Tax season can feel stressful enough on its own. When you add a bankruptcy on top of it, you may wonder if everything changes. The good news is that for most people, filing your taxes after bankruptcy looks a lot like it did before. This post explains how bankruptcy affects your tax return, what forms … Read more
Having a trust — whether you created one or are a beneficiary of someone else’s — does not automatically prevent you from filing bankruptcy. But trusts are treated differently in bankruptcy depending on their type, your role in the trust, and the specific language of the trust document. How a trust is handled can significantly … Read more
Are you worried that you might owe money on a business credit card? Maybe your business closed. Maybe it is still open but struggling. And now you are not sure if the debt belongs to you or to the company. This is a very common worry. The answer usually comes down to one big question: … Read more
When you file for bankruptcy in North Carolina, someone will ask you a simple-sounding question: "What is your house worth?" Many people start with the tax value of their home. But what if that number feels wrong? Maybe it seems too high. Maybe it seems too low. Either way, the value of your home matters … Read more
Thinking about taking money out of your retirement account during bankruptcy? Maybe your car broke down. Maybe a big medical bill showed up. Maybe an emergency hit, and your 401(k) or IRA feels like the only place to find cash. This is a very common worry. And it is a fair question. After all, it … Read more
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