what can be wiped out in bankruptcy? Archives | Jeff Kelly Law Offices

what can be wiped out in bankruptcy?

Bankruptcy Can Relieve Second Mortgage Misery

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 – Wipe Out Debt Owed on Timeshares

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

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?

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 any …

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Filing Bankruptcy- You Must Know the Value of Your House

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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Second Mortgage On My House To Pay Off My Credit Cards?

Taking a second mortgage out on your house to pay off credit card debt is a bad idea in most cases.  In the event you need to file bankruptcy, credit card debt can be wiped out if necessary.  Even in a Chapter 13 plan where you are paying back all of your debt, the interest rate …

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Filing Bankruptcy After a Default Judgment in Georgia?

The answer to this question depends on your situation.  We can file a motion to avoid the judicial lien shortly after we file your case.  The main issue is how much property do you own?  I want to go over every single asset you own and make sure that they are protected by Georgia exemptions.  …

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Can I Wipe out Traffic Tickets in Bankruptcy?

No.  Traffic tickets are technically criminal fines.  No criminal fine can be wiped out in bankruptcy.  However, in a Chapter 13, we can set up a special provision in the plan to pay the traffic tickets at 100 cents on the dollar.   Paying traffic tickets is a much easier after we come up with a …

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