Chapter 7 Bankruptcy
A Chapter 7 bankruptcy allows you to discharge most unsecured debts – credit cards, personal loan, lines of credit, medical bills, collections, personal guarantees on business debts, liability for pending lawsuits (breaches of contract), and most IRS …
Received a 1099-C After Bankruptcy? Don’t Panic!
If you filed for bankruptcy and had debts discharged, you might be surprised (and a little panicked) to receive a Form 1099-C, Cancellation of Debt from a creditor in January or February. Many people worry …
Where Does Bankruptcy Come From?
Protection of Debtor and Creditor Interests. Bankruptcy was originally for the protection of creditors. It was a structured method for creditors to reclaim their debts instead of sending people to debtor’s prison as was the practice under …