Archives: February 2012

What is bankruptcy?

Bankruptcy is a legal process in which individuals and businesses can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. Of the several bankruptcy chapters provided for in the United States Code, they boil down to two types: liquidation (sometimes called “straight”)...

Will bankruptcy remove a judgment lien from my property?

Usually, yes. But, let me explain. First of all, there are all sorts of liens. Simply put, a lien is the right to take and hold or sell the property of a debtor as security or payment for a debt or duty. The property we’re talking about is real estate....

You should check this out.

I firmly believe that knowledge is power and that education is the key to eliminating fear and misunderstanding. I write a bankruptcy blog so that my clients can gain knowledge about various aspects of bankruptcy law. In my experience, when clients are properly educated about the law then they are...

Can Bankruptcy Increase Tax Liability

I filed bankruptcy, but now my accountant says that I may owe taxes due to forgiven debt. What do I do?! It’s tax season and every year at this time I receive lots of frantic calls from clients who tell me that their accountants have informed them that they may...