As one prepares for the reality of bankruptcy, it’s likely that they will be accompanied by a whole host of emotions: worry, nervousness, hope, and relief, among others. Another feeling they’ll likely face, of course, is that of confusion. After all, bankruptcy is not always relayed to filers in clear and concise terms, meaning they’ll […]
This topic almost found a place in last month’s top misconceptions blog. Many people think a married couple has to file together, and that is just not true. While it is true that combined income is a factor in determining you ability to repay debts, and thus qualify, or not qualify for bankruptcy, you do […]
The common theme found in many of my blogs, is that bankruptcy is not something to be ashamed of. It is a protection here to help you when you need it. Things happen in life that can cause great hardship, including financial ruin. Bankruptcy is here to be an option for a potential fresh start. […]
Each year during income tax season, millions of American taxpayers file 1099-C tax forms with the IRS. A 1099-C is a form that reports Cancellation Of Debt Income, or CODI. Anytime a lender cancels more than $600, they are to fill out one of these forms and send copies to the IRS and to the […]
Many people decide to give up their homes when they file bankruptcy, and some are under the impression that the court somehow takes possession of their home. What really happens when you surrender your home in bankruptcy? The decision to give up your home through the bankruptcy process means that you are no longer intending […]
Here is an update on the supreme court ruling regarding the blog post below on Chapter 7 filings. The Supreme Court ruled that there can no longer be any “stripping of junior mortgages in Chapter 7.” If you remember reading our last blog, concerning two separate cases the Supreme Court was hearing regarding Chapter 7 […]
