Alabama Bankruptcy Legal Questions

I believe you are asking if debts discharged (forgiven) in bankruptcy is taxable income.  The answer is no.  Section 108 of the Internal Revenue Code excludes from income any debt discharged in bankruptcy.  However, certain tax attributes, such as net operating loss carryforwards, may be reduced by the amount discharged. Mark J. Markus, Attorney at Law Handling exclusively bankruptcy law cases in California since 1991. http://www.bklaw.com/ bankruptcy blog: http://bklaw.com/bankruptcy-blog/ Follow Me on Twitter:  @bklawr... Read More

Bankruptcy does not eliminate liens against property unless they are specifically removed by the bankruptcy court after a separate motion.  Tax liens are not removable.   The underlying debt you owe may have been discharged in your bankruptcy case, but the lien remains against the property.  If you sell the property, the lien will need to be paid by the purchaser. Mark J. Markus, Attorney at Law Handling exclusively bankruptcy law cases in California since 1991. http://www.bklaw.com/ bankruptcy blog: http://bklaw.com/bankruptcy-blog/ Follow Me on Twitter:  @bklawr... Read More

As long as you pass the MEANS TEST to file, you can file ch. 7 bankruptcy. Without steady income you will not be allowed to file ch. 13 bankruptcy. You will have to contact an attorney to discuss if you qualify for ch 7, but in your case it is most likely. As for the cards, as long as they are only under your name, then discharging them in bankruptcy will not affect your husband. The house and car will have to be reaffirmed in your filing; as long as they are up to date at time of filing, you will be fine. Just remember that you will not be able to refile for almost 10 years, so you will be responsible for the car and home after bankruptcy. Joseph F. Botelho, Esq. BOTELHO & ASSOCIATES, LLCAttorneys At Lawhttp://massachusettslawyeronline.com/ 126 Shove Street Unit 202 Fall River, MA 02724 Office: 888-269-0688Cell: 508-801-6747FAX: 877-475-8147  ... Read More

Typically, if an item would cost more to sell than the item is worth then the item will not be sold.  If, however, the item were worth more than the costs associated with selling the item, the bankruptcy trustee may well force a sale for the item.  There are exemptions available to a debtor filing bankruptcy, and you should ask an experienced bankruptcy attorney what and for how much those exemptions are in your state. For more information on this topic visit http://thismatter.com/money/credit/bankruptcy/bankruptcy-estate.htm and www.alsobrooklaw.com   This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.  ... Read More

Different attorneys may have different answers to this question. However, we encourage our clients to go ahead and tell their creditors when they call. I don''''t think it is necessary for you to look up the number and call each of your creditors to notify them but if they are calling then it is usually a good idea to let them know you are filing and direct them to contact your attorney. We encourage our clients to do this because if the creditor knows you are filing bankruptcy then they will likely stop calling you (as long as you file within about a month or so from letting them know). Also, all of your creditors will be officially notified of your bankruptcy filing when they receive notice of your creditors'' meeting. I know part of the fear that some attorneys have is that a creditor may expedite the process of filing a lawsuit. The reality is, in most situations the bankruptcy will nullify the lawsuit so it would likely be a waste of the creditor''s time to file a lawsuit. So in short, yes - tell your creditors that you are filing bankruptcy so you can avoid the non-stop phone calls. Terry Duncan Charlotte, NC Bankruptcy Lawyer... Read More