Photo by Joshua Sukoff on Unsplash. An income tax lien creates challenges, so try to file bankruptcy to prevent one. Otherwise, bankruptcy can often help deal with a tax lien. This blog post continues a series about the smart timing of your bankruptcy filing. (It was interrupted by two blog posts updating federal unemployment benefits.) The last one in this … Read More
States’ Responses to $400/$300 Extended Unemployment Benefits
Photo by NOAA on Unsplash. Different states have responded differently to the proposed $400/$300 federal extended unemployment benefits. How about Kentucky and Indiana? Last week we explained the President’s Memorandum of August 8 which extended reduced federal unemployment benefits. The $600 weekly benefit had expired on July 31. The House of Representatives had previously passed a bill extending the $600 … Read More
Trump’s $400 Unemployment Benefits
Photo by Steve Halama on Unsplash. On August 8 Trump signed a Memorandum extending federal unemployment benefits, at $400 per week. Is this really happening? A Quick History of the Federal Unemployment Benefits The CARES Act’s $600 per week additional federal unemployment benefits expired on July 31, 2020. Section 2104 of the CARES Act. Back in May the U.S. House … Read More
Timing to Avoid Tax Interest and Penalties
Photo by Nick Fewings on Unsplash. How you time your bankruptcy case filing can affect whether, or how much, you pay the accrued, or future, income tax interest and penalties. This blog post is in a series about the importance of smart timing of your bankruptcy filing. Today we cover how good bankruptcy timing can prevent you having to pay … Read More
Timing Chapter 13 to Discharge Income Taxes
Photo by Bekky Bekks on Unsplash. You can discharge income taxes in a Chapter 13 “adjustment of debts” case as you can in a Chapter 7 “straight bankruptcy.” Here’s how it’s different. Our blog post of three weeks ago introduced the importance of timing your bankruptcy filing right. We gave a list of 15 examples where timing can make a … Read More