Many debtors may not realize how significant tax documents are when it comes to filing bankruptcy. These documents are often presented to your trustee when you begin the filing process along with your list of creditors and outstanding debt. It's common for some to not have their tax returns filed but if you're seeking to [...]
When entering a marriage, an individual may assume their personal property and assets brought into the relationship will continue to be their own but this may not always be the case. While debtors have the option to file bankruptcy jointly with their spouse, they may also seek relief as an individual. So what happens when [...]
In what is being called the largest bankruptcy to be filed by a municipality in American history, Stockton, California seeks bankruptcy protection after years of deep debt woes and inability to pay city workers. The City of Stockton has been facing several challenges that led to the filing including mismanagement of funds, crash of the [...]
Lenny Dykstra, former New York Mets outfielder, pled guilty this week to bankruptcy fraud counts in Los Angeles, according to federal prosecutors. Dykstra faces 3 counts of fraud that includes money laundering and concealment of assets. He may face up to 20 years in prison, yet his court date for sentencing has yet to be [...]
Splitting Credit Card Debt in Texas Debt including credit card debt is divided in divorce depending on what state you reside in. Community property states such as Texas separate debt differently than equitable distribution states, also referred to as common law states. There are a few things that can be done before debt is divided [...]
A debtor who lives in Florida claims Bank of America continued to make multiple phone calls attempting to collect on outstanding debt after he filed bankruptcy, according to the Huffington Post and the Bankruptcy Law Network. The issue was recently presented to a Florida bankruptcy judge and the outcome should serve as a warning to [...]
Mammoth Lakes, California, a popular skiing town files bankruptcy protection ahead of a multi-million dollar judgment brought against them by a developer. Town officials were trying to negotiate payment plan details ahead of a court-mandated deadline but were unsuccessful. With the bankruptcy filing, the town may seek approval for a 10-year payment plan that would [...]
Solutions to Resolve Tax Debt The Internal Revenue Service (IRS) offers multiple methods for taxpayers to settle their tax debt . Many find it easier to just ignore what they owe but this only makes things worse. The longer you put off paying your taxes the more you will owe penalties and interest. If you [...]
You may wonder if it is time to file bankruptcy when you're struggling to make good on financial obligations. Individuals looking to improve their financial situation become overwhelmed. Creditors tend to make things worse when they become aggressive with their collection tactics and lead to debtor harassment . This is often the case for outstanding [...]
Income Changes in Chapter 13 Bankruptcy The purpose of Chapter 13 bankruptcy is to help debtors restructure outstanding debt by following a payment plan approved by the court. The payment plan is determined based on what disposable income is available after paying necessary living expenses. The trustee appointed to your case makes sure payments are [...]