Blog Posts in July, 2012

What are the tax consequences of filing for bankruptcy?

Simply put, there are no tax consequences for debts that are discharged through a bankruptcy. Normally the IRS treats any cancellation of debt as income. Whenever there is a cancellation of debt, the ...
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When Should You Delay Filing For Bankruptcy?

If you are contemplating bankruptcy, you might want to consider delaying the filing process for your own advantage. Waiting to file for bankruptcy may be advantageous when: Recent High-Income: if your ...
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Should You File for Bankruptcy Before or After Getting a Divorce?

Often times filing for divorce and filing for bankruptcy go hand in hand. Many people considering divorce wonder if it is better to file for bankruptcy before or after the divorce proceeding. A couple ...
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What Information is Needed for a Bankruptcy

Filing for bankruptcy is not east. If hiring an attorney, you should be prepared to show your attorney a honest financial picture. Make sure to prepare: List of secured creditors – i.e. mortgage ...
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What NOT to do when preparing for bankruptcy

If you are considering filing for bankruptcy there are some very important things you should avoid doing as these things may have an effect on your future bankruptcy. Things you should not do include: ...
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Is San Bernardino the next city for file for bankruptcy?

The city of San Bernardino is set to become the third city to file for bankruptcy this year in California after Stockton and Mammoth Lake. The city has been suffering from a massive budget shortfall ...
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What to look for when hiring a bankruptcy attorney

When searching for a bankruptcy attorney, it is important to be reminded that although bankruptcy costs are a factor, they should not be the sole determining factor. It is important to find an ...
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How much does a bankruptcy cost? Why do attorney's fees differ so much?

There is no set price when determining the cost of bankruptcy. A bankruptcy attorney calculates an estimated cost after obtaining information and determining the complexity of your case. Some ...
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I Want to Get Out of My House...Should I Do a Foreclosure or Short-Sale?

When you can no longer afford your house payments, a borrower has the option to foreclose or short-sale the home. Foreclosure is when the bank forces the sale of the property, which was used to secure ...
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How to Handle Aggressive Bill Collectors/Creditors

If creditors are becoming aggressive with you, know that you have a legal right to tell them to stop. Here are some tactful tips to get through their aggressive approach. How a creditor can go about ...
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