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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Recent Posts in Debt and Tax Relief

  • What Bankruptcy Can & Cannot Do For Federal Tax Debt

    Posted By Allmand Law Firm, PLLC || 24-Mar-2016

    If you have federal tax debt, you may be wondering if filing for bankruptcy can do anything to help your situation. You may have even heard commercials offering the hope of eliminating tax debts in bankruptcy, but it’s actually not that simple. Most tax debts can’t be discharged by bankruptcy. And unfortunately, if you are being audited, a bankruptcy filing won’t stop the audit ...
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  • Four Bankruptcy Myths Busted

    Posted By Allmand Law Firm, PLLC || 15-Jul-2015

    Every year, over one million people file for bankruptcy. While some people might assume that filing means that a person can’t control their spending habits (in some cases this may be true, but certainly not all), there are plenty of other good reasons why a person might choose bankruptcy. Below, we have identified and busted the top four myths about bankruptcy. Bankruptcy will eliminate all ...
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  • What Happens to a Tax Lien When Bankruptcy is Filed?

    Posted By Allmand Law Firm, PLLC || 19-Jul-2013

    Your Tax Lien After Your Bankruptcy is Filed When you file bankruptcy, the automatic stay goes into effect which stops collection attempts from creditors. Yet, this may have a different effect on a tax lien depending on your situation. A tax lien is when a taxing authority, such as the Internal Revenue Service (IRS) or state government, places a lien on your property for failing to pay outstanding ...
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  • If I File My Taxes Late Can I Still File for Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 6-Jun-2013

    Even if you file your taxes late you can still file bankruptcy. When you begin the filing process you are required to provide documentation about your finances, debt, and monthly income. Your tax returns are necessary for a matter of reasons. Tax returns, including federal and state tax information, should be accurate for verification purposes. When you file you are required to include information ...
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  • Using Chapter 13 Bankruptcy to Regain Control of Tax Debt

    Posted By Allmand Law Firm, PLLC || 20-May-2013

    Chapter 13 Bankruptcy and Your Tax Debt If you're seeking a solution to help manage tax debt then Chapter 13 bankruptcy may be something to consider. It often depends on the type of debt in question, along with other financial obligations of the debtor. You may even gain an advantage using Chapter 13 to handle the debt that you may not gain from filing Chapter 7 bankruptcy. Important factors ...
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  • How Bankruptcy Can Help You Deal with Tax Debt

    Posted By Allmand Law Firm, PLLC || 17-Apr-2013

    Tax Debt and Bankruptcy Bankruptcy can help taxpayers deal with tax debt either by eliminating qualifying debt or creating an affordable monthly payment to put toward what you owe. Each bankruptcy chapter has regulations and requirements for handling tax obligations. In some cases you can get them discharged, if they don't qualify for elimination, having them included in a repayment plan may ...
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  • Getting Tax Debt Discharged in Bankruptcy: 4 Requirements Your Debt Must Meet

    Posted By admin || 15-Mar-2013

    If you're wondering whether you can get can tax debt eliminated in bankruptcy, you'll need to review several factors to learn if your debt qualifies. Chapter 7 and Chapter 13 bankruptcies may help you deal with your debt in different ways. In order to understand your options in detail and learn if bankruptcy is an option to consider, review your situation with a bankruptcy attorney or tax expert. ...
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  • Can Bankruptcy Protect My Income Tax Refund?

    Posted By admin || 6-Feb-2013

    Does Bankruptcy Protect Income Tax Refunds? January through April is tax season and like many consumers you may be anticipating a tax refund. If you plan on filing bankruptcy during this time period, you may have concerns about how you can protect your refund from creditors. While many debtors may not want to disclose they are expecting a refund in fear of it being seized by the trustee, telling ...
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  • Can Bankruptcy Be a Solution for Curing Tax Debt?

