Author Archives: Jay Butchko
What Does a Bankruptcy Trustee Do?
In a traditional court case, there are two sides, and a judge (and sometimes, a jury). There is no such thing as a trustee. Yet in bankruptcy, we speak often about who a trustee is or what a trustee does. Understanding the role of the trustee will help you understand what to expect in… Read More »
Should Your Business File for Bankruptcy?
In most cases with the law, a company can do whatever a person can do. That includes filing for bankruptcy. Should your small business file for bankruptcy? Is bankruptcy a way out of your business’ debts? Let’s clarify that we are talking about whether your business should file for bankruptcy—not whether you should file… Read More »
Will I Lose My Business if I file for Bankruptcy?
When you file for bankruptcy and you take an inventory of things you own, you often will look at your physical possessions, and, of course, your financial assets, like bank accounts or investments. But if you own a business, that is an item of value also. For many consumers, their business is how they… Read More »
Discharging Income Taxes in Bankruptcy
Of all debts, back owed taxes are the scariest. The thought of IRS collection, combined with the tendency of income taxes to accrue interest, is frightening. Debtors often need to discharge back owed taxes to help them get the fresh start they need. On the other hand, the government has an interest in making… Read More »
Can You Get Rid of an Unsecured Lien on Your Home in Bankruptcy?
When property is secured by a lien, such as a home that is secured by a mortgage, the mortgage continues to be valid. You may never have a personal obligation to pay off the loan, but the property can still be taken by the bank after the bankruptcy if the loan is behind or… Read More »
What Debts Are Not Discharged in Bankruptcy?
The point of filing for bankruptcy is to get a fresh start. That fresh start requires that bankruptcy wipe out your outstanding debts, which, as a general rule, it does. But there are some debts that get special treatment and that are not discharged in a bankruptcy. Non-Dischargeable Debt The following are debts or… Read More »
Why File for Chapter 13 Bankruptcy?
Unlike with a Chapter 7 bankruptcy, in Chapter 13 bankruptcy, you will make a payment to some of your creditors over a period of 3-5 years. At the end of your payments, you will get a discharge of whatever you have not paid. In any scenario, you will not have to pay everything that… Read More »
When Can You Refile a Dismissed or Completed Bankruptcy?
If you file for bankruptcy, the hope is that you will never need another one. However, often, multiple bankruptcies may be needed by consumers throughout their lifetime. In some cases, that’s because their original bankruptcy was dismissed before a discharge was entered, and the consumer was never freed from their debts. In other cases,… Read More »
Understanding the Life Cycle of Your Debt
If you are in debt and are considering bankruptcy, you may be wondering where all the phone calls and letters trying to collect your debts are coming from. They seemingly come from different companies with strange names that you’ve never heard of. That’s because of how complex the life of your debt can get…. Read More »
Man Fakes His Own Death to Avoid Bankruptcy Court
Many people are under the misconception that if they file for bankruptcy, they will lose everything. We’ve previously written about how many kinds of bankruptcy allow you exemptions, so that you can keep property, or allow you to make small payments, and thus, keep most of your property. Still, some people decide they want… Read More »
