- Child SupportAlso known as a liquidation bankruptcy, a chapter 7 bankruptcy in many cases will eliminate your credit card debt and medical bills, and allow you to keep your property. Often you can eliminate income tax debts that are more than three years old. However, you cannot eliminate spousal or child support, and you can only eliminate student loans if you can show "undue hardship" which is difficult to do.
- BankruptcyI have handled over 350 chapter 13 bankruptcy cases in my career. Not many Santa Cruz attorneys have this much chapter 13 experience.
- ForeclosureThird: Many famous people have filed bankruptcy and went on to become leaders in their fields. Abraham Lincoln filed when he was a young man, and went on to become President. Donald Trump has filed bankruptcy for his businesses four times, became a TV star renowned for his financial acumen, and himself has ran for president. Songwriter Willie Nelson filed to free himself from a 16 million dollar tax debt. Rock star Tom Petty filed bankruptcy to rid himself of an oppressive recording contract, and was able to keep all the profits from his next album, "Damn the Torpedoes," which was a huge hit. Johnny Carson's side kick Ed McMahon filed bankruptcy to save his home from foreclosure. Fighter Mike Tyson, musician MC Hammer, and talk show host Larry King have all filed. Walt Disney filed bankruptcy for his first movie company, and Henry Ford filed at the age of 38, two year before he founded the Ford Motor company and revolutionized the automobile industry.