    Posted By admin || 16-Jan-2013

    Taxpayers are often under the impression they cannot discharge tax debt. While bankruptcy is a powerful legal tool that may help you gain control of your finances and eliminate qualifying debt, it can help discharge tax debt in certain circumstances. There are different types of tax debt consumers deal with, yet in bankruptcy income tax debt is the most common that is dischargeable after meeting ...
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  • Can Bankruptcy Stop Collection Attempts from the IRS?

    Posted By admin || 12-Dec-2012

    Bankruptcy may stop collection attempts from the Internal Revenue Service (IRS), but depending on taxes owed and the chapter you file, it may only be temporary. The automatic stay in bankruptcy helps halt collection attempts from creditors including the IRS. It also helps stop legal proceedings such as wage garnishment. The automatic stay prevents further collection attempts such as phone calls, ...
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  • How Can Chapter 13 Bankruptcy Help With Tax Debt?

    Posted By admin || 30-Aug-2012

    Chapter 13 Bankruptcy and Tax Debt Chapter 13 bankruptcy is a repayment plan approved by the court.While the filing may not allow for elimination of all outstanding taxes owed, you may be able to discharge some of the debt at the end of your case. Chapter 13 can help you repay tax debt within 3 to 5 years depending on the length of your repayment plan. Tax debts are classified as either being a ...
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  • How Waiting to File Bankruptcy May Discharge Tax Debt

    Posted By admin || 29-Aug-2012

    Many are under the impression that tax debt cannot be discharged through bankruptcy. Yet, tax debt could qualify for elimination under certain conditions in either Chapter 7 or Chapter 13 bankruptcy. Certain tax debt may be eligible for discharge under the following requirements: Three years before filing your petition your taxes were due. The timing may vary if tax returns related to outstanding ...
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  • Can I Stop the IRS from Collecting for Unpaid Taxes if I Can Not Pay?

    Posted By admin || 6-Aug-2012

    The collection process can be stopped by resolving your liability. If you receive a notice from the Internal Revenue Service (IRS) regarding tax debt, consider this your call to action. It is common for taxpayers to ignore notices or think that it's not a big deal. The problem with ignoring IRS notices is that not only does your tax liability continue to increase with penalties and interest; ...
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  • Why is Important to File a Federal Income Tax Return Even if it is Late?

    Posted By admin || 20-Jul-2012

    If you voluntarily file back income taxes the consequences for filing late fail in comparison to having the Internal Revenue Service (IRS) pursue you for outstanding taxes. The longer you wait to file unfiled taxes it's likely you'll pay more in penalties and interests. This reason alone should be enough for taxpayers who haven't filed previous returns to get them submitted but unfiled returns for ...
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  • Unpaid Taxes: Understanding the IRS Collection Process

    Posted By admin || 19-Jul-2012

    The IRS Collection Process Failing to file an income tax return or filing but failing to pay what is due may prompt the Internal Revenue Service (IRS) to begin the collection process. A tax bill, CP-14, is sent to a taxpayer which begins the process. The IRS has been known to increase their collection efforts soon after the bill is sent. They will continue efforts until the tax debt is paid in ...
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  • Tax Settlement: 6 Solutions to Resolve Tax Debt

    Posted By admin || 4-Jul-2012

    Solutions to Resolve Tax Debt The Internal Revenue Service (IRS) offers multiple methods for taxpayers to settle their tax debt. Many find it easier to just ignore what they owe but this only makes things worse. The longer you put off paying your taxes the more you will owe penalties and interest. If you can't afford to pay what you owe in full, the following options may help you get in good ...
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  • Can I Discharge Unpaid Income Taxes in Bankruptcy?

