Call for a free bankruptcy consultation

Louisville |


New Albany |

Schwartz Bankruptcy Law Center

March 2015 Archives

Can I Switch a Chapter 13 Bankruptcy to a Chapter 7?-

You may have been awarded a bankruptcy under Chapter 13. This means a payment plan was devised for you that had to be adhered to. Your financial situation may have changed or gotten worse and you can no longer comply with the bankruptcy agreement. So what happens now? Are you able to transition over to a Chapter 7, which is quite different than the Chapter 13?

Your Chapter 13 Bankruptcy

If your Indiana bankruptcy attorney has determined that it's a Chapter 13 bankruptcy that you must apply for, then he will also explain the process and the probable outcome of this form of debt relief. In this case your debt is not going to be fully discharged. Instead a plan will be developed for the re-payment of what you owe. The good news is that your creditors cannot deviate from the plan and they have to accept the arrangements that have been made under this bankruptcy proceeding.

What are Bankruptcy Exemptions?

If you are thinking about going bankrupt then you really want to gain a clear understanding of what bankruptcy exemptions are. These dictate as to what property that you own now will still remain as yours. The exemption rules in Bankruptcy can be quite complex yet they are very important. You really will benefit by using an experienced Louisville bankruptcy attorney to help you with your bankruptcy action.

Medical Debt in Bankruptcy

The majority of people who end up having to go bankrupt have not willingly put themselves in this position. Most struggle at trying to do their best to keep their debt in control. When something unforeseen arises like health issues this can have a devastating effect on the financial situation. Many people end up having to file for bankruptcy because the source of their financial problem is coming from their medical debt.

Understanding A Bankruptcy Discharge

Basically when a bankruptcy discharge is given it means, that person cannot no longer be held liable for the debts that were covered in the bankruptcy proceedings. This means that those creditors cannot harass you for the money owed or take any legal action against you. They are not allowed to send you letters or contact you regarding that debt. The bankruptcy laws are very complex and not all debts are dealt with in the same way. This is why it is so important to have professional help like an experienced New Albany bankruptcy attorney take care of your bankruptcy case for you. 

Can My Bankruptcy Be Denied?

It can be pretty disappointing and even shocking if you go through an entire bankruptcy process only to have it denied. It should be kept in mind that bankruptcy doesn't mean that all debts are going to be wiped out. Secured debt, or tax debt, and student loan debt are all debts that can be difficult to deal with in a bankruptcy. 

Do I have to Declare my Tax Return in a Bankruptcy?

If you are concerned about whether you have to declare your tax return in your bankruptcy action, then you are in financial trouble. Any extra money coming in can certainly be put to good use, besides going to your creditors. You may be thinking that because your tax return is extra and not ongoing income that you don't have to declare it. In both forms of bankruptcy which is the chapter 13 and chapter 7 you do have to reveal that you are going to receive or have received a tax return. 

Will Chapter 13 Bankruptcy Affect My Tax Return?

The chapter 13 bankruptcy is different in many ways compared to the Chapter 7 option. In the chapter 13 bankruptcy you are required to list all of your income and all of your expenses. This is what the bankruptcy trustee uses to determine that you are going to meet the obligations that the bankruptcy will put in place. 

Make A Payment Email Us For a Response

Need A Solution To Your Debt Problems?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Make A Payment
Schwartz Bankruptcy Law Center

Office Locations:

Louisville Office
3339 Taylorsville Road
Louisville, KY 40205

Phone: 502-785-8549
Phone: 502-485-9200
Fax: 502-485-9220
Louisville Law Office Map

New Albany Office
501 State Street
New Albany, Indiana 47150

Phone: 502-785-8549
Phone: 812-945-9200
Fax: 502-485-9220
Map & Directions