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Keeping a credit card in bankruptcy

Keeping a credit card in bankruptcy is more challenging than you might guess. Before breaking this down any further, we should distinguish credit cards from ATM/debit cards that are connected to your checking and savings accounts. ATM/debit cards are not closed by the banks like credit cards. The only exception[…..]

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Discharging Taxes With Late Filed Returns and Substitute Filed Returns

We discharge income tax debts fairly regularly. While it can be complicated for a variety of reasons, it is formulaic at some level. Assuming no fraud was involved, taxes are dischargeable if these three rules are met: Three year rule: Your taxes must have been due at three ago. Two[…..]

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Protecting Assets and the Risk of Voidable and Fraudulent Transfers

If bankruptcy or getting sued is a possibility, it is natural to worry about protecting your assets. A mistake made by some is moving assets out of their name to put it beyond the reach of a plaintiff or creditor. This includes: -Gifting assets to someone. -Changing title into someone[…..]

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Discharging a Willful and Malicious Debt in Bankruptcy

Bankruptcy is powerful. It permits you to discharge, i.e., get rid of, a lot of debts. In bankruptcy, we discharge credit card debt, old taxes, personal loans, car loans and leases, and the list goes on. The bankruptcy code also lists a series of debts you cannot discharge. One of[…..]

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Rising Health Insurance Costs and Bankruptcy

News just came out about the increase in 2017 health insurance rates from the state exchanges under the Affordable Care Act, more popularly known as Obama Care. Medical insurance rates made the news because the average premium is increasing by 22% from the 39 states reporting their new rates. While[…..]

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