Tag Archives: Chapter 7 Bankruptcy
How Will Bankruptcy Affect My Credit Report?
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 »
Are Tax Debts Dischargeable in a Chapter 7 Bankruptcy?
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 »
How Can I Discharge Student Loan Debt in Chapter 7 Bankruptcy?
Student loan debt is notoriously difficult to discharge in Chapter 7 bankruptcy. Unlike other kinds of unsecured loans, federal law grants special protections for most student loans. This means that even if you successfully complete the Chapter 7 process and receive a discharge from the bankruptcy court, your student loan obligations remain. Can a… Read More »
Can I Get in Trouble If I Lie to My Creditors?
A Chapter 7 bankruptcy is designed to give a debtor a fresh start by discharging any outstanding debts, such as civil judgments obtained by creditors. But there are limits to what a bankruptcy court can and will discharge. For instance, federal law prohibits a debtor from discharging a debt obtained through “false pretenses, a… Read More »