Bankruptcy
Bankruptcy and Your S Corporation: What are your options?
An S Corporation is a designation you can seek for your corporation primarily for United States federal income tax purposes. To form an S Corporation, you must first file Form 2553 with the IRS.
According to Wikipedia.com:
“In general, S Corporations do not pay any income taxes. Instead, the corporation’s income or losses are divided among and [...]
Chapter 13 Bankruptcy Payment Plan
When you file for chapter 13 bankruptcy protection you are required to repay your outstanding debt, usually within a three to five year period, and allowed to keep your property. This bankruptcy option can be ideal for working individuals who have a substantial amount of debt on secured assets like a home, automobile or other [...]
Don’t Let Your Bankruptcy Case Get Dismissed
Today, an increasing number of consumers are considering bankruptcy as a debt relief option. If you are one of those consumers, it is imperative that you try to avoid common mistakes that can result in your bankruptcy case being dismissed.
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Can Chapter 13 Bankruptcy Prevent Foreclosure?
The short answer is Yes.
Chapter 13 bankruptcy is