By Jeff Field | Published March 20, 2019 | Posted in Chapter 7 | Tagged Tags: bankruptcy's effect on pensions, ERISA-qualified pensions, nonexempt pensions | Leave a comment
Could Chapter 7 Bankruptcy Affect Your Pension?
You’ve worked hard to earn a pension, and you may even rely on it for the bulk of your income during retirement. If you need to file for bankruptcy protection, however, you may wonder what will happen to your pension. Will it be subject to the discharge process? Depending on your circumstances, you may be Read More
Read MoreCould Filing for Bankruptcy Affect Your Spouse?
One of the questions we frequently receive from our bankruptcy clients is about what effects, if any, an individual’s bankruptcy filing will have on his or her spouse’s financial standing. This is a good question, because many people would prefer to file bankruptcy individually and minimize or completely avoid affecting their spouse. The impact of Read More
Read MoreCan Filing for Bankruptcy Improve Your Credit Score?
Filing for bankruptcy will not improve your credit score. At least not in the short run. In fact, filing for bankruptcy will have the opposite effect on your credit. But over time you can increase your score well beyond what you could if stay saddled with debt. How does bankruptcy’s effect on your credit? There’s Read More
Read MoreCan Filing for Bankruptcy Stop Child Support in Georgia?
As many divorced and separated parents know, child support can represent a significant expense on a monthly basis. The impact of child support payments becomes magnified if you are facing considerable financial strain, whether it’s due to medical bills, losing your job or experiencing any number of other unexpected challenges. Bankruptcy can’t stop child support Read More
Read MoreHow Many Times Can You File for Bankruptcy in Georgia?
For many people, some tough breaks can negatively affect their finances for the long term. Although filing for bankruptcy protection may help, they may find the need to file a second or subsequent time if their financial struggles continue. If you find yourself in this situation, the good news is that you can file for Read More
Read MoreCan You File for Bankruptcy Due to Medical Bills?
According to a 2013 report by CNBC, medical debt is the number one reason why individuals and families need to file for bankruptcy in the United States. That year, “medical bankruptcy” affected about 2 million people, many of whom had health insurance when they suffered the illness or injury that caused their financial struggles. While Read More
Read MoreCan You File for Bankruptcy on Student Loans?
For the past four decades, a general rule when filing bankruptcy was that you could not discharge debts for student loans. While this is still usually the case, there may be some situations in which it is possible to discharge these debts as part of a bankruptcy filing. Borrowers must demonstrate that their student loan Read More
Read MoreRedeeming Property in Chapter 7
Bankruptcy is intended to provide individuals with a fresh start. 11 USC 722 of the Bankruptcy Code provides one potentially valuable tool that Jeff Field & Associates can help you utilize to obtain your fresh start. Under 11 USC 722 of the Bankruptcy Code, which is available only in chapter 7 bankruptcy, you may redeem Read More
Read MoreCan Unlisted Debts Still be Discharged in my Chapter 7 Bankruptcy?
Are Unlisted Debts Discharged in Chapter 7 Bankruptcy? There are two factors that determine if unlisted debt can be discharged in a Chapter 7 bankruptcy When you file for Chapter 7 bankruptcy, it is your responsibility as the Debtor to list all of your debts to the best of your knowledge. Any unlisted debts are Read More
Read MoreTiming Matters When Determining Dischargeability of Tax Debts
Income taxes are dischargeable in bankruptcy under certain circumstances. The three main rules of dischargability are as follows. First, the tax must be for a tax year for which a return was due (including any extension) at least three years prior to the date of filing (the “three-year rule”). Second, the tax must have been Read More
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