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
Timing to Write Off Income Taxes
Photo by Manasvita S on Unsplash How do you time your bankruptcy case to write off income taxes? Usually you just need to wait long enough (but there may be other factors). Our blog post of two weeks ago introduced the importance of timing your bankruptcy filing right. We gave a list of 15 examples of timing considerations. Last week … Read More
Including New Debts in Bankruptcy
Photo by Ian Espinosa on Unsplash Bankruptcy only includes debts that you owe at the time you file your case, not new debts you incur after filing. So timing is crucial. In last week’s blog post we introduced how to time your bankruptcy filing. We gave a list of 15 examples of timing considerations. Today we start with the first … Read More
The Best Timing of Your Bankruptcy
Photo by Monica Sauro on Unsplash There are many timing considerations when it comes to filing your bankruptcy case. Some can be real game changers. Here are 15 of them. Five weeks ago we started a series on why you should get legal advice from a bankruptcy lawyer. We’ve also been making a point of showing why it’s smart to … Read More
If You Have Unpaid Child/Spousal Support
Photo by Priscilla Du Preez on Unsplash If you’re considering bankruptcy, should you pay unpaid child/spousal support in the meantime? Might depend on whether you do Chapter 7 or 13. Our last three blog posts have been about what you should and should not do before filing bankruptcy. Three weeks ago we focused on keeping your assets, especially any retirement … Read More
If You Have Unfiled Tax Returns
Photo by Olga DeLawrence on Unsplash. You’re considering bankruptcy, and you have some unfiled tax returns for the IRS and/or your state. Should you prepare and file them, and when? Our last two blog posts have been about what you should and should not do before filing bankruptcy. These are important to consider even if you hope to avoid bankruptcy … Read More
Incurring New Debt When Considering Bankruptcy
Photo by Morning Brew on Unsplash Should you be incurring new debt if bankruptcy may be on your horizon? What are the risks and potential consequences if you do? Two weeks ago we listed 5 crucial things you’d benefit from learning about if you’re thinking about bankruptcy: if bankruptcy is indeed the best option for you how Chapter 7, 11, … Read More
Considering Bankruptcy? Do this.
Photo by Clem Onojeghuo on Unsplash If you’re even considering bankruptcy, consider taking some actions which seem to go against common sense, including about your possessions. Last week we made the point that if bankruptcy is even a possibility for you, please quickly get legal advice. We said when considering bankruptcy you should get legal advice to find out: if … Read More
Get Bankruptcy Legal Advice
Photo by Scott Graham on Unsplash These are financially very challenging times for many. One of the best decisions you can make is to get free bankruptcy legal advice now. What Businesses Do Before Filing Bankruptcy The following are just a few of the companies which have filed business bankruptcy in the last couple months: Pier 1 Imports CMX Cinemas … Read More
Ways to Pay Mortgage Forbearance Payments
Photo by Phil Hearing on Unsplash The CARES Act allows up to 12 months of forbearance on federal backed mortgage payments. When and how must you pay those missed payments? Last week we presented the new law allowing forbearance—skipping payments—on federally backed mortgages during the pandemic. Basically, if the pandemic has hurt you financially you can request and receive … Read More
New Mortgage Forbearance Law
April’s one-month increase in delinquent home mortgages was the largest in U.S. history. The new mortgage forbearance law is a major reason.
Bankruptcy Filings Poised to Increase
Photo by Melinda Gimpel on Unsplash Consumer bankruptcy filings edged up in 2019, increased more this March, sharply declined in April, but are very likely to shoot up now. In the last two weeks three major retailers filed Chapter 11 business bankruptcy: J. Crew, Neiman Marcus, and J.C. Penny. Total business Chapter 11 reorganizations were up 26% in April 2020 … Read More
New 7-Year Amended Chapter 13 Plans
Photo by Kelly Sikkema on Unsplash The new coronavirus law temporarily allows amend Chapter 13 plans to extend to a 7-year period instead of the current 5-year maximum. Last month we described the changes to bankruptcy law made by the coronavirus CARES Act enacted on March 27, 2020. One of those changes is the ability to extend the length … Read More
Protect Your $1,200 from Bank Setoff
Photo by Ferran Fusalba Roselló on Unsplash If you owe your bank or creditor union fees on your account, or other debts, it may be able to pay itself out or your $1,200 relief payment. Our last blog post was about whether your creditors can seize the $1,200 (or so) pandemic relief payments. Today’s is about one specific class of … Read More