In normal times, this would be tax season. Not this year; these aren’t normal times. The recent COVID-19 pandemic has already had a significant effect on our personal and professional lives. Between states and localities implementing “shelter-in-place” orders, commercial activity grinding to a near halt, and the stock market seeing massive losses, the United States […]
Explaining The Increase In Monthly Mortgage Payments On Long Established Loans
Why has my mortgage payment increased so much? That’s the question I’m getting from lots of clients recently. Interest rates are creeping up on variable rate loans, but not dramatically. For most of those asking, it’s because the interest-only period of their home loan has run. Loans promised increased mortgage payments Borrowers forgot that lots […]
Bankruptcy Alphabet: Q is for Questions
The letter Q stands for Questions in my bankruptcy alphabet. Like the storied Light Brigade, “stormed at with shot and shell” , we in bankruptcy are peppered with questions, not cannons. Those considering bankruptcy have the profound questions:will bankruptcy improve my situation? what will I give up to get a bankruptcy discharge? what is life […]
Free Bankruptcy Advice: Consider The Source
Who gets their legal advice from their adversary? My client did. Get your legal advice from your adversary, your brother in law, or the internet and be prepared to get a surprise. Often, not a pleasant surprise. My client insisted that his tenant’s debt to him survived the tenant’s bankruptcy “because it was listed on Schedule […]
Incorporating Your Business Has Surprise Benefit
Incorporate to protect yourself from the debts of your business, shriek the ads. That’s the theory of incorporation for business: create a separate legal entity in the form of the corporation. Let that entity incur debt and expose itself to other risks. If it fails, the personal holdings of the owners of the corporation are […]
V Is For Value In Bankruptcy Alphabet
The Letter V is for Value in my bankruptcy alphabet. The value of one’s assets drives exemptions and the question of what you get to keep through bankruptcy. The value of your assets that are subject to liens also determines whether you can void liens on those assets. I’m fond of saying that bankruptcy […]
Keep Your Tax Refund Through Your Bankruptcy
For most of us, finding out that we are getting a sizable tax refund is great news. But if you’ve recently filed a Chapter 7 bankruptcy, hold your celebration. That refund may not be yours. You have a bankruptcy estate When you file bankruptcy, all of your assets become a “bankruptcy estate”. The estate includes […]
Got A 1099? How To Avoid Paying More Tax
One of life’s persistent gotcha’s is the tax consequence of having debt forgiven. Did you compromise a debt, eliminate it upon foreclosure, or have your creditor simply wipe it out without payment. You may have a tax problem. The tax code treats the forgiveness of debt as income, even though you never saw a penny […]
Old Tax Liability Discharged In Bankruptcy, If….
Discharging tax debt in bankruptcy gets lots of families out of a horrible hole. Tax debt can be large and swelled beyond the tax by interest and penalties. Collection on old tax debt often compromises the ability to stay current on more recent years. Bankruptcy can save their bacon because taxes found on returns […]
Best New Bankruptcy Insights Of 2019
As we wave goodbye to 2019, we asked what issues grabbed you in 2019? Or, at least, what bankruptcy issues caught your attention? So, we tallied the traffic numbers from this calendar year and assembled this list of the top 10 new posts here on Bankruptcy Soapbox in 2019. Take a look, and see if […]
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