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

IRS form 982 line 10a “basis” Reduction & Attributes Due to Discharge of Indebtedness?

Example: 4 personal credit card loans settled within weeks of each other with a total forgiveness of approx $45K. Insolvent (total assets less total liabilities) by $ 82K (negative) 1 day before and still insolvent by no less than $52K (negative) after any of the forgiven debts. Checked box 1b and entered $45K on line 2. What do you need to calculate for line 10a in Part 2 since the degree of insolvency is still greater than the forgiven debt before and after? What is done with the value for line 10a? Is it advantageous to have a larger value or smaller value on line 10a in relation to the amount of forgiven debt? … Read entire article »

Filed under: Insolvency

Tax question about Form 982 – Reduction of Tax Attributes Due to Discharge of Indebtedness?

Could someone please explain line 10a? Line 10a. In the case of a title 11 case or insolvency (except when an election under section 108(b)(5) is made), the reduction in basis is limited to the aggregate of the basis of your property immediately after the discharge over the aggregate of your liabilities immediately after the discharge. (what does all that goop mean?) Also, what does it mean below by (other than qualified principal residence indebtedness) ? A nonbusiness debt (other than qualified principal residence indebtedness, such as a car loan or credit card debt) I had a Credit card cancel debt and two mortgages, one mortgage was a second mortgage on my main house, the other was a second mortgage on a rental. Any help with filling out this form is appreciated. … Read entire article »

Filed under: Insolvency

Chapter 13 Discharge, Chapter 7 Bankruptcy, Bankruptcy Lawy

www.burrlawoffice.com Call Today (262)827-0375 – Chapter 13 Discharge, Chapter 7 Bankruptcy, Bankruptcy Lawyer, Chapter 13 Bankruptcy Requirements, Chapter 7 Bankruptcy Requirements, Walworth County … Read entire article »

Filed under: Bankruptcy Law

Discharge All Debts – [Discharge Debt] Review – 60 Minute Payday Loan Review!

bit.ly – discharge debt charge debt Riverside Bankruptcy Attorney discharge Riverside Bankruptcy Attorneys Discharge oklahoma bankruptcy attorney Riverside Bankruptcy Lawyers Riverside Bankruptcy Lawyer Corona Bankruptcy Attorneys oklahoma bankruptcy lawyer credit card debt bankruptcy Corona… … Read entire article »

Filed under: Bankruptcy Law

Would I Be Able to Discharge My Student Loan Under Bankruptcy? – Bankruptcy Lawyers Riverside

Riverside Bankruptcy Lawyer. Visit www.Bankruptcy-Riverside.com or call us at (866) 631-7562 for more information Would I Be Able to Discharge My Student Loan Under Bankruptcy? Linda Roberts Ross Law Office 4085 Brockton Avenue, Riverside, CA 92501-3440 (866) 631-7562 … Read entire article »

Filed under: Bankruptcy Law

New Bern Chapter 7 Bankruptcy Lawyer Wilmington Debt Discharge Attorney North Carolina

www.lawyersforchrist.com 877-831-4728 A Chapter 7 bankruptcy proceeding allows a person to get relief from their debt and protect assets that they own. Contact Gillespie & Murphy, PA in New Bern, North Carolina for bankruptcy help. … Read entire article »

Filed under: Bankruptcy Help

Bankruptcy Part 7: The Discharge

Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor. … Read entire article »

Filed under: Bankruptcy Help

How long after bankruptcy discharge do I have to wait to lease a car?

Our lease is up in 3 weeks and we were late on 1 payment, sp we lost our pre approval for another lease. The dealer tried everything to get us set up, but we need to wait until the bankruptcy is dicharged before we can do anything, so we do not add it to the file, it makes sense. … Read entire article »

Filed under: Bankruptcy Help

How does a bankruptcy trustee collect your income tax after the discharge?

My bankruptcy was discharged on December 2008. I am aware that my appointed trustee will collect my income tax. I would like to know when the trustee will take the proceeds and how he will take it. Will he take it after the tax deadline which is April 15? Will he send me a letter on how and when to pay it? I mean, what is the protocol? … Read entire article »

Filed under: Bankruptcy Help

Bankruptcy & Foreclosure : What Is Bankruptcy Discharge?

Bankruptcy discharge is the release of a debtor’s personal liability for certain dischargeable debts, which are defined by the bankruptcy code. Learn more about dischargeable debts from a bankruptcy attorney with help from a certified civil mediator in this free video on bankruptcy and money management. Expert: Robert Todd Contact: www.Wearehdtv.com Bio: Robert Todd is the managing partner and president of Robert M. Todd, PA and Family Law Solutions. Filmmaker: Christopher Rokosz … Read entire article »

Filed under: Bankruptcy Help

Discharge of Indebtedness Supporting documents?

Good day, Everyone! Two days ago, my husband received a CP501 notice from the IRS indicating that hubby has some unpaid taxes due to a discharge of Indebtedness in 2008 that hubby didn’t report as a taxable income(because he didn’t know that he had to report it plus no form 1099c was forwarded to him from the bank). Now, I research about it and found out that the amout discharged can be claimed by him as an exclusion because we were insolvent then. We tried to fill out form 982, checked Part I 1b and filled the amount on Line 2 and PartII 10a. Now our main concern is, we tried our best to recall the the amount he owned and owed then to determine his insolvency status(thru the insolvency worksheet). … Read entire article »

Filed under: Insolvency

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