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Sky Law Group

Bankruptcy and Income Taxes

Many people mistakenly believe that income taxes can not be discharged in a bankruptcy. But the bankruptcy code allows a debtor to eliminate his or her income tax debts if the requisite elements have been satisfied. 1) There must not be willful evasion or fraud. 2) Tax debt must be at least three years old. [...]

Tagged as: Chapter 13 bankruptcy, Chapter 7 bankruptcy, Income Taxes, IRS, Los Angeles Bankruptcy Lawyer, Sky Law Group

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Chapter 12 Bankruptcy

Most consumers file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Under certain situations, a Chapter 11 might be more plausible. On the other hand, a Chapter 12 bankruptcy is an option for family farmers and family fisherman with regular income. A Chapter 12 bankruptcy is similar to a Chapter 13 bankruptcy and allows one [...]

Tagged as: Chapter 12 Bankruptcy, Family Farmers, Family Fisherman, Los Angeles Bankruptcy Lawyer, Repayment Plan, Sky Law Group

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Bankruptcy Reaffirmation Agreements

If you are filing for bankruptcy and want to keep your vehicle or another secured asset, you will be required to enter into a reaffirmation agreement with the creditor. A reaffirmation agreement promises the creditor that you will continue to make payments on the secured asset you want to keep and in turn the creditor [...]

Tagged as: Contract, Los Angeles Bankruptcy Lawyer, Reaffirmation Agreements, Secured Asset, Sky Law Group

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What To Do If You Have A Credit Card Dispute

Consumers feel trapped by aggressive credit card companies enforcing rules upon them or changing terms abruptly which results in more fees ,excess charges or even damaging your credit score. Sometimes, you need a jolt of caffeine to awaken your senses and make you realize that you don’t need to back down to credit card companies. [...]

Tagged as: Complaint, Credit Card Disputes, Los Angeles Bankruptcy Attorney, OCC, Office of the Comptroller of Currency, Sky Law Group

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Bankruptcy Property Of The Estate

When you file for bankruptcy an “estate” begins which is created under 11 U.S.C. § 541. What exactly does this mean? Well for starters, all your assets and interests in property become part of this estate and is subject to distribution to the benefit of creditors unless it is exempted. It is important to note [...]

Tagged as: Assets. Interests, Bankruptcy Estate, Los Angeles Bankruptcy Lawyer, Property of the Estate, Sky Law Group

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Bankruptcy Insider

When you typically think of an insider, you automatically conjure images of an individual with secret insider information relating to shares of a company stock. Recent headlines in the media are rampant with Wall Street insider trades. However, an insider under the bankruptcy code is different. If you are a family member, relative or even [...]

Tagged as: Bankruptcy, Insider, Loans, Los Angeles Bankruptcy Attorney, Preference, Sky Law Group, Trustee

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What To Do And Not Do Before Bankruptcy

Many clients are concerned with life after bankruptcy and what steps they should take to improve their credit. We have discussed this topic in a former post. However, there are important steps to remember before filing bankruptcy: 1) Immediately stop using credit cards. Do not use credit cards that will be discharged in your bankruptcy. This is [...]

Tagged as: Chapter 13, Chapter 7, Credit Cards, Los Angeles Bankruptcy Lawyer, Sky Law Group

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Student Loan Debt Is A Life Sentence

In an age where the cost of education is skyrocketing out of control, student financial aid debt has snowballed to an astronomical level. The warning signs were there twenty years ago as the price of tuition at higher learning institutions was far outpacing inflation. Overall, student debt in the United States is approaching a trillion [...]

Tagged as: Bankruptcy, Brunner Test, Discharge, Los Angeles Bankruptcy Lawyer, Sky Law Group, Student Loan Debt, Undue Hardship

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Bankruptcy, Church Donations and Charity

If you have filed for Chapter 13 bankruptcy you might quickly assume that you must stop making charitable contributions to your local church. However, this is simply not true. The means test allows or accounts for your monthly charitable contributions but be prepared to provide adequate proof as the trustee will want to make sure [...]

Tagged as: Chapter 13, Chapter 7, Charity, Donations, Means Test, Sky Law Group

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Bankruptcy Discharge….The End

Many chapter 7 bankruptcy clients patiently wait after the 341a meeting of creditors for their discharge paperwork to come in the mail. Normally, it takes about 60 days after the 341a meeting of creditors to receive the discharge letter but more recently due to the influx of bankruptcy filings it could take longer.  For our [...]

Tagged as: Chapter 13, Chapter 7, Discharge, Sky Law Group

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