Explanation of whether gifts or loans must be included in the income analysis for the dreaded “means test” in bankruptcy
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Los Angeles Bankruptcy Blog: Current issues, comments, questions and answers in bankruptcy law.
Category Archives: Bankruptcy Law
Ex-Spouse Didn’t Pay Credit Cards as Ordered by Divorce Court
What happens when your ex-spouse doesn’t pay your credit card and other debts as ordered by the Divorce Court? Do you have to pay them?
Filing Taxes After Bankruptcy: Is Discharged Debt Income to You?
I received a 1099 from a Creditor After My Bankruptcy Case was Completed: Is this Taxable Income? A very important question I’m often asked this time of year by my clients is what effect does their bankruptcy have, if any, on their income taxes. The exact question is whether or not debts discharged (forgiven) in…
Cost of Filing Bankruptcy: Low Cost Attorneys
Why is there such a difference in fees charged by bankruptcy attorneys. Is there really a difference in quality?
Chapter 7 Qualifications: Credit Card and Student Loan Payments Don’t Count
Credit card and student loan payments do not factor in to the analysis for determining Chapter 7 eligibility. It seems not a day goes by that I’m not trying to explain to a potential client why their payments to debts owed to unsecured creditors do not count in their budget in determining eligibility to file…
Bankruptcy Doesn’t Affect Co-Signers’ Obligations
The bankruptcy of one party does not affect the liability of another party, whether they be a co-signer or co-obligor on the debts. Bankruptcy discharges the obligation to pay on a debt; it does not eliminate the debt itself.