Another Indiana Bankruptcy Lawyer Case Lesson: When Divorce and Bankruptcy Mix
Posted on August 10th, 2010
As you might imagine, a debt consolidation lawyer like me who offers bankruptcy information in Indiana needs to read a lot, and I certainly do. In addition to newspapers, magazines, and professional journals on financial planning and tax law, I need to know what decisions are being handed down in bankruptcy courts in Indiana and other states. That helps me stay up-to-date, so I can help my clients file individual bankruptcy in Indiana.
Whenever a personal bankruptcy in Indiana happens at or near the same time as a divorce, things can quickly become even more complicated. Now we’re dealing with two sets of laws: the new bankruptcy laws of Indiana, and Indiana divorce law. A recent court case from Pennsylvania serves as a good example of what can happen when divorce and bankruptcy laws mix:
- P. rec
Rising household costs could pressure people in debt
Posted on August 9th, 2010
The UK may be about to see a rise in food price inflation that could put extra pressure on already-stretched household finances, The Independent reports.
Kantar Worldpanel, a market research firm, has forecast a rise from 2% to 4% in grocery-price inflation by the end of the year.
The firm attributes this to growing wholesale prices of things like wheat and barley around the world.
The forecast comes at the same time as similar reports suggesting petrol and clothing prices could rise in the near future, while house prices have started to fall once again. Read more…
Debts Not Discharged In Chapter 7 Bankruptcy
Posted on August 9th, 2010
The goal of filing Chapter 7 bankruptcy is the possibility of having some or all of your debts discharged. When a debt is discharged, it is essentially wiped away and you never have to repay it. However, there are certain debts and obligations that can never be discharged in a Chapter 7 bankruptcy.
In general, the following kinds of debt cannot be discharged:
All debts that you didn’t list on your bankruptcy petition will not be discharged;
- Criminal fines and debts: All court fees and court-ordered judgments related to any criminal activity cannot be discharged — neither are any judgments or debts incurred as a result of personal injury or death to others caused by your own negligence or criminal activity;
- Student Loans: Although there is a general policy not to discharge student loan debt, in some very rare circumstances, student loans can be discharged, particularly if a hardship condition exists;
- Taxes: Most tax debt cannot be discharged in bankruptcy. However, if you meet the following requirements your tax debt may be discharged:
- The taxes are income taxes. Taxes othe
Bankruptcy “an option” for Duchess of York
Posted on August 9th, 2010
The Duchess of York is reportedly fighting off the threat of bankruptcy after amassing more than £2million in debts.
Sarah Ferguson is believed to owe around £2m to creditors and, although she claims to have paid off all personal debts, a spokesperson for the Duchess said that bankruptcy “was an option”. It is thought that her debts may relate to her business interests, both in the UK and US.
Sarah Ferguson issued the statement following reports in the Sunday Telegraph claiming that she owed around £5m in both personal and business debt. The paper claimed that the matter had been discussed by David Cameron and the Queen, who had become “deeply concerned” about the state of the Duchess’s finances.
However her spokesman dismissed the figures as “significantly” exaggerated. “There