Domestic Support Obligations (DSOs) Child support and spousal support are often referred to as domestic support obligations, or DSOs. Many individuals who file bankruptcy have a DSO, so this is a common topic of concern. First and foremost, domestic support obligations are not dischargeable. Debtors cannot get rid of any amount of child support, spousal support, or arrearages related to a domestic support obligation by filing bankruptcy. If you owe a co-parent or ex-spouse a support … [Read more...]
Divorce & Bankruptcy
When to file the bankruptcy The stress of dealing with overdue bills and creditors calling can put a strain on any marriage. Frequently, divorce causes debt, or financial difficulties are a big factor in leading to divorce. If you are considering a divorce and have substantial joint debt, you should file bankruptcy before a divorce is final. By doing this, the debt component is greatly simplified in the divorce proceeding - if not eliminated completely. This not only takes away the worry … [Read more...]
CHAPTER 7 vs. CHAPTER 13 BANKRUPTCY
I am often asked, what is the difference between chapter 7 and chapter 13 bankruptcy? Chapter 7 is a type of bankruptcy in which a debtor gets a fresh start. Chapter 13 is a type of bankruptcy in which a debtor pays all or a portion of his debt in a plan. CHAPTER 7 There are many factors which determine which type of bankruptcy is best for an individual. First, if a debtor has previously filed a chapter 7 bankruptcy, she must wait 8 years before filing another chapter 7. Second, high … [Read more...]
Do I have to go to Court to file Bankruptcy?
While there are instances where a court appearance may be required, most Debtors never have to appear in front of a Judge. The only appearance that every Debtor filing bankruptcy must make is to the creditors’ meeting. Creditors’ meetings generally take place at a courthouse, but you don’t appear in front of a Judge. Instead, the meeting is conducted by a bankruptcy Trustee, a court-appointed attorney. What is a Creditors’ Meeting? After filing bankruptcy, you will be scheduled to attend a … [Read more...]