Generally, no. Filing Chapter 7 bankruptcy is generally not a "tax event." A person does not incur less or more income taxes by filing bankruptcy. It has no effect. No. Creditors do not have to show up to the bankruptcy meeting and rarely do. Creditors have up till 60 days from the date of the meeting to object. Again, it is as rare as snow in May that a creditor objects to a debt, and it is usually something which you and I have talked about prior.

Although the bankruptcy case file is a public record that is accessible from the internet, usually only creditors will learn of the filing. Current employers and governmental agencies cannot legally discriminate against a debtor because of a bankruptcy filing. Employers may be notified if the debtor’s chapter 13 payments are made by payroll deduction.

Debtors who have faced obstacles to paying off their debts when due have no doubt received more than their fair share of demanding letters and phone calls, and the thought of getting rid of their debts, and thus the constant demands, through bankruptcy can be quite appealing. Before making a decision to pursue that route, which can have long-term effects on credit rating and the ability to make large purchases, like a home, debtors should consider other, less drastic alternatives.

You should only file Bankruptcy as a last resort and after all other methods have failed. If you have enough discretionary income to resolve your debt over time, it may be recommended that you attempt Debt Settlement in lieu of filing bankruptcy. Resolving your debt through Debt Settlement will have a more positive impact on your credit rating in the long run. Remember that a Bankruptcy will stay on your credit profile for up to 10 years.

Under normal circumstances, unless your employer is a creditor, your employer will not know that you have filed bankruptcy. However, there is a growing trend in Bankruptcy Courts to require wage withholding to fund the Chapter 13 Plan. This means that your employer may receive an order from the Bankruptcy Court to deduct your Chapter 13 payment from your check and send it directly to the Chapter 13 trustee. Consult your attorney about local procedure.

Yes. You can keep debt, particularly secured debt, such as your home and car as long as you indicate your intention to do so in the bankruptcy petition. As far as credit card debt, you may keep one or two cards, but your attorney must state that he has reviewed your finances and that keeping such debt is in your best interest and imposes no undue hardship upon you.

Generally, you don't need to disclose your HIV status to your employer. (Some licensed health care providers are required to notify a professional board. Check with the Minnesota Department of Health or your professional organization if you have questions.) All workplaces are now expected to practice "universal precautions" in dealing with any blood or other bodily fluid. (Universal precautions assume that all blood and bodily fluids may be infected with one or more diseases.

You should notify the trustee in the case and call or write to the United States Trustee at (303) 312-7230 or 999 18th St., Ste. 1551, Denver, CO 80202. Members of the public can now report suspected bankruptcy fraud via e-mail to USTP.Bankruptcy.Fraud@usdoj.gov The DOJ's Executive Office of US Trustees (EOUST) has launched an Internet hotline to allow the public to report suspected instances of bankruptcy fraud. Please click here to visit the Department of Justice Bankruptcy Fraud Hotline.

For a debtor, it is an opportunity to reduce or eliminate debt, cancel contracts or leases, and return to financial health. The filing of a petition in bankruptcy automatically triggers a broad restraining order against all creditors, preventing them from commencing or continuing any judicial proceeding against the debtor including the enforcement of judgments.

No. U.S.C. Sec. 525, prohibits any employer from discriminating against you because you filed bankruptcy.

The advantages to bankruptcy seem so great that sometimes clients have a hard time believing that it’s all true. There are, however, some disadvantages to bankruptcy which must be taken into consideration. First, a bankruptcy filing can remain on your credit report 7 to 10 years. While this is something to consider, most clients find that it is not insurmountable. Many are surprised to receive new credit within a few years after they filed bankruptcy.

First, you should contact with an attorney at Hatch, Little & Bunn, LLP. An attorney can help you plan for the bankruptcy, decide when to file a bankruptcy petition, or in some cases even avoid filing for bankruptcy. Do not transfer your assets to friends, family and business associates to hide the assets from your creditors. The transfer may be considered a fraudulent conveyance. If it is, you may lose both the property and your right to a bankruptcy discharge.

Cosigners remain responsible for debts that are discharged in another's bankruptcy. In Chapter 13, as discussed below, you may protect cosigners if a plan is filed which proposes paying the cosigned claim in full. This is true of debts guaranteed by others, whether you signed first or the other did.

NO! Federal Bankruptcy Law specifically prohibits discrimination based solely on an employee's filing for bankruptcy. YES! A major benefit of filing bankruptcy is the protection of the automatic stay that goes into effect once the bankruptcy is filed. The automatic stay, with relatively few exceptions, stays or stops all creditors' actions to collect a debt, including phone calls and foreclosures.

Although bankruptcy may legally be reported to your credit report for up to 10 years, you can begin to reestablish your credit immediately. Remember that "credit" is your ability to borrow money. Lenders consider many factors while determining whether to loan you money, but most importantly, they consider your debt-to-income ratio. You are probably visiting this site because you already have more outstanding debt than you have the ability to pay. So, arguably, you do not have credit.

AAn involuntary bankruptcy filing is a bankruptcy filing that it commenced against a debtor by petitioning creditors.

This is one of the least known advantages of filing for bankruptcy protection. Many people do not know that the bankruptcy laws do provide for discharge of many federal and state tax obligations. This is a complex issue which depends on a number of factors including the type of tax owed, the age of the tax obligations, and whether and when you filed a tax return.