    Posted By admin || 29-Jun-2012

    Bankruptcy and Unpaid Income Taxes Certain income tax debt may qualify for discharge through bankruptcy but you need to have your income taxes filed. It is unlikely bankruptcy will wipe out unfiled tax debt but there are specific requirements that need to be met in order for tax debt to be successfully discharged. Chapter 7 bankruptcy may be an option to eliminate certain tax debt if it qualifies, ...
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  • Common Questions about Unfiled Income Tax Returns

    Posted By admin || 24-May-2012

    Questions about Unfiled Income Tax Returns Back income taxes result from not filing a return. While it's best to file on time each year, you're better off filing a return late than not at all. Dealing with income taxes is something many taxpayers try to avoid but ignoring your liability can make the situation more challenging. The Internal Revenue Service (IRS) has various options to help those ...
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  • What Are Requirements and Guidelines to Qualify for an Offer in Compromise?

    Posted By admin || 22-May-2012

    Requirements and Guidelines to Qualify for an Offer in Compromise An offer in compromise lets taxpayers settle tax debt for less than the original amount that is due. While the paperwork for the process can be obtained by the taxpayer who is seeking to apply, it has been recommended to work with a tax expert during the process. There are rules and requirements that need to be met in order for your ...
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  • What Are the Consequences of Not Filing an Income Tax Return?

    Posted By admin || 15-May-2012

    Consequences of Not Filing an Income Tax Return The Internal Revenue Service (IRS) often imposes stiff penalties for unfiled returns. Many taxpayers don't realize that the IRS has ways of learning about income and other financial information when taxpayers fail to file. Most often, a federal income tax return won't be filed if a taxpayer cannot afford to pay the liability. Since the IRS has ...
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  • Tax Tips and Tricks for Homeowners

    Posted By admin || 2-May-2012

    Tax Tips for Homeowners When it comes tax time, knowing what is rightfully yours to claim is crucial. That is why it is important to know tax essentials before tax time comes around instead of during. Since there are all sorts of rules that apply to different areas, such as if you have children, if you own a home, and so on, you need to know what applies to your situation. If you do own a home and ...
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  • Keeping Tax Records

    Posted By admin || 1-May-2012

    In order to avoid getting into tax debt, you must file your tax returns promptly and accurately. Keeping a file of your transaction records is very important so that you don't miss out on anything when it's time to file your tax return. However, they can accumulate over time so you need to check your files every now and then to make sure that you don't keep the ones you no longer need! Some ...
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  • Delinquent Taxpayers to Pay Collection Fees

    Posted By admin || 1-May-2012

    When it comes to paying taxes, the last thing we want are more fees. It is bad enough we need to deal with tax debt, but to have fees added on puts us even further in debt! While there are all sorts of different types of fees, out of the state of Oregon delinquent taxpayers will owe additional fees. In next to no time, fees are to be charged to delinquent taxpayers in regards to tax debt ...
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  • New Horizon's Tax Debt

    Posted By admin || 26-Apr-2012

    Deputy Tax Collector Shirley Boyce reported that Cummings Solomon and her company New Horizons Capital Investments owe a tax of $46,000 to the town of Norway on the 12 properties that she owned during the tax year 2010-11. Out of the total amount of $45,998, $36,097 tax is due on currently owned New Horizons Capital Investments properties; $2,427 tax on a commercial building that was sold in Sept. ...
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  • Can I Eliminate Tax Debt in Bankruptcy?

    Posted By admin || 24-Apr-2012

    Eliminating Tax Debt in Bankruptcy It is possible to have certain tax debt eliminated in bankruptcy but under special circumstances. While you can include them in your bankruptcy filing along with other outstanding debt, in some cases, you'll still be responsible for them at the end of a Chapter 7 bankruptcy or make payments on them as part of your Chapter 13 bankruptcy repayment plan. If you are ...
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  • Unpaid Taxes: What You Should Know about Tax Liens

    Posted By admin || 12-Apr-2012

    What You Should Know about Tax Liens A tax lien is placed by the Internal Revenue Service (IRS) when taxes have not been paid. Basically, it's a claim from the government on your property and once it is issued, it can attach to just about anything you own. When the IRS places a tax lien because a taxpayer has unpaid taxes the action is enforced if a taxpayer neglects to appeal or work out a ...
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  • Most Common Questions about Bankruptcy and Income Tax Debt

    Posted By admin || 2-Apr-2012

    Bankruptcy and Income Tax Debt Dealing with income tax debt can be frustrating and for some, overwhelming. Bankruptcy has been known to help deal with credit card debt, medical bills and even helping people keep their homes, and the process may help with income tax debt. It's not uncommon for consumers to ask about bankruptcy and how it can help them deal with the IRS. The following questions are ...
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  • Does Bankruptcy Stop Collection Attempts from the IRS?

    Posted By admin || 30-Jan-2012

    Stopping Collection Attempts From the IRS Through Bankruptcy It seems like everyone has an opinion about Chapter 7 bankruptcy - and they're all too willing to share it with you. From gut-wrenching assertions that you'll lose your house to fear-inducing statements about the black mark it will leave on your credit score forever, there's no denying that these opinions create an aura of fear, ...
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  • Got Tax Problems? Bankruptcy May Be Your Solution

    Posted By admin || 20-Jan-2012

    Bankruptcy Can Help Resolve Your Tax Problems When it comes to tax debt, most of us believe that the only way to get the IRS off our backs is to grit our teeth and pony up the penalties. However, while common wisdom may indicate that the only certainty in life is death and taxes, that isn't always the case - especially if you resort to filing for bankruptcy to solve your tax problems. While ...
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  • Co-Debtor Bankruptcy Protection From IRS

    Posted By admin || 30-Dec-2011

    When a debtor files Chapter 13 bankruptcy the automatic stay protection is extended to cover co-debtors of consumer debts. Consumer debts include those "incurred by an individual primarily for a personal, family, or household purpose" such as credit card debts, car loans, mortgages, payday loans etc. However, the bankruptcy code does not define tax debt as a consumer debt. This means that if there ...
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  • Taxes, Debt Forgiveness and Bankruptcy

    Posted By admin || 19-Dec-2011

    Debt Forgiveness and Bankruptcy Debts forgiven in bankruptcy are never taxable. However, some debts forgiven outside of bankruptcy may create a tax liability for the debtor. Let's take a look at few tax issues debtors may face after settling debts outside of bankruptcy: Debt Settlement On Credit Cards As we have mentioned previously, many debtors are so anxious to avoid bankruptcy that they are ...
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  • Tax Refund Anticipation Loans, A Thing Of The Past?

    Posted By admin || 22-Jul-2011

    Yes, tax season is over, but the battle of tax refund anticipation loans is still ongoing. The Federal Deposit Insurance Corp. (FDIC) is going after Republic Bank & Trust Co., the last bank standing who issues tax refund anticipation loans. The FDIC claims that the bank is mismanaging its refund anticipation loan program and that they should cease and desist immediately. But Republic is ...
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  • Don't Let Unfiled Taxes Destroy Your Bankruptcy Case

    Posted By admin || 20-Jun-2011

    Considering Bankruptcy and Haven't Filed Taxes? Properly filing your taxes is an important part of making sure that your bankruptcy case goes smoothly. Failure to file taxes can end in the dismissal of your bankruptcy case, not to mention a waste of your time, money and energy. Here's what you need to know: If you have not filed taxes for the past few years, you will not be able to file bankruptcy ...
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  • Tax Debt Interest Cannot Be "Crammed Down" In Bankruptcy

    Posted By admin || 27-May-2011

    In a recent Chapter 13 bankruptcy case, the bankruptcy court was faced with the issue of how to apply interest on tax debt in a repayment plan. As stated in the Trustee's original motion filed in each case to modify the subject claims, Debtors' respective proposed Chapter 13 plans and their Orders of Confirmation provided for payment of Creditors' claims without interest. Creditors' proofs of ...
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  • Could Tax Refund Anticipation Loans Become A Thing Of The Past?

    Posted By admin || 8-Apr-2011

    This year is the first time that the IRS has stopped providing tax preparation companies and financial institutions with a "debt indicator," making tax refund anticipation loans a lot more risky. The debt indicator use to let lenders know how much of a risk as taxpayer was allowing the bank to make an informed decision about how much to lend the borrower. However, without this information, tax ...
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  • Debt Settlement Company Abuses Continue Despite New Rules

    Posted By admin || 25-Jan-2011

    Consumer advocates are calling on the FTC to beef up enforcement of new rules governing debt settlement companies after realizing that many debt settlement companies were coming up with new tactics to circumvent the regulations. Since the new rules ban companies that use telemarketing as a means to sign up new customers from charging upfront fees for their services, some companies have attempted ...
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  • Foreign Taxes Uncollectible In Bankruptcy

    Posted By admin || 12-Nov-2010

    Foreign Taxes and Bankruptcy In the Chapter 11 bankruptcy case In re: BearingPoint, Inc., et al., Chapter 11, Debtors, the bankruptcy court ruled that the Republic of Indonesia could not collect on taxes owed using the U.S. bankruptcy court. The Republic of Indonesia filed two proofs of claim in the BearingPoint bankruptcy, one for $389,000 and the other for $3.5 million. However the bankruptcy ...
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  • I Received A 1099 For My Forgiven Debt...Do I Have To Pay Taxes?

    Posted By admin || 1-Nov-2010

    If you receive a 1099 for canceled or forgiven debt, you may be required to pay taxes on that debt. Here's what you need to know: If your credit card company wrote off your debt because it was uncollectible after a certain amount of time, you may be required to pay taxes on the debt. If your home was sold in foreclosure but had a deficit balance on the mortgage which was forgiven by the mortgage ...
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  • Tackling Tax Debt When You're Financially "Up Against The Wall"

    Posted By admin || 14-Aug-2010

    The IRS has wide reaching powers to collect on delinquent tax debt, which includes levies, wage garnishments and liens. But if you're drowning in tax debt, there are a few things you can do to resolve your tax debt issues. Let's take a look at some of the things you should do immediately to handle your tax issues: Contact the IRS immediately. Or, if you owe state taxes, contact your state taxing ...
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  • Discharging Tax Debts In Bankruptcy

    Posted By admin || 1-Aug-2010

    Under bankruptcy law, debtors can discharge certain types of tax debt in Chapter 7 bankruptcy or Chapter 13 bankruptcy. However, if a tax debt is secured by a lien against your assets, you will not be able to use bankruptcy to get rid of the lien. Below are some rules that apply to discharging taxes in bankruptcy: You cannot discharge tax debt that was just an assessment for taxes on a tax return ...
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  • Three Ways Debt Settlement Companies Can Ruin Your Finances

    Posted By admin || 20-Jun-2010

    Debt settlement is becoming very popular now that the recession is stretching into its third year. One of the appealing aspects of the debt settlement pitch is the idea that a debtor can pay only pennies on the dollar for a debt and avoid bankruptcy. But the truth about debt settlement is that it rarely can deliver on its promises and often leaves debtors in a worse financial condition. Let's take ...
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  • Three Reasons Why You Should Not Pay Taxes With A Credit Card

    Posted By admin || 11-May-2010

    It has become a lot easier for taxpayers to pay their taxes using a credit card; but doing so may not be a good idea. Below are three reasons why a debtor should not pay their taxes with a credit card. You will end up paying more. Yes paying your taxes late will result in interest and penalty fees; but that won't be nearly as much as the interest you will pay on a credit card. Compared to credit ...
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  • Debtors May Not Unfairly Favor Student Loan Creditors During Bankruptcy

    Posted By admin || 10-May-2010

    In the Chapter 13 bankruptcy case of Parrott, Gregory S. and Karen S.; In re, the bankruptcy court refused to confirm the debtors' repayment plan saying that the debtors unfairly treated the student loans as long-term debt to the detriment of unsecured creditors. The details of the bankruptcy case: The Chapter 13 debtors' plan proposed to bring payments on two student loans current while ...
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  • HAMP Rules Take On A New Twist For Bankruptcy Filers

    Posted By admin || 2-May-2010

    The government has just announced new guidelines for the HAMP foreclosure prevention program. Borrowers who are being evaluated for HAMP suitability will not face a foreclosure sale during that evaluation period. However, they may still receive eviction notices and letters regarding their pending foreclosure. Borrowers who in an active bankruptcy case may still be able to apply for and participate ...
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  • Considering Loading Your Tax Refund On A Prepaid Credit Card? Just Say "NO"

    Posted By admin || 1-Apr-2010

    As if tax preparation companies haven't come up with enough schemes to pry money out of taxpayers' hands, now some tax preparation companies are encouraging taxpayers to load their tax refund on a "convenient" prepaid credit card. Just say no to this new scheme which will leave the tax preparers and banks with more of your hard earned money. Below are five reasons why you should avoid loading your ...
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  • Celebrity Bankruptcy: Nicholas Cage Update

    Posted By admin || 25-Mar-2010

    Actor Nicolas Cage's Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year. Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what the movie star paid for it in 2006. Could Nicholas Cage have saved his home ...
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  • Five Steps To Conquering Monstrous Debt

    Posted By admin || 16-Mar-2010

    The first step to conquering debt that has gotten out of control is to get honest with yourself. Take the time to find out how much you owe, how much you earn and what the real gap is in between. One of the biggest shockers debtors experience when they file bankruptcy is just how indebted they really are compared to what they had imagined. Don't engage in self-deception, get to the root of the ...
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  • Tax Deductions You Don't Want To Forget

    Posted By admin || 8-Mar-2010

    Property taxes - Combined with the new homebuyer tax credit this deduction can save many homeowners a lot on their taxes. You can add this deduction to your standard deduction if you don't itemize, or if you choose, you can add it to you itemized deductions. Sales taxes - Tax law allows you to deduct your local and state sales taxes. I you purchased a big ticket item such as a car, boat or ...
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  • The State Of The Union: Foreclosures and Bankruptcy

    Posted By admin || 16-Feb-2010

    President Obama's State of The Union speech, addressed many issues facing Americans today. One of those issues was the need of America's banking institutions to repay the American taxpayer for bailing them out of their self created financial mess when many of them were facing the possibility of liquidation in bankruptcy. The President said: So I supported the last administration's efforts to ...
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  • Bankruptcy Q&A: Discharge of Debt

    Posted By admin || 28-Sep-2009

    The goal of bankruptcy proceedings is to obtain a discharge of debts, which means the debtor is no longer personally liable for that debt. Q: What does a "discharge of debt" mean, exactly? A: The goal of bankruptcy proceedings is to obtain a discharge of debts, which means the debtor is no longer personally liable for that debt. Q: So what does "personal liability" mean, then? A: Having personal ...
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  • Under Certain Circumstances, it is Possible to Discharge Tax Debt

    Posted By admin || 10-Sep-2009

    Let's roll back the clock a bit. Assume it is 2003, and you are in the middle of filing your taxes. You realize that, for one reason or another, you did not pay enough in taxes for that year. Instead of getting a nice refund, you now owe Uncle Sam a sum of money that you do not have. What is the best thing to do in this situation? Without a doubt, you still should file your taxes. Even if you ...
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  • Should You Sell Your Life Insurance Policy to Raise Cash?

    Posted By admin || 1-Sep-2009

    This economy is tough and many seniors are facing financial issues they certainly never expected to face in the golden years. Foreclosures are rising for many seniors who refinanced or upgraded their homes during the boom and many are finding it difficult to keep their heads above water financially. But should seniors sell their life insurance policy to prevent foreclosure or pay off credit card ...
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  • College Students and Parents Beware of Credit Card Offers

    Posted By admin || 28-Aug-2009

    As the school year begins, credit card companies are in a mad dash to rack up as many new and young customers as possible before the Credit Card Accountability Responsibility and Disclosure Act of 2009 becomes effective February 22, 2010, restricting access to youth under 21 years old. According to an article in DetNews, credit card companies are already swarming campuses with tempting credit card ...
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  • Debt Takes a Toll on Your Health

    Posted By admin || 27-Aug-2009

    A study by AOL Health and the Associated Press shows that as debt related stress raises, your health decreases. Debt is a useful tool that nearly everyone uses. Debts can range from credit cards, student loans, mortgages, 401K loans, home equity lines of credit, car payments, etc. Some types of debt have actually proven to be good investments. Student loans are excellent when used correctly, ...
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  • Debtors Allowed to Deduct Expenses for Property They Intend to Surrender

    Posted By admin || 26-Aug-2009

    In the Chapter 7 bankruptcy case of Rudler, Glen H.; In re (Morse, U.S. Trustee, v. Rudler) the bankruptcy court allowed the debtor to take a Means Test expense deduction for debt payments on a property he intended to surrender during bankruptcy. The details of the bankruptcy case: "The above-median income debtor filed for Chapter 7 relief in August 2006. He stated an intention to surrender his ...
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  • Disabled Debtor Denied Discharge of Student Loans

    Posted By admin || 24-Aug-2009

    In the bankruptcy case of Miller v. Sallie Mae Inc. (In re Miller) a disabled debtor who owed $20,624 on Parent Plus loans for her children's education was denied a bankruptcy discharge of her student loans because she could not prove that continuing to pay the student loan payment would cause her to fall below the minimal standard of living. The details of the bankruptcy case: The debtor is ...
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  • Watch Out for Debt Settlement Scams

    Posted By admin || 20-Aug-2009

    Given today's economy, many debt settlement companies are waiting to take advantage of you. An article in the USA Today warns that people should make sure they are not being taken advantage of by debt settlement companies. Many people are struggling financially right now, and there are companies and individuals trying to profit from others misfortunes. A prime example of this came to the forefront ...
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  • Bankruptcy Court Rules Mortgage Invalid

    Posted By admin || 20-Aug-2009

    In the bankruptcy case of (Wahl, David W. Jr. and Marlaina A.; In re (Rieser, Trustee, v. Fifth Third Mortgage Corp.)) the bankruptcy court ruled that a mortgage is not effective if the borrower's signature is not acknowledged by the notary. The details of the bankruptcy case: In 2007, the debtors acquired title to land by quitclaim deed. The defendant financed the debtors' purchase of the land. ...
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  • How a Bankruptcy Automatic Stay Works for You

    Posted By admin || 11-Aug-2009

    When a debtor files for bankruptcy, the first form of relief they receive is an automatic stay. An automatic stay stops creditors in their tracks so that the debtor's assets, including property and wages can be protected from seizure while the bankruptcy case proceeds. Bankruptcy's automatic stay prohibits creditors from calling a debtor's house or work. The bankruptcy automatic stay also ...
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  • Chapter 7 Bankruptcy Debtor Allowed to File Complaint Against Amway

    Posted By admin || 9-Aug-2009

    In the bankruptcy case of Morrison, F. Joseph; In re (Morrison v. Amway Corp, a Chapter 7 bankruptcy debtor is allowed to file compliant against Amway during his case despite Amway's motion to dismiss the complaint. The details of the bankruptcy case: "The Chapter 7 debtor was a former dis¬tributor for the Amway Corporation. In 1998, he sued Amway alleging that it was improperly calculating ...
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  • America's Senior Citizens Swamped with Credit Card Debt

    Posted By admin || 3-Aug-2009

    According to an article in CNN, America's senior citizens are racking up credit card debt at a rate that outpaces other groups. The article said: "People age 65 and up carried an average of $10,235 credit card debt in 2008, according to a study released Tuesday by Demos, a public policy research group. That's an increase of 26% since the organization's last survey of low- and middle-income ...
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  • Student Loans and Your Financial Health

    Posted By admin || 2-Aug-2009

    As the economy worsens, many adults who have experienced a job loss are thinking about returning to school to learn a new skill and become more manageable in today's job market. Unfortunately, getting a second degree usually means more student loan debts, especially for the "mature" student. If you're considering returning to school and taking out student debts there are a few things you may want ...
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  • Check and Re-Check Your Electric Bills

    Posted By admin || 17-Jul-2009

    As if the economy wasn't taxing the budgets of most consumers enough, billing errors have compounded the frustration and stress of many Oncor and TXU Energy customers. The Star Telegram reported that about 130,000 customers received inaccurate billing during the month of May. According to the article, a Hurst police officer, Chris Teague utilized average billing through TXU and usually paid $225 ...
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  • Your Credit Card Rights -- What You Should Know

    Posted By admin || 11-Jul-2009

    As the credit crunch worsens and lenders become more cautious about who they deem creditworthy, there a few things every credit card consumer should know about their rights. A credit card consumer cannot be discriminated against because of their family status. For example if you are a single parent a credit card company cannot deny you access to credit because of your family status. A credit card ...
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  • IRS Gives Small Businesses a Break

    Posted By admin || 10-Jul-2009

    According to an article in the Dallas Morning News, the IRS will temporarily stop collecting penalties from some small businesses that have been hit with big fines for not disclosing the use of questionable tax shelters. This is a huge benefit for small businesses. I don't know if readers remember, but in 2004 a law was created to punish big corporations that use tax shelters to avoid paying ...
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  • Is My Discharged Debt Taxable?

    Posted By admin || 1-Jun-2009

    Discharged Debt and Taxation Many debtors considering bankruptcy are concerned that debt discharged during bankruptcy is taxable by the IRS. The IRS does tax "cancelled" debt when they consider the cancelled debt income that's improving the financial position of the taxpayer; but this is NEVER the case in bankruptcy. For example, credit card debt that has been partially or fully cancelled with the ...
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  • Your Tax Return May Be Exempt During Bankruptcy

    Posted By admin || 15-Feb-2009

    Tax Return Exemption During Bankruptcy According to a case heard by the Utah Supreme Court ( In re Smith, No. 20070892), tax refunds that result from an overpayment of income taxes on exempt retirement income would be exempt from seizure during a bankruptcy case. In this particular bankruptcy case, the debtor's sole source of income was Social Security and distributions from a qualified pension ...
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  • 2009 - The Year Of Tackling Debt

    Posted By admin || 7-Jan-2009

    The Dallas Morning News has another interesting, albeit incomplete, article about how to get out of debt in 2009 that unfortunately never mentions bankruptcy. It's unfortunate because many of the people who will read this article and waste their time using some the "debt reduction tactics" suggested by the article really NEED to file for bankruptcy. One of the few good pieces of advice given by ...
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  • Federal Tax Lien Relief For Homeowners

    Posted By admin || 22-Dec-2008

    The Star Telegram reports that homeowners with federal tax liens against their real property—who are trying to sell or refinance their home—will receive much needed relief from the IRS. The IRS announced that it is offering an expedited process for removing or changing a tax lien on properties that are being sold or refinanced in an effort to help homeowners struggling in this ...
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  • Tax Time Is Just Around The Corner -- How Can You Save?

    Posted By admin || 2-Dec-2008

    It's December and that means that tax time is just around the corner. But for those of us who are prone to procrastination when it comes to paying Uncle Sam, the Dallas Morning News offers a few great tax tips for saving money now, just in time for Xmas. Here's a few of the tax tips you may need. Get All Of Your Tax Paperwork Organized Now. That means receipts and proof of your right to take ...
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  • Four Tax Tips For A Troubled Economy

    Posted By admin || 6-Oct-2008

    1. Write Off Property Sale Losses If you experienced a foreclosure, deed-in-lieu of sale, mortgage-loan modification or a short sale and had debt forgiven, you need to know that the Mortgage Forgiveness Debt Relief Act of 2007 will treat any forgiven debt as taxable income. But in an effort to aid people during the credit crisis, Congress allowed homeowners with mortgage debt forgiven in 2007, ...
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