If you own a business or owned a business in the past and had employees, you were most likely required to file IRS Form 941 on a quarterly basis or IRS Form 944 on an annual basis. Form 941 is the quarterly report reflecting the taxes you withheld from your employees’ payroll checks as well … Read more
As many are aware, a Chapter 13 bankruptcy is known as a repayment plan to the court for the next three to five years. Whereas many would think that everyone in the bankruptcy receives an equal chunk of the payment; that is not the case. Previously in a Chapter 13 bankruptcy, you would have made … Read more
Cross collateralization is a clause in a purchase contract that secures a loan which serves as collateral for all other loans made with the borrower in the past, present, and future. This type of loan is usually found at credit unions, but can sometimes be found at your typical banks. Cross collateralization most commonly occurs … Read more
You may have heard your bankruptcy attorney mention the threat or possibility of an adversary proceeding. Essentially, an adversary proceeding is a lawsuit usually filed within your bankruptcy while your bankruptcy is active. Sometimes, a bankruptcy case can be reopened after it is closed for the purpose of filing an adversary proceeding. While adversary proceedings … Read more
If you filed for bankruptcy and then heard that your case was "dismissed," you are probably worried and confused. You may be asking, "What does this mean for me? Did I lose my protection? Can I fix it?" Take a breath. A dismissed case is not the end of the road for most people. This … Read more
When you file bankruptcy, the value of your home matters in several critical ways: it determines whether you can protect your equity under the homestead exemption, it affects whether you qualify for Chapter 7 or Chapter 13, and in some Chapter 13 cases, it can determine whether a second mortgage can be removed entirely through … Read more
When it comes to banking accounts and financing a loan, credit unions are often a highly sought-after source for mortgages, vehicle loans, and bank accounts. However, what you may not know about credit unions could come back to have negative consequences against you during and after your bankruptcy. Credit unions have become a sought-after banking … Read more
Wait a second…I have to qualify to file bankruptcy? Isn’t it enough that I just simply cannot pay my bills? How do I determine whether or not I would qualify? The answer is simple enough: the Means Test. What is the Means Test you might ask? The Means Test is a formula used to determine … Read more
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