When you enter into the union of marriage, you are not normally thinking that it will not last. Like most, you begin a life together and when creating a life together you may accrue a lot debt. Unfortunately, relationships change and often times the only solution is divorce. Just as the divorce affects your jointly … Read more
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
It’s a very rare situation that a Chapter 7 bankruptcy will get dismissed. On the other hand, in a Chapter 13 bankruptcy case, getting dismissed (or “kicked out”) from bankruptcy, unfortunately, occurs more often than many people would think. you are untruthful on the bankruptcy petition, you fail to file the required forms and schedules … Read more
A few years ago when your home had equity, you obtained a Home Equity Line of Credit or HELOC to consolidate your debt and payoff credit cards, medical bills, personal loans, etc. It seemed like a great idea because you could eliminate all of your revolving debt and make only two payments each month…your first … Read more
It is possible to obtain a loan modification even if you have filed bankruptcy. At this time, most mortgage companies would rather work out a loan modification agreement, if viable, than to foreclose on your home. The last thing most mortgage companies want is another vacant house! Steps to Follow: Step #1: You should contact … Read more
Yes! You can still file for bankruptcy even if you are behind on alimony or child support. However, be aware that child support and alimony payments are non-dischargeable in a bankruptcy. In other words, these debts cannot be wiped out in bankruptcy. If you are paying child support or alimony, you may get behind on … Read more
A cramdown in bankruptcy is when the debtor only pays the value of the item they have financed. In reality, it is a court approved way to get out of some of your contractual obligations. The court replaces the value that you are contracted to pay on a certain item with an approved current value … Read more
This is a common asked question, and a great one! With the downturn of the housing market, many people understandably want to know if they have the right to sell their property when they are in a bankruptcy. While in a Chapter 13 bankruptcy, you can indeed sell your home while you are in an … Read more
Almost all Chapter 13 bankruptcy cases are set for a period of anywhere from 36 to 60 months. As you can imagine, a lot change in a person’s life during a three to five-year time frame, particularly in a somewhat unstable job market. Although a person may have a well-paying, stable job at the time … Read more
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