Can 23andMe Survive Its Financial Crisis?
Do you remember when 23andMe was the golden child of genetic testing? Millions swabbed their cheeks, eager to uncover ancestry secrets or health risks—until the hype faded, lawsuits piled up, and the company’s stock plummeted. Now, bankruptcy looms. If you’re a shareholder, you might be staring at your portfolio like it’s a pile of unopened […]
Does Chapter 13 Mean Paying All Creditors Back? It Could Be Zero to Unsecured Claims!
A 13 bankruptcy repayment plan does not necessarily mean that you must repay your debts in full. Don’t be scared off by a chapter 13 bankruptcy payment plan. It does not mean you have to pay everyone back in full with interest. After all, if you could afford to pay everyone back, you would not […]
Should You Buy a Car Prior to Filing Chapter 13?
You may want to consider buying a car prior to filing your Chapter 13 bankruptcy case. Filing bankruptcy isn’t a matter of going to your bankruptcy lawyer’s office, plunking your money down, and signing a few documents. It involves planning. First, there’s the obvious need to determine what chapter you should file under-typically 7 or […]
Can I Discharge Payday Loans in My Bankruptcy?
Payday loans can be dangerous forms of credit. Interest rates are astronomically high (according to an FDIC advisory, between 300 and 1000 percent when calculated annually), a significant number of payday loan customers take out multiple loans per year, and it’s difficult to determine a legitimate company from a fly-by-night business front. Many customers get […]
What exactly is bankruptcy? Will it wipe out all my debts?
Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as “liquidation” (Chapter 7) or “reorganization” (Chapters 13). Under a Chapter 7 bankruptcy, you ask the bankruptcy court to wipe out (discharge) the debts you […]
Can I Discharge Tax on Late Filed Returns?
Bankruptcy can discharge income tax if certain conditions are met. One required condition is that returns must have been filed. Since tax law requires filing by a specific date, if not filed by that date any tax that is due will be exempt from discharge. The new language was added by congress in the Bankruptcy […]
How to Understand the Chapter 13 Plan Payment
A chapter 13 bankruptcy is a plan to re-organize a debtor’s liabilities and get a fresh start unburdened by mounting unsecured debt (credit cards, medical bills, etc.). Such a plan requires payments to a bankruptcy trustee. But how much are those payments? To a large degree the amount paid into the plan varies and depends […]
What Credit Report Errors Cause Consumers Higher Interest Rates?
After filing bankruptcy people are often interested in trying to rebuild their credit, and a Chapter 7 or Chapter 13 bankruptcy can be a good first step to repairing your credit. The information contained in your credit report is important and that information must be accurate. Credit reporting agencies (CRA) such as Experian, Equifax and […]
How is Social Security Income treated in the Bankruptcy Means Test?
The first step in a bankruptcy filing is to determine the debtor’s income in relation to the Current Monthly Income for your state. Assuming the debtor is above that, the more complicated Means Test must be performed. The outcome of that test will determine either if the debtor qualifies for a Chapter 7 bankruptcy or […]
Can an Illegal Immigrant File for Bankruptcy?
An illegal immigrant can file for bankruptcy in the United States. There is no reference to a citizenship requirement in the Bankruptcy Law. US Code §109 provides the requirements to be a “debtor.” The most common way to be eligible to be a debtor is to have a “domicile” in your state. A domicile “requires […]