As tax season approaches, tax pros need a basic understanding of bankruptcy to serve clients well. Tax preparers stand a good chance of encountering clients who either have filed bankruptcy, or who may benefit from a bankruptcy filing. Here’s my list of bankruptcy nuggets that a good tax professional should have at hand. 1. Debts […]
Discharge Taxes in Bankruptcy: Move Beyond the Myth
Myths about discharging taxes in bankruptcy are as common as myths about fire-breathing dragons. Central to the bankruptcy tax myth is the claim that taxes can’t be discharged in bankruptcy. Not so. Bankruptcy can wipe out many kinds of taxes. And that discharge can restore order to a family’s economy. Which ones are dischargeable? Let’s see. […]
Resolve To Thrive In The New Year
May I suggest a 2024 New Year’s resolution? It doesn’t involve diets or workouts or commitments to huge personal transformation. Take a hard look at your financial situation. Consider whether a fresh financial start makes sense. Just getting by A life of minimum payments, minuscule bank accounts, and no retirement savings is a life fraught […]
In Debt? Plan For Holidays And A Better New Year
The countdown to the holidays is on. It’s after the holidays that the desire to turn over a new financial leaf usually blossoms, when the bills from Christmas arrive in January. What was a seed of an idea about getting out of debt, sprouts and grows after the holidays. After the New Year, I see […]
The Biggest Bankruptcy Mistake You Can Make
The biggest bankruptcy mistake has nothing to do with choice of chapter, exemptions, disclosure, or attorneys. It has to do with timing. The biggest bankruptcy mistake is waiting too long to consider bankruptcy. Time is seldom your friend What’s wrong with letting time pass before making a momentous decision? Doesn’t time heal most wounds? No, […]
All I Want For Christmas Is A New Year And A Fresh Start
The best gift you can give yourself for Christmas may be a fresh financial start by filing bankruptcy. For many, this year has been rough. Jobs lost, small businesses struggling, people isolated. Even if you headed into the pandemic in reasonable financial shape, little good has come of the years after/ So, what would it […]
Can You Rescue Your Business With Chapter 13
Small business owners who are sole proprietors can enlist the power of bankruptcy’s Chapter 13 to rescue their business at a price they can afford. Everyone thinks of Chapter 11 as the “keep the business and ditch the debt” form of bankruptcy. But traditional Chapter 11 is cumbersome and just flat out too expensive for […]
Got Tax Trouble? Don’t File Bankruptcy In December
Bankruptcy can provide tax relief, if your timing is right. Tax troubles are at the heart of so many bankruptcy filings. It makes sense: bankruptcy is a powerful and predictable tool to get out of tax debt. But filing bankruptcy before the end of the year may fix only a part of your tax problems. […]
Step By Step Guide To Business Shutdown
There’s lots written on how to start a business. Not so much about business shutdown. Even pre-pandemic, half of all new businesses fail within 5 years. Post pandemic, the pain is so much greater. So let’s walk through how to manage a business shutdown, tie up loose ends, and minimize problems that may follow you […]
Bankruptcy Drives Credit Score Surprise
Bankruptcy improved my client’s credit score, almost on the spot. Before bankruptcy, a miserable credit score was no surprise. This client reported a 498 credit score before he filed. What was surprising is that, three month after he filed bankruptcy, his score was 614! That’s a 116 point increase in his score in three months. […]
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