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Chapter 13 and Gambling Debt

Sawin & Shea

This helps prevent repossession or foreclosure. How Can a Bankruptcy Lawyer Help? A bankruptcy lawyer can help you with their experience of bankruptcy from gambling laws. Additionally, they may be able to help with: the stoppage of harassing phone calls from creditors, repossessions, foreclosures, and more.

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What is an Emergency Bankruptcy Filing?

Sawin & Shea

An emergency bankruptcy is a bankruptcy filing method that expedites the filing process to stop creditors and bill collectors from seeking debts from borrowers. An automatic stay is an injunction prohibiting creditors from collecting debts. Additionally, businesses can file an emergency bankruptcy under Chapter 11, but this is rare.

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What Is a 1099-C Form and How Does It Affect Your Credit?

Credit Corp

Cancellation of debt happens when a creditor discharges or forgives a debt you haven’t paid off. The IRS notes that cancellation can occur when the creditor gives up on collecting because it’s exhausted its resources and is unable to collect. In some cases, cancellation can come about as an agreement between you and the creditor.

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.

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Pros and Cons of Chapter 13 Bankruptcy

Sawin & Shea

Under Chapter 13, the filer works with their attorney to come up with a court-approved repayment plan showing how they will pay something back to creditors over time. As long as you keep up with repayment plan payments, you can avoid repossession or foreclosure. Pros of Filing Chapter 13 Bankruptcy 1.

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Tax Attorney vs Bankruptcy Attorney: What’s the Difference?

Sawin & Shea

If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. Choosing the right solution is a big step that could affect your life for years to come. You deserve a fresh start.

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1099-C: What You Need to Know about the Cancellation of Debt Tax Form

Credit Corp

It’s a good idea to double check with your bankruptcy lawyer about whether you need to claim 1099-C income relevant to your bankruptcy discharge. The creditor that sent you the 1099-C also sent a copy to the IRS. The creditor must file a 1099-C the year following the calendar year when a qualifying event occurs.