In the bankruptcy case of Johnson, John R. and Tobie A.; In re (Build¬ers Warehouse Inc. v. Johnson), a creditor attempted to exempt a debt from bankruptcy discharge saying that the debtor had not intention of repaying the debt when he promised to do so.The details of the bankruptcy case: The debtor-husband operated a construction [...]
If you haven't filed your 2005 tax return yet, you may be missing out on a refund. According to an article in the Dallas Morning News, there is $105.2 million owed to 103,000 Texans who failed to file a tax return in 2005. The average amount owed to Texans is more than $600 per person, [...]
Legislators passed the $790 billion stimulus package last week which includes: A $400 tax credit for single workers and an $800 tax credit for couples. A $1000 child tax credit which will be extended to some low-income families who don't make enough money to pay income taxes and poor families with 3 or more children [...]
Tax Return Exemption During Bankruptcy According to a case heard by the Utah Supreme Court (In re Smith, No. 20070892), tax refunds that result from an overpayment of income taxes on exempt retirement income would be exempt from seizure during a bankruptcy case.In this particular bankruptcy case, the debtor's sole source of income was Social [...]
Having trouble preparing your taxes, we have good news. Two Dallas area Catholic schools will host free income tax preparation events in February for families with an income of $34,000 or less. The event, which is sponsored by The Notre Dame Club of Dallas, will have qualified volunteers on hand to help families understand the [...]
There is a saying that needs to be heeded in these times of financial stress and strain..."Forewarned is forearmed." Let's be forewarned about one thing as we move deeper into this recession. Payday loans are a sure road to more financial pain and eventually bankruptcy. As the financial casualties pile up we are seeing a [...]
Taxes, another debt that many Americans are struggling with is often going unpaid as taxpayers struggle with foreclosure and other financial crises. But the IRS offers "guidance" on the tax burdens of economic hardship in an article in the Star-Telegram. Let's take a look at a few tips:What if I lose my job? Severance pay [...]
The Dallas Morning News has another interesting, albeit incomplete, article about how to get out of debt in 2009 that unfortunately never mentions bankruptcy. It's unfortunate because many of the people who will read this article and waste their time using some the "debt reduction tactics" suggested by the article really NEED to file for [...]
Although a debtor filing for bankruptcy will not have his/her social security income included in the means test calculation the bankruptcy court can examine social security income when evaluating the total financial circumstances of the debtor.When examining the case of a bankruptcy filer receiving social security income, bankruptcy Judge Duncan said "while the totality of [...]
The Star Telegram reports that homeowners with federal tax liens against their real property—who are trying to sell or refinance their home—will receive much needed relief from the IRS. The IRS announced that it is offering an expedited process for removing or changing a tax lien on properties that are being sold or refinanced in [...]