Can you pay your taxes by credit card, then file bankruptcy? Interesting. Well, yes, you can pay your taxes with a credit card. And yes, credit card debt discharge is typically part of most bankruptcy proceedings. But, as Kent Anderson, an Oregon bankruptcy attorney points out, there are two important reasons why the convenience of paying your taxes on credit may result in a non-dischargeable debt. Continue reading
Interesting question for the day from Bankrate.com – If you are in Chapter 13 bankruptcy and want to convert to Chapter 7 bankruptcy, do you have to meet income requirements in order to file Chapter 7? Yes, you must meet Chapter 7 requirements in order to convert from a Chapter 13 bankruptcy to a Chapter 7. Chapter 13 is a repayment plan of some or all of your debt over a three to five year period. While there are myriad reasons for filing Chapter 13 bankruptcy, it is usually for one of these three: The household income is too high to qualify for a Chapter 7. To get caught up on delinquent mortgage or car payments. To protect a valuable asset that cannot otherwise be protected in a Chapter 7. These reasons mean you’ll be in a court-monitored repayment plan for some or all of your debt. A Chapter 7…
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Chapter 13 bankruptcy, also called a Wage Earner’s Plan or an individual debt restructuring, is a powerful tool for people whose debts have become insurmountable. It is appealing to homeowners because Chapter 13 bankruptcy stops foreclosure sales and allows people more time to cure debts such as past due mortgage payments. Most people do not realize that Chapter 13 works similarly for certain vehicles when the vehicle loan is greater than the value of the car. Many people suffering from overwhelming debts are underwater on their cars, and losing their primary method transportation could be a potential disaster. People who are upside down on their car loans can use a Chapter 13 procedure known as “vehicle cramdown” to reduce the amount they owe. If you owe more than your car is worth, it is possible to “cram” the total debt down to the fair market value of the vehicle. For…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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