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Blog Posts in July, 2012

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  • What are the tax consequences of filing for bankruptcy?
    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?
    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?
    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
    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
    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?
    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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