes about 2 hours and can be done over the phone or on the internet. There is a

It is well known that Bankruptcy Code generally prohibits the discharge of student loans that are owed to or funded by a government agency or department.  The Code provides an exception to the rule of non-dischargability: when the debtor can show that the debt, if not discharged, would cause the debtor, an “Undue Hardship”.  Bankruptcy

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What Types Of Bankruptcy Are There?

For most individuals and their families there are two kinds of bankruptcy.  They are known as:  Chapter 7 – Liquidation and Chapter 13 – Adjustment of Debts of an Individual with Regular Income.  But, some individual family farmers or fishermen may file a Chapter 12 – Adjustment of Debts Of Family Farmer or Fisherman With

Bankruptcy is a legal proceeding in the United States Bankruptcy Court system that helps people who are having difficulty paying their debts get a “fresh start”.  The purpose of Bankruptcy is to give to the honest, but unfortunate debtor a new opportunity in life and a clear field for future effort, unhampered by the pressure

What is Bankruptcy?

Bankruptcy is a debt relief program authorized by the United States Constitution, governed by the United States Bankruptcy Code and a specialized Bankruptcy Court Rules, and operated through the federal court system. The primary goal of the bankruptcy laws is to give debtors a financial “fresh start” from burdensome debts. The United States Supreme Court put

Filing a Bankruptcy is an important decision.  Bankruptcy will help you to overcome unmanageable debt and intrusive creditor collection activity, but it is a complicated legal proceeding in the federal courts.  The process is fairly straightforward for someone with experience, such as your lawyer, but it requires significant preparation, planning and consultation. A mistake in

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