When it comes to bankruptcy, one crucial factor to consider is how the ownership of assets is structured. Understanding how joint tenancy and tenancy in common affect real property is crucial during bankruptcy. Joint tenancy and tenancy in common are two common forms of asset ownership, and the difference between them can have significant implications…
When a person or company files for bankruptcy, their assets and finances are often subject to scrutiny in order to fairly distribute funds to creditors. One aspect of bankruptcy law that can significantly impact individuals and businesses is the concept of a bankruptcy clawback. In this article, we will explore what bankruptcy clawback is, its…
Foreclosure can be a devastating event for homeowners. Not only do they lose their homes, but they also suffer a huge financial setback in tax liability and the ability to find a new home. An emergency bankruptcy filing to stop foreclosure can be done to delay for 6 months or longer or permanently cure a…
Buying a house is a significant financial goal for many people, but what happens if you have filed for bankruptcy in the past? Bankruptcy is a legal process that helps individuals or businesses eliminate or repay their debts when they are unable to meet their financial obligations. It can have a long-term impact on your…
There is a Chapter 13 for individuals with a steady income who wish or are required to repay debts. There is a Chapter 7 bankruptcy for businesses where business assets are liquidated. But consumers in a Chapter 7 bankruptcy are rarely lose assets. A Chapter 20 bankruptcy is a strategy to eliminate unsecured debts before…
As a bankruptcy lawyer, I often hear the question, “Can You File for Bankruptcy if You Haven’t Filed Tax Returns?” and it’s not surprising why. With the increasing cost of living and unexpected expenses, many individuals face financial difficulties and consider bankruptcy as a solution. But what happens if you still need to file your…
