Posts

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Can I keep my tax refund?

The quick answer, is that you can almost always protect your tax refund. There are several different scenarios at play, so first it is best to understand your rights outside of bankruptcy, and then I will address what happens to your tax refund…
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1099-C after bankruptcy

It seems every February, I get two or three calls from former clients, whose houses have gone into foreclosure, and they received a 1099-C from their mortgage company. The IRS does consider canceled or forgiven debt to be a form of income. However,…

What are the fees for a bankruptcy?

My fee depends on a few things, including your marital status, whether you are self employed, own real estate, and/or are over the median income. The current court filing fee is $335 for a Chapter 7 or $310 for a Chapter 13, and you also need…

For bankruptcy do I have to file on all my debts?

Yes, even if you plan on keeping the asset (such as a home mortgage or car loan), even if you know they won't get discharged (such as taxes, student loans or child support) and even if it's a credit card you wanted to keep. They and your other…

Divorce or bankruptcy. What should I do first?

A common question indeed, although there is not a one-size-fits-all answer. I have lectured on this topic several times amongst my colleagues. As a general rule, if there are joint debts, a spirit of cooperation and a joint goal in getting those…

Bankruptcy vs credit counseling

The airwaves are filled with ads touting debt settlement or debt negotiation, implying that is a better solution than bankruptcy. A credit counseling plan, also called debt consolidation, or debt management plan, typically work by a nonprofit…