what can be wiped out in bankruptcy?

Bankruptcy Can Relieve Second Mortgage Misery

June 8, 2011

The front page of the June 7, 2011, issue of the Wall Street Journal reports that almost forty percent of homeowners who took out second mortgages on their homes “are underwater on their loans, more than twice the rate of owners who didn’t take out such loans.” (click here to view the article). Dealing with [...]

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Bankruptcy – What Is An Objection To Discharge?

October 25, 2010

In a chapter 7 bankruptcy in Northwest Georgia, a creditor can file an objection to a discharge of their debt.   The legal term for this is a complaint to determine dischargeability. The most common scenario where a creditor will file a complaint to determine whether a debt is going to be discharged in a chapter [...]

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Bankruptcy – Wipe Out Debt Owed on Timeshares

August 11, 2010

Filing bankruptcy to wipe out debt owed on timeshares can be tricky. Eliminating the mortgage owed on a timeshare in bankruptcy is not a problem.  The problem is the maintenance fees which can be extremely high in some cases. I meet with clients all the time from Rome, Dalton, Calhoun, Dallas, Douglasville, Hiram and Cartersville [...]

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Bankruptcy – Can’t Incur Debt with the Intent of Discharging it

June 21, 2010

I have friends who buy into this myth that people who file bankruptcy go out and run up their credit cards right before filing.  The truth is that almost no one does this and those few that do end up paying it all back. In a Chapter 7 bankruptcy, you cannot incur debt with the [...]

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Bankruptcy – Chapter 13 and Chapter 7 – Can I Get Rid of Payroll Taxes?

May 7, 2010

A person cannot wipe out payroll taxes in Chapter 13 or Chapter 7   Payroll taxes are not considered property of the business.  The business is considered to have held the payroll taxes in trust for the government.  Failure to pay payroll taxes will be treated as a nondischargeable debt. Using payroll tax money for [...]

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Can I Wipe Out My Second Mortgage in a Chapter 13 Bankruptcy?

April 17, 2010

You can eliminate a second mortgage in a Chapter 13 You need to get an appraisal on your property before you file the case. Your property must be worth less than what you owe on the first mortgage in order to eliminate the second mortgage in your chapter 13.

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Filing Bankruptcy- You Must Know the Value of Your House

December 12, 2009

The purpose of this blog is to give you a rough idea about why you must know the value of your house before you even think about filing bankruptcy in Georgia.  Under Georgia Law, a single person can exempt a maximum of $10,600 of equity in their house when they are filing either Chapter 13 [...]

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