Bankruptcy Basics

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Does Bankruptcy Clear State Tax Debt?
If you owe taxes to a state agency, you might be able to discharge it in bankruptcy, depending on the type. For instance, you might be able to discharge state income tax if it's old enough, but you won't be able to discharge state payroll taxes. Find out what will happen to state tax in bankruptcy. ... READ MORE

What Is an Involuntary Lien?
Certain creditors, such as the Internal Revenue Service, can file a lien against your property and, when you sell it, get paid out of the sales proceeds. Learn about the differences between voluntary and involuntary liens and the consequences of having a lien placed involuntarily on your property. ... READ MORE

Should I File for Bankruptcy a Second Time?
Learn about some of the factors you'll want to consider before filing a second bankruptcy such as how long you'll wait before receiving a second bankruptcy discharge and the consequences of filing multiple cases, such as the shortening the automatic stay. ... READ MORE

Keeping Property Using Bankruptcy Exemptions: You Don't Lose Everything
You don't have to give up all of your property when you file for Chapter 7 or Chapter 13 bankruptcy. Your state's exemption statutes tell you how much property you'll be allowed to keep, or your state might allow you to use the federal bankruptcy exemptions. Learn why you'll lose nonexempt property in Chapter 7 and how you can pay to keep nonexempt property in Chapter 13. ... READ MORE

Time Matters When Filing Chapter 7 Bankruptcy
Understanding timing issues can help you decide when to file for Chapter 7 bankruptcy. You'll learn why you don't want to run up credit cards before filing for bankruptcy and when you'll have to wait after filing a previous bankruptcy case. If you need to file quickly, an online skeleton or emergency filing can help you do the job quickly. ... READ MORE

Protecting a Parent's or Child's Account in Bankruptcy
Learn how to protect property in your possession that you don't own when filing for Chapter 7 and 13 bankruptcy. You'll find tips for protecting a parent's or child's managed bank account from the bankruptcy trustee and creditors when filing for bankruptcy. ... READ MORE

Will Bankruptcy Stop an Eviction?
If you’re behind on your rent, bankruptcy can stop a pending eviction today. But in many cases, filing for bankruptcy will delay an eviction temporarily. Learn how much time filing for Chapter 7 bankruptcy will give you in your home and how Chapter 13 might help you clear an eviction. ... READ MORE

Will Bankruptcy Affect Renting an Apartment?
It's best to secure housing before filing for bankruptcy because most people have trouble renting without a cosigner for a year or more after bankruptcy ends. Learn about things to consider if you plan to rent after bankruptcy, including tips to help your rental application appear more favorable to landlords. ... READ MORE

Do I Have to Include All My Debts in My Bankruptcy?
Filers don't choose the debts to discharge in bankruptcy. Not including debt isn’t an option. You must list all the debts you owe creditors without exception. Learn when you might find yourself owing a debt you failed to list after your Chapter 7 or Chapter 13 bankruptcy case ends. ... READ MORE

What Questions Will a Bankruptcy Creditor Ask at the 341 Meeting of Creditors?
Creditors rarely appear at the 341 meeting of creditors. However, creditors who show up often ask you questions about your present and past financial situation, business dealings, and property that you own. ... READ MORE

 

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