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In some cases, unemployment benefits can be garnished if you owe income taxes, student loan debt or child support. Filing for bankruptcy may help you protect your unemployment benefits from ...
Secured debt uses an asset as collateral, which can be repossessed if you default. Unsecured debt has no collateral, but you can still be taken to court. ... taxes and alimony. This type of ...
Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.
This can happen if the two parties actually have a good faith dispute over the amount owed. A written instrument containing the amount of debt will probably not satisfy this requirement. However, as the court decided in Zarin, the Disputed Debt Doctrine can also apply if the debt is not legally enforceable. [15]
A creditor [27] is a person or entity that holds a claim against the debtor or the property of a debtor. The claim may have the status of an administrative claim, priority claim, a secured claim, or a general unsecured claim. There are various procedures that a creditor must follow in order to protect their interests. [28]
A bankruptcy lawyer can assess your financial situation, advise you on the most suitable type of bankruptcy to file (such as Chapter 7 or Chapter 13), prepare and file all necessary paperwork ...
Opponents of a bailout believe that the automakers' problems could be more efficiently resolved by a bankruptcy court with legal power to dissolve existing contracts, shedding costs, and debts that it can no longer afford. They suggested that a government "car czar" would be ineffective since their actions could be swayed by Washington politics.
A repossession can stay on your credit report for up to seven years, often causing a credit score drop of over 100 points. Even if you set up voluntary repossession to give the car back, the ...