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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "Bankruptcy"

File Bankruptcy On Taxes

Many people incorrectly assume that they cannot file bankruptcy on taxes. This notion may stem from the prevailing belief in the United States ever since Benjamin Franklin uttered the famous quote: “In this world nothing can be said to be certain, except death and taxes.” Liability for income taxes is often a very stressful issue, especially for business owners. Employees usually have their taxes taken out of the paychecks each pay period, so they are prepaid come April 15th. But when it comes business owners, they pay themselves and usually do not set aside the necessary savings to cover their anticipated liability. So tax time rolls around and they stress about how they will meet their obligations to Uncle Sam. The good news, for many people, is that if you have gotten … Read entire article »

Filed under: Bankruptcy Law, Insolvency

Can I Stop My House Foreclosure if I File Bankruptcy?

Article by Lisa Jones Real estate has been steadily declining since 2007 from their previous highs. Anyone who bought a house in or before the year 2000 should be okay. However, this is dependent upon the fact of them taking equity out or if they refinanced their houses. If these homeowners do not have a steady job, they could be in for a hard time. Some of them had subprime loans to grab their property’s equity to use it for buying an expensive car or boat. The prices have dropped so drastically now that these people are underwater with their mortgages and they owe more on the house than it would sell for. Today, a lot of these loans are becoming due and many people are beginning to panic, trying to … Read entire article »

Filed under: Bankruptcy Help, Foreclosure Help, Foreclosure Law, Insolvency

Bankruptcy Means Being Insolvent

Not a lot of people actually understand what happens to a company when it declares bankruptcy. It isn’t always the end of the world. Not a day goes by that we don’t read about another company going under and declaring bankruptcy. The statistics are dismal and the numbers keep getting higher as 2009 progresses. Who really knows where it will all end, or if it will? When a company decides that it needs to declare bankruptcy, it doesn’t always mean that they have reached a dead end. This is because bankruptcy is considered to be a legal state where a debtor is judged to be insolvent. Once this happens, their property is distributed to creditors and while they may be insolvent, they have a way to still protect themselves. This applies to … Read entire article »

Filed under: Insolvency

Roughly how much does it cost for a consultation by an attorney to decide if you should declare bankruptcy?

I called one for a quote and he said it would cost $250 for a one hour consultation. Does that seem too much? … Read entire article »

Filed under: Bankruptcy Info, Bankruptcy Law

Is it better to claim chapter 13 Bankruptcy on credit cards or get one of these Debt relief compainies to ?

work with the credit card companies to reduce the payments. i have been out of work for a year due to medical reasons and I am now employed again. I went over $40000 in debt with credit cards. I want to do the right thing but I can not afford the payments. … Read entire article »

Filed under: Debt Relief

Tenant Bankruptcy can Stop Eviction

Alan J. Goldberg, Esq. discusses how tenant can stop eviction by filing bankruptcy. … Read entire article »

Filed under: Bankruptcy Law

Is it absolutely necessary to have an attorney to file bankruptcy?

Filed under: Bankruptcy Law

Is IRS debt dischargeable in bankruptcy?

It depends on what chapter of bankruptcy you plan on filing. Speak with a bankruptcy attorney to discuss all your options with tax debt. … Read entire article »

Filed under: Bankruptcy Law

How long after filing Chapter 7 Bankruptcy would we need to move?

My husband and I have decided to file Chapter 7. We have already contacted a bankruptcy attorney, but have not officially filed. We are going to surrender our house. It is worth less than what we owe on it. We are currently less than 1 month behind on our mortgage payment. How long after filing would we need to be out of the house? We don’t want to get notice and have to be out all of a sudden. By the way, we are filing in Illinois. Please…no responses about how bankruptcy is a bad thing. You don’t know our financial situation. Thank you. … Read entire article »

Filed under: Bankruptcy Law

Bankruptcy is NOT the End of the World

Powerful words of encouragement for anyone who is forced to file a bankruptcy. An experienced bankruptcy lawyer makes it clear that bankruptcy does NOT mean that your life is over. Nor is it the ultimate mark of shame . A number of incredibly successful people went through one or more bankruptcies on their way to success. You can do the same thing. In spite of all of the hooplah about damaging your credit rating, a person who has been through a bankruptcy, if he or she is determined enough, can do just about every single thing that anyone else can do, including buying a home, buying a car, obtaining credit cards, and starting a new business. After a bankruptcy, all you need to do is pick yourself up, dust yourself … Read entire article »

Filed under: Bankruptcy Law

Re-Establish Good Credit After Bankruptcy STEP THREE

James J. Cerbone, Esq. – New Jersey Bankruptcy Attorney discusses 5 steps to improving your credit after bankruptcy, Increasing your credit score, Removing negative items on your credit report and getting credit after bankruptcy. … Read entire article »

Filed under: Bankruptcy Law

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