One of Chapter 13’s superpowers is its ability to strip off mortgage liens on a home. Ordinarily, liens survive a bankruptcy discharge as a charge on the collateral; it’s the borrower’s personal liability that is wiped out. But Chapter 13 allows the elimination of voluntary liens when the lien isn’t really secured by any value […]
Tax Form 1099 Needs A Closer Look: Chances Are It’s Wrong
Tax attorney Bill Purdy says: don’t take IRS form 1099 at face value. Hundreds of thousands of taxpayers at this moment are looking at, or thinking about, Form 1099-A or Form 1099-C documents they have received. Some arrived in the tax year a debt was allegedly cancelled. Others are issued by financial instructions many […]
Business Bankruptcy Depends On Who You Are
While knowing who you are may be central to philosophy and mental health, you wouldn’t think it poses a difficult question in a business bankruptcy. You wouldn’t think the word “you” would be so challenging. Yet, small business owners find it hard to separate themselves from the business, even when that business is incorporated. After […]
Don’t Brag About What You Saved Unless It’s True
It’s a mark of our consumer economy that we use the word save in connection with our spending. I saved $15 on this blouse. That’s well and good for today. You bought something you wanted, or maybe even needed. But unless you put the savings aside for later, you did nothing more than spend somewhat […]
The Flat Wrong 1099
When her soon-to-be-ex filed bankruptcy, my client got a 1099-C for the joint credit card. The form claimed that the debt was cancelled. Therefore, she had additional income equal to the card balance. Only, none of the statements on the 1099 were true. The debt wasn’t discharged as to the non filing spouse. One spouse’s […]
Is Your Choice Of Bankruptcy Chapters Really Dictated By Your Stuff?
Through my Twitter feed came a link to the pro’s and con’s of filing bankruptcy from the business section of the Chicago Tribune. Good chance to see how non lawyers see my world, I thought. Bankruptcy was all about protecting “stuff”, said the writer, and the choice of chapters is driven by the kind of […]
Get The IRS To Feed Your Savings
Lucky enough to get a tax refund this year? Then celebrate America Saves week by telling the IRS where to put it. I mean, where to deposit it. Refund jump starts savings A tax refund is the perfect place to boost your savings. And you don’t have to choose between spending it all or saving […]
Don’t Let The IRS File A Return For You
Bankruptcy works lots of magic with tax debt, but the magic fizzles out when it comes to SFR’s. In my vocabulary, SFR is almost as doleful a phrase as KIA or DOA. Three times in 10 days, I’ve had to explain to clients that the taxes associated with an IRS Substitute For Return are […]
Will You Have Money For A Lifetime?
The financially literate manage their money for the long haul so they have money for a lifetime. In a world of biweekly paychecks and monthly billing cycles, it’s easy to let your perspective shrink to 30 day increments. But that view is incredibly short-sighted. Your working life isn’t everything Most of us don’t work for […]
Find The Lost Tax Deduction When Lender Misreports Mortgage Interest Paid
How can you pay thousands of dollars in mortgage payments in a year, and get a tax Form 1098 for a fraction of actual mortgage interest paid? That’s what my client wanted to know. His monthly mortgage payment is $2715. The loan is currently interest only. All the payments were made. And yet, the Form 1098 […]
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