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

Debt Settlement and the IRS – How to Figure Out If You’re Insolvent at the Time of Pay Out

When any financial institution settles a portion of your debt, then they issue a 1099-C. This 1099-C reflects the amount that has been settled. The IRS will consider the amount mentioned in 1099-C as taxable. This tax can only be avoided if you can prove insolvency at the time of settlement. In order to do this you will have to follow a few steps. First you must compile all your 1099-C and get the total amount that has been settled or cancelled by your creditors. Let’s say you had a debt of $ 10,000 and creditors settled it for $ 5000. At the time of settlement your creditor will issue a 1099-C with $ 5000 mentioned on it. As per rules, any settlement amount above $ 600 has to be informed … Read entire article »

Filed under: Bankruptcy Help, 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

IRS FORM 982- EXCLUSION FROM INCOME CREDIT CARD DEBT FORGIVEN IF INSOLVENT?

My wife had $10,000 in credit card debt forgiven via settlement. It was her debt alone. We file jointly. I have a worksheet to determine insolvency. In adding up assets and liabilities, do I include just hers or must I also include mine? We have no joint assets except a checking account. We own no property. I own the car. Are the value of IRAs included in the assets or is it excluded? Thank you! A welcomed response stated that we have to file married filing separately to only list my wife’s assets and liabilities to establish insolvency. I live in North Dakota that is NOT a community property state. Does this change the need to file MFS? … Read entire article »

Filed under: Insolvency

Chamber of Commerce & Industry Queensland:: RECOVERY & REBUILDING RISKS – Trading insolvent

Getting back to business: Once you’ve had the opportunity to address the impacts for your family, friends and community, you will then most likely turn your attention to dealing with recovering and re-establishing your business. This video includes important information to help you take the first steps in the business recovery process. … Read entire article »

Filed under: Insolvency

7 Major and Insolvent banks and Max Keiser’s Challenge

Originally shown on RT www.youtube.com For an alternative to our anti-democratic system check out Jim Rogers latest project to create a system that will hold politicians feet to the fire, and to put shackles on lobbyists so that they can no longer control the system. One day we might have a system that’s controlled by the people and is for the people. This is an idea put forth for Americans but it can easily work in any other part of the world. www.govathome.com www.govathome.com Milton Friedman Ron Paul Peter Schiff Jim Rogers Marc Faber Tom Thomas Woods Ayn Rand BNP Society Generale HSBC Barclays City Group Bank of America Goldman Sachs JPM JP Morgan … Read entire article »

Filed under: Insolvency

EURO BANKS are INSOLVENT

US investors believe they are immune to EURO ZONE Bank Insolvency. Prepare for extreme credit contraction along with lower stock prices. … Read entire article »

Filed under: Insolvency

Is My Company Insolvent

If a company cannot pay it’s bills on time, as and when due, under the Insolvency Act 1986, technically your company is insolvent, or in a state of insolvency. If the company owes a lot of money to creditors, and has insufficient assets to meet those debts, technically, the company is insolvent. … Read entire article »

Filed under: Insolvency

The Federal Reserve is Insolvent

Alex Merced discusses his views on Fed insolvency and some of the discussion at a recent meeting of the AEI shadow financial regulation committee. … Read entire article »

Filed under: Insolvency

What is Insolvency? And if insolvent do I pay tax in California?

This is onevideo in Primary Capital’s Short Sale Series, a multi video series on California short sales. All videos can be viewed on www.dontmoveout.com or on Youtube keyword search: Primary Capital Real Estate. … Read entire article »

Filed under: Insolvency

How Does a Liquidator Deal with a Case of Insolvent Trading?

Filed under: Insolvency

An Introduction to Insolvent Trading

Filed under: Insolvency

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