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How Guarantors Can Escape Tax On Soured Debt

By Bill Purdy

settlement tax

Tax lawyer Bill Purdy and I shared a client with a small interest in a failed corporation with a huge SBA loan.  Could our client escape the tax consequences should we be able to settle his  liability on a million dollars in unpaid loan.  Was the client looking at a million dollars of cancellation of […]

Filed Under: Small business, Taxes Tagged With: 2019, default, guarantor, tax consequences

Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

Can Creditors Object To My Bankruptcy Case

Creditors in a bankruptcy case get 60 days from the 341 meeting to file objections. Just what kind of objections can a creditor in a bankrupty file? Is your case at risk? Creditors can object to two things: the dischargeability of their claim against the debtor or the grant of a discharge as to all debts. They … Read more

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