Law Offices of Gary Brenner

What are Some Examples of Non-Dischargeable Debt?

If you’re considering bankruptcy, it is important to educate yourself as much as possible about its regulations and ramifications. In this podcast, which include segments from the book Begin Again, you’ll learn about debts that are not dischargeable through bankruptcy.

Though many debts can be wiped out in the bankruptcy process, there are several important exceptions. For example, student loans, alimony and child support payments, federal and state taxes, and money owed due to court settlements cannot usually be discharged. For more information about this important topic, check out this podcast.

http://itunes.apple.com/us/podcast/begin-again-with-bankruptcy/id317967828

Though this podcast is a great way to get some background information about bankruptcy, it is no substitute for a face-to-face consultation with a bankruptcy attorney who can evaluate your situation and advise you on the best course of action. Count on the Law Offices of Gary Brenner to provide expert legal guidance about bankruptcy. Call our office at (650) 295-0646 today.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

How Will Bankruptcy Affect My Credit?

Your credit score is one of the most important indicators of your financial situation, and lenders take it into account when deciding whether to grant a loan. If you’re filing for bankruptcy, you need to be aware of the ways in which it will affect your credit score.

Your credit score will drop.

Bankruptcy will be a negative mark on your credit report and will cause your credit score to drop. Though this is undesirable, it may not be as dire as it sounds. If you’ve been struggling with financial troubles, your credit score probably isn’t perfect because of missed or late payments. Taking this into account, bankruptcy’s effect on your score won’t be as profound as it would be if your credit was perfect.

Banks will be less willing to offer you loans.

With a bankruptcy on your credit report, you will find it difficult to qualify for loans or a credit card. If you are eligible for credit, your interest rates will be higher than other borrowers’. Despite this, with good financial habits and hard work, you may be able to get a large loan—perhaps even a mortgage—with a bankruptcy on your credit report.

Bankruptcy will offer a fresh start.

After a bankruptcy, you will be released from responsibility for many of your debts. This is a great time to start new financial habits. If you make all payments on time and use credit carefully, you can raise your credit score above what it was before bankruptcy. In a Chapter 13 bankruptcy plan, you will make monthly payments to a trustee; if you make these payments on time, you will improve your credit score. Chapter 7 bankruptcy will fall off your credit report in 10 years, and Chapter 13 will disappear in seven,  leaving you with an improved credit score and no indication that you declared bankruptcy.

If you’re in debt and having trouble making your payments, Chapter 7 or Chapter 13 bankruptcy can give you a new start. To discuss your options, call (650) 295-0646 to reach the Law Offices of Gary Brenner in San Francisco today.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

Find More Answers To Your Bankruptcy Questions By Visiting These Informative Links

If you’re overwhelmed by debt or considering bankruptcy, you’re not alone. Millions of Americans have filed for bankruptcy in recent years to get relief from creditors. To find out more about how bankruptcy works and what debts it discharges, take a look at these resources.

• 
• 

• In bankruptcy, many unsecured debts are discharged. To learn more about this process, check out USCourts.gov.
• As this article explains, medical bills are at the root of a majority of bankruptcy filings.
• Find out how home mortgages are treated under Chapter 7 of the Bankruptcy Code.
• Though many debts can be discharged via bankruptcy, some important types cannot.
• Take a look at this article from Time magazine to find out more about the history of bankruptcy.

To discuss your bankruptcy options, call the Law Offices of Gary Brenner in San Francisco at (650) 295-0646 today.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

What Would Bankruptcy for the US Look Like?

The country is trillions of dollars in debt, but the United States cannot simply go to court to discharge their debts. What would happen if the US had to file bankruptcy? 

Click here to read more.

Consult an experienced bankruptcy lawyer to mitigate the worst damages to your credit. Here at Gary Brenner Law, we have the experience and the knowledge to help you handle your bankruptcy responsibly. Call (650) 295-0646 or contact us online for more information. 

How are Different Types of Debts Affected by Chapter 7 Bankruptcy?

Sometimes called a “liquidation” bankruptcy, Chapter 7 bankruptcy helps filers resolve debt by selling their valuable personal property to pay as much of their debts as possible. When these debts have been paid to the extent stipulated by the court, they are discharged, leaving the filer with no remaining responsibility to pay them. Read on to find out how different types of debt are treated under this system.

Dischargeable Debts

Many kinds of debt that are unsecured, or not tied to property, can be discharged under Chapter 7 bankruptcy, relieving the filer of responsibility for them. These debts include:

• Credit card bills.
• Medical bills.
• Past-due utility payments.
• Personal loans.

A bankruptcy trustee will distribute as much money as possible to each creditor in these cases; however, creditors may receive only pennies on the dollar, or perhaps even nothing at all.

Non-Dischargeable Debts

Some unsecured debts do not fall under the scope of the bankruptcy discharge and must be paid in full, no matter what. Notable among these debts are:

• Student loans.
• Alimony or child support obligations.
• Court-ordered restitution.
• Recent income taxes.

Though a filer cannot discharge these debts, he may find them easier to pay when he is no longer responsible for making payments on debts that have been discharged.

Secured Debts

Secured debts, including home mortgages and car loans, are treated differently under Chapter 7 regulations. Filers are allowed to keep a certain amount of equity in their homes and cars of a certain value. Their mortgages may be discharged, but the lien underlying them will not be, and the home may be repossessed. After the bankruptcy process is complete, filers can opt to reaffirm secured debts and keep paying them under the terms of the original loan agreement.

To discuss your particular situation and how your debts will be treated under Chapter 7 of the Bankruptcy Code, contact the Law Offices of Gary Brenner in San Francisco at (650) 295-0646. Our experienced attorneys can help you make the right choices to get out of debt.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.