Be sure to give the 1099 Form to your bankruptcy attorney. The tax authorities will cross-reference the information on the 1099s with your tax returns.
It’s important that you address this information on your own returns. To do this, you will need to file a Form 982. Form 982 is where you will put the
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Some thoughts on finances and relationships as the month associated with love wraps up
As the month associated with cupids, hearts, and love wraps up, some thoughts on the importance that keeping your finances in check can have on relationships… While many people refuse to admit that money can have an effect on relationships, the truth is that money matters!
Few people think about how bankruptcy and financial relief…
Dealing with Reaffirmed Debts
Here’s what you need to know about reaffirmed debts and bankruptcy:
If you reaffirm one or more debts in your bankruptcy case, those obligations remain binding and enforceable according to the terms of the reaffirmation agreement. Your failure to comply with the agreement could lead to actions being taken by the creditor.
Most reaffirmed debts…
How Can Filing My Tax Returns Help Me After Bankruptcy?
Taxes are among the worst debts to have. By filing your returns timely, you can avoid having these debts.
Tax debts grow at a very fast rate. In addition to the interest, there are penalties.
From IRS form 746: “We may charge penalties if you do not make required deposits on time, make deposits…
Should I File Tax Returns Before or After I File Bankruptcy?
It’s tax season, so that makes it a good time to answer this frequently asked question: SHOULD I FILE MY TAX RETURNS BEFORE OR AFTER I FILE BANKRUPTCY?
It is probably better to file tax returns before you file bankruptcy. This is likely true whether you have a refund coming or whether you owe taxes.…
HOW DO I KNOW IF I SHOULD BE CONSIDERING BANKRUPTCY?
There are a number of signs that you should be reviewing your financial situation and considering bankruptcy. They include the following:
- Your wages or bank accounts are being garnished.
- Your hard-earned labor is being taken away from you by force. (If this is happening, you need to take immediate action.)
- You are receiving notices from
…
What Divorce Debts Can I Discharge in Bankruptcy?
Let’s start with what debts you cannot discharge. Those would be child support and maintenance. These debts cannot be discharged in any form of bankruptcy.
No debts arising from a divorce can be discharged in a Chapter 7. So if you are planning on discharging some of the debts awarded to you in a divorce…
If I Find Employment Prior to Filing Bankruptcy or After I File Bankruptcy, Will It Pose a Problem?
Probably not.
We want our clients to be able to earn as much as possible, and part of our job is to make sure that any income they have is protected.
The amount of income debtors have can affect their case, depending on the chapter they are filing under and their income. In Chapter 7…
How Do I Deal with Problems After My Chapter 13 Case is Filed? What if I Cannot Make My Payment?
The majority of people who file Chapter 13 cases do not complete their plans and get a discharge of debt. These plans last three to five years and a lot can happen to people over that span of time.
Loss of jobs or income, whether by death, disability, or illness, can end the ability to…
Communication Strategy is Key
Clients are usually very concerned about what the filing of a bankruptcy will do to them in terms of publicity. For individuals, this concern is usually about having friends, neighbors, and relatives learning of their financial difficulties. But for businesses this concern can be about much more than vanity or embarrassment.
Businesses going through a reorganization have…