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Category Archives: Chapter 7 Bankruptcy

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Can I Get Rid of a Tax Debt in Bankruptcy If I’m Unable to Negotiate a Settlement with the IRS?

By Julia Kefalinos |

A common question many Florida debtors have is, “Can I eliminate income tax debt by filing for bankruptcy?” In some cases, it is in fact possible to obtain a bankruptcy discharge for such debt. But there are a number of conditions imposed by the federal Bankruptcy Code. For instance, the tax debt in question… Read More »

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What Is Considered a “Fraudulent Transfer” in a Florida Bankruptcy Case?

By Julia Kefalinos |

Let’s say you are thinking about filing for bankruptcy, but you are afraid of losing certain assets, such as a car or boat. You might think, “What would happen if I simply gave away the asset to a friend just before I declared bankruptcy?” Then, when your bankruptcy was completed, your friend gave the… Read More »

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What Happens to My Potential Civil Lawsuit If I File for Chapter 7 Bankruptcy?

By Julia Kefalinos |

When you file for Chapter 7 bankruptcy in Florida, a court-appointed trustee will take possession of your “bankruptcy estate.” The bankruptcy estate includes all property you own that is not otherwise exempt from the bankruptcy process. By law the estate covers “all legal or equitable interests of the debtor in property as of the… Read More »

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How Could an Accidental Omission from My Bankruptcy Petition Affect My Ability to Obtain a Discharge?

By Julia Kefalinos |

A Chapter 7 bankruptcy can give you a fresh start free of your current debts. But when seeking bankruptcy protection, it is critical that you are open and transparent with the court about your finances. If you attempt to hide income or assets, the judge can deny you a discharge of your debts–meaning you… Read More »

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How Does Florida’s Homestead Exemption Protect Me in Bankruptcy?

By Julia Kefalinos |

The purpose of bankruptcy is two-fold. First, it enables you to discharge–i.e., eliminate your legal obligation to pay–many if not all of your outstanding debts. Second, it ensures you retain enough property to make a “fresh start.” On this second point, federal and state law allows you to keep or “exempt” certain property. If… Read More »

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When Can You Discharge an Unpaid Tax Bill in Bankruptcy?

By Julia Kefalinos |

A question we often get is, “Can I file for bankruptcy to wipe out an unpaid tax bill?” The answer to this question is complicated. While many individual debts can be easily discharged in bankruptcy, there are special rules applicable to taxes. To explain things as simply as possible, you may be able to… Read More »

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How Will Bankruptcy Affect My Credit Report?

By Julia Kefalinos |

A common question many people have about the bankruptcy process is the effect it will have on their credit report. The Bankruptcy Court itself has nothing to do with credit reports, which are maintained by private agencies. But federal law still governs how long these agencies can maintain a public record of your bankruptcy,… Read More »

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Are Tax Debts Dischargeable in a Chapter 7 Bankruptcy?

By Julia Kefalinos |

While a Chapter 7 bankruptcy is designed to give a debtor a “fresh start,” that does not necessarily mean that you can eliminate all of your outstanding debts. Congress exempts a number of categories of debt from discharge through bankruptcy. Not surprisingly, one such exemption covers tax debts owed to the government itself. According… Read More »

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Do I Need to Disclose Pending Lawsuits on My Bankruptcy Petition?

By Julia Kefalinos |

In a Chapter 7 bankruptcy case, it is critical to disclose all of your assets to the court. This includes any potential legal claims you may have against other parties. For example, if you were in a car accident and sued the other driver for negligence prior to your bankruptcy filing, your personal injury… Read More »

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When Are Credit Card Debts Unenforceable in a Chapter 13 Bankruptcy?

By Julia Kefalinos |

Many Florida residents file for Chapter 7 or Chapter 13 bankruptcy due to mounting credit card debt. But before you seek bankruptcy protection, you should know that depending on how old your credit card debt is, the lender may have no legal recourse against you. This is because credit card debt is subject to… Read More »

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