Category Archives: Chapter 7
Are inherited IRAs protected in bankruptcy?
One of the many benefits of bankruptcy is that individual retirement accounts, better known as IRAs, are protected up to roughly $1.2 million. That means any assets held in IRAs up to that amount would not have to be liquidated in the event of a Chapter 7 bankruptcy. This exemption was put into law… Read More »
What is an ‘undue hardship’?
Filing for Chapter 7 bankruptcy protection is a decision many people make when they are in critical need of debt relief. While it is an aggressive solution, it is one that can be quite effective. When a person files Chapter 7, they can have a significant amount of their debt discharged. However, not all… Read More »
Not all debts are discharged by bankruptcy
Throughout Florida, many people have various debts to keep on top of, gradually paying them down. However, it is all too easy for those debts to get out of hand and before you know it, you may not be earning enough to keep up with your repayments. If this happens, you may then have… Read More »
Repairing your credit rating requires a solid plan
Many residents of Florida go through difficult financial times at some point in their lives. Once debts begin to pile up, things can quickly spiral out of control, with interest rates soaring and creditors soon hot on your heels. Before you know it, you could find yourself being hounded by debt collectors and wondering… Read More »
Can Chapter 7 eliminate tax debt?
It can be highly distressing to fall into debt, particularly when there is no clear way out of the situation. Interest rates often mean that once your debt gets out of hand, it can be extremely challenging to cover the cost of repayment while still managing your basic living expenses. Sadly, countless families in… Read More »
Chapter 7 bankruptcy may be the way out you need
Throughout Florida, there are many people living beyond their means. It can be extremely hard to earn enough to pay the ever-rising bills and cover other daily expenses. To make things worse, even if you are managing to stay on top of things, it only takes one disaster to get you into trouble: a… Read More »
Chapter 7 does not require a repayment plan
In Florida, each year sees more and more families falling into debt. Some manage to climb back out of it by themselves, but others become caught in a downward spiral as the amount they owe grows at an ever-increasing rate. When this happens, some become unsure where to turn. Constant calls from creditors can… Read More »
Chapter 7 has no debt limit
There are few things as stressful and draining as being overwhelmed by debt. It can seem like an endless downward spiral with no relief in sight. As debt collectors and creditors begin to hound you for payments, the pressure can become harmful to your health and the whole situation can put a strain on… Read More »
Chapter 7 bankruptcy may be your path out of debt
In Florida, it is far too easy to fall into debt and this unpleasant situation is one that countless families find themselves in each year. It is hard enough realizing that you can no longer make ends meet, but this is made worse when your creditors start demanding more and more interest, rapidly compounding… Read More »
Supreme Court bans second-mortgage lien stripping in Chapter 7
There are a variety of different ways that a Chapter 7 bankruptcy could potentially help an individual who is struggling with debt problems. However, there are limits to what a Chapter 7 bankruptcy can do. A recent decision by the U.S. Supreme Court set such a limit. This limit is that, when a debtor… Read More »