Blog | Wiesner & Frackowiak Attorneys at Law

Can You File for Bankruptcy Again? What You Need to Know

If you have previously filed for bankruptcy and you have found yourself in financial trouble for a second time, you may wonder if you are allowed to file for bankruptcy again. The following is some information you should know if you need help with your debt again.

Can You File for Bankruptcy Again?

If you need to deal with financial difficulties a second time through bankruptcy, it may be possible to file again. According to the bankruptcy code, you can file for bankruptcy again after a certain amount of time if your prior bankruptcy resulted in a discharge of your debt. If you file before your time limit is passed, you will not receive a discharge again.

By law, if you did not receive a discharge of your debt on your prior bankruptcy, you can file again without a waiting period.

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Divorcing a Tax Cheat? 4 Ways Their Actions Affect You

Have you discovered during a divorce that your spouse has been committing tax fraud while you were married? Unfortunately, this now puts you in a tricky spot. You need to look after your own interest first and foremost. Those interests, though, can be confusing and may represent multiple challenges.

To help you determine what to do with this new information, consider these unexpected side effects before making any moves.

1. You May Feel an Obligation

For many people, knowing about a fraudulent activity makes them feel morally bound to tell an authority — even if your own taxes were involved. If you feel this way, the best thing you can do is to work with a qualified tax attorney to determine the best way to go about it. The IRS and state tax agencies will generally consider your good faith efforts to be honest and forthcoming, but they are not obligated to.

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Can You Declare Chapter 7 Bankruptcy and Keep Your Home?

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October 29, 2019
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Declaring bankruptcy is a last resort for people in extreme financial difficulties, but in some cases, it’s the only way to get out from under a mountain of debt. One concern that many people have about filing for bankruptcy is whether they can keep their home. Let’s take a closer look at this important question.

Under Chapter 7 Bankruptcy Rules

The traditional form of bankruptcy is known as Chapter 7. When you declare bankruptcy under this section of the Bankruptcy Code, you are putting your assets at risk. The bankruptcy trustee will typically take your available assets to pay off your creditors unless the assets are exempt from forfeiture by state or federal law. (more…)

Will Bankruptcy Affect Your Children? What You Need to Know

Anyone can suddenly discover their debt has overtaken their ability to repay their bills. Many people have more than their credit to worry about when they decide to file bankruptcy. Parents that avoid the process often do so because they believe the filing could make life difficult for their children. Bankruptcy may cause complications, but it does not have to end any dreams.

Student Loan Applications

Students have the same access to financial aid after a parent files bankruptcy because grants, scholarships, and federal loans do not rely on credit scores for approval. The difficulty arises if the parents hoped to co-sign a personal loan or take out a PLUS (Parent Loan for Undergraduate Students) loan. The expected family contribution may also be higher due to bankruptcy.

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5 Options for Dealing With Tax Payment

Do you owe back taxes? Have you received payment demands or other worrying letters from the Internal Revenue Service (IRS)? Owing money to the IRS can be scary and confusing, but luckily, you have options. Here is a look at just five of the potential routes you may be able to take with your tax payment.

1. Short-Term Payment Plan

The IRS’s short-term payment plan is for people who can pay their tax payment within 120 days. If you work as a contractor or any other business where you get large payments followed by relatively long periods of not bringing in revenue, this option may be ideal for you.

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Filing for Bankruptcy as a Single Parent

Any single parent knows the struggle of trying to raise a child, but that difficulty only increases when bills begin to pile up. You may find that you are not able to afford the lifestyle you once had, or perhaps you realize that your child is suffering because of it.

Financial issues are one of the major reasons people get divorced in the first place, but the problems don’t end there. Many people have money problems after divorce. Trying to make it as a single parent is challenging. As a result, many single parents consider bankruptcy. (more…)

The Truth About Divorce and Bankruptcy

Everyone knows that most divorces take a large emotional toll. But what about a financial toll? Most people don’t realize this aspect until they experience it firsthand. Divorce can cost you thousands of dollars upfront and exact an even larger amount of money over the course of the next several years.

Unfortunately, newly single moms often take the largest financial hit in the aftermath of a divorce. The change in finances often leads single moms to file for bankruptcy a few years after divorce.

In our blog below, we’ll talk about why many single mothers have to file for bankruptcy. We’ll discuss the warning signs of an imminent bankruptcy, then talk about why filing for bankruptcy might help, rather than hurt, your financial future. (more…)

5 Strategies to Avoid Foreclosure on Your Home

Even though you have worked hard to use money wisely, you’ve found yourself in a serious financial situation. You’ve exhausted your savings, and-despite your best efforts-you can’t seem to get your budget under control. You have too many unexpected expenses like medical bills and repairs, and you’ve fallen behind on other essential bills like your car and house payments.

What do you do now? Your creditors have started to call for the debts you owe them. You may even face foreclosure on your home. And if you lose your home, what will happen to your family at that point?

First, take a moment to calm your nerves. You still have strategies at your disposal that can save your home and give your bank account a little financial relief. Learn more about these strategies below. (more…)

7 Myths About Credit Card Debt

Credit cards can be a blessing or a curse. They can help you get the things you need, even when you don’t have enough income to cover your expenses. But if you’re not careful, that little piece of plastic can lead to enormous amounts of debt, filling your life with stress.

Even though nearly every American owns at least one credit card, many people do not know the truth about credit cards and credit card debt. Various myths swirl around and mislead innocent credit card users. Here are some of the most common myths. (more…)

When to File for Bankruptcy

Nobody plans on going into overwhelming debt, but sometimes life doesn’t go as planned. If life events have left you unable to pay your bills, the time has come for you to consider personal bankruptcy.

While many people do not want to face this financial decision, bankruptcy gives you an effective legal option to help you pay off your debts and get your life back on track. Only you can decide if you want to use this option, but if you are in serious financial trouble, bankruptcy could represent the best solution.

A discharge in bankruptcy means you legally don’t have to pay the discharged debt and the creditor cannot try to make you pay.

In this blog post, we will discuss when you should consider filing for personal bankruptcy, and then we’ll tell you how to begin the process. (more…)

Can You File for Bankruptcy Again?

1. You May Feel an Obligation

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Under Chapter 7 Bankruptcy Rules

Student Loan Applications

1. Short-Term Payment Plan