Steven J. Richardson | July 26, 2010
Many clients come to me after having been sued by one or more of their creditors, and they are concerned that it is too late to do anything about that particular debt. I would have to say, though, that in the vast majority of cases, a debtor can still wipe out that debt. However, the [...]
Steven J. Richardson | June 29, 2010
One question I am often asked is whether people can get out from under an onerous tax burden by filing bankruptcy, either in a chapter 7 or a chapter 13. Trust fund penalties aside for unremitted payroll tax deductions, it is possible to discharge (wipe out) income taxes under certain circumstances. However, those circumstances are [...]
Steven J. Richardson | June 8, 2010
One question I get asked a lot is what bankruptcy will do to someone’s credit. This is because there are a lot of myths out there about what happens. People think they will have bad credit for 7 (or 10) years no matter what. My answer used to be that it is the worst thing [...]
Steven J. Richardson | May 13, 2010
One of the intimidating parts of a chapter 13 bankruptcy is the plan of repayment, which can be anywhere from three (3) to five (5) years long, depending on your circumstances. People fear that they are locking in to something now that they might not be able to afford in a year or two due [...]
Steven J. Richardson | April 19, 2010
There is one very common concern among my clients that are preparing a chapter 13 bankruptcy plan of repayment: Is this written in stone? Will I have to make this payment no matter what for the next three (or five) years? The answer is, in most cases, no. The courts understand that things happen in [...]