The Internal Revenue Service (IRS) uses a basic logic that if you have any signing authority over the business bank account, then you can be held personally responsible for certain taxes owed by that business. So, yes, if you own a business or part of a business, be prepared to pay certain accrued taxes. This … Read more
Many of those who are facing financially tough times right now are stressed out even more by creditors who call non-stop. Creditors push the boundaries on what they may and may not do to collect a debt. For example, here is a voicemail a client of ours emailed us the other day. Our client allowed … Read more
Generally, 403(b) retirement plans are available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code. The most common participants of the plan include teachers, school administrators, school personnel, nurses, doctors, professors, researchers, librarians, and ministers. When it comes to protection of retirement accounts, one of … Read more
This is an excellent question. For the most part, our bankruptcy clients who have businesses fall into two categories. The first category consists of those who feel as though they and their business are “one” entity. The second category consists of those who feel as though their business is a completely separate entity. Often, when … Read more
You will notice when you are filling out your paperwork that the court asks you for what seems to be a billion pieces of documentation ranging from copies of bills, papers from purchases, income advices and federal and state taxes. These documents are asked for to verify information you are providing is true and accurate. … Read more
Property that is surrendered or was not protected under the bankruptcy code exemptions is fair game for the bankruptcy Trustee. Once a debtor has filed bankruptcy, his estate becomes that of the bankruptcy court and the bankruptcy Trustee. At that time, the Trustee determines if there is any value or potential value in any of … Read more
As it sounds, this is not a term you care to associate yourself with if you can help it. Bad faith refers to certain actions and circumstances that cover fraudulent bankruptcy filings. In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act was legislated to define and outline situations associated with bad faith bankruptcy filing. … Read more
A lawsuit is crafted of several different stages. In the civil proceedings there are certain litigation paths that must be taken depending on the route of the case. Discovery is in the pre-trail phase of a lawsuit and acts as the parties’ opportunity to gather information. Upon the commencement of a civil action by filing … Read more
http://www.youtube.com/watch?v=8XWkQTbjLJ4 Requests for admissions occur during the discovery process within a lawsuit. When you are sued you are given a “complaint” which tells the court what the person(s)/company did legally wrong. Example: Sunny Side Up Nursing Home did not provide proper care to John Doe as required by the NC state guidelines for standard care. … Read more
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