Tag Archives: Chapter 11

Bankruptcy Options for Homeowners as the HAMP Program Ends

Roughly 800,000 homeowners still enrolled in the government’s Home Affordable Modification Program (HAMP), will see their mortgage interest rates gradually rise starting in 2014. Thirty percent of those who qualified for relief have defaulted again. Unfortunately, although home prices have increased over the last two years, household incomes have remained flat, and many homeowners still owe more on their mortgages than their homes are worth. We want you to know that you may have additional options. If you find yourself owing more on your mortgage than your house is worth, are under or unemployed, or facing foreclosure, bankruptcy may be the appropriate option for you. By filing for chapter 7 bankruptcy, you can let go of an underwater home and prevent the mortgage lender from trying to collect against you by discharging your debt. If you are enrolled in the HAMP program and in danger of defaulting or perhaps facing…
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Use Your Tax Refund to Eliminate Your Debt!

We want to remind everyone that if you are struggling with debts such as credit cards, medical bills, or facing foreclosure, your tax refund may be the key to a fresh start. Many individuals, families and businesses may have decided that bankruptcy is in their best interest, but they have difficulty putting together the filing fees and attorney fees to file. Good news: tax refunds may be used to pay the filing fees and attorney fees for a Chapter 7 or Chapter 13 bankruptcy in Missouri and Kansas. By filing bankruptcy, you may be able to wipe out and eliminate your debt or save your home from foreclosure. Our experienced Kansas City bankruptcy attorneys provide initial free phone consultations, so people considering bankruptcy can make a decision on whether or not to file based on their specific situation. Fortunately, tax refunds may be used for filing a Chapter 7 or…
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Can I Discharge Taxes in Bankruptcy?

There is a myth that income taxes can never be discharged in bankruptcy. For individuals or families facing economic difficulties taxes can be particularly difficult to overcome because of penalties and interest that accrue. In reality, you can discharge your back federal, state, and local income taxes in Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Making a determination on which taxes are capable of being discharged can be complicated. However, it is possible to discharge entire tax debts in bankruptcy, if the taxes fall within three important requirements: 3-Year Requirement. The first requirement is that for taxes to be dischargeable, they must become due at least three years before you file for bankruptcy. Bankruptcy CodeB B’507(a)(8)(A)(i). 2-Year Requirement. Second, your income tax returns must have been filed two years before filing your bankruptcy petition. This means you can discharge income taxes, even if you filed your tax forms late,…
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