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Bankruptcy Basics

If I File Personal Bankruptcy, What Information is Needed for My Business?

May 2, 2011

If you file bankruptcy, either Chapter 7 bankruptcy or Chapter 13 bankruptcy, you must disclose information about any business interest you have now, or have had in the past six years, where your ownership in the business is 5% or more. This includes disclosing the following information for each business: Name and address of the … Read more

Chapter 13 Bankruptcy

Am I Required to File Tax Form 941 Before Filing Bankruptcy?

April 22, 2011

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

Chapter 13 Bankruptcy

How Are My Creditors Paid in a Chapter 13 Bankruptcy?

April 20, 2011

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

Bankruptcy Basics

What is Cross Collateralization in Bankruptcy?

April 15, 2011

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

Credit & Debt

CNN Money Lists 7 Best Credit Cards for Bad Credit

April 14, 2011

A recent article on CNN Money’s website features the seven best credit cards for individuals with bad credit. While bankruptcy can stay on your credit for 7-10 years from the date that you file, it is important that you begin rebuilding your credit much earlier – in fact, it is best to start doing so … Read more

Bankruptcy Basics

What is an Adversary Proceeding in Bankruptcy?

April 11, 2011

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

Bankruptcy Basics

What Happens If My Bankruptcy Case Is Dismissed?

April 8, 2011

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

Bankruptcy Basics

What To Do If You Get A Form 1099C After Filing Bankruptcy

April 6, 2011

Every year at tax time we get calls from our clients who say, “I just got a 1099C from a creditor for a loan that was discharged in my bankruptcy! What do I do now? Do I have to report it as taxable income to the IRS?” When a creditor charges off a debt as … Read more

Bankruptcy Basics

How Do I Determine the Value of My Home If I’m Filing Bankruptcy?

April 4, 2011

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

Bankruptcy Basics

Is Life Insurance Protected in Bankruptcy?

April 3, 2011

Bankruptcy Insights & Resources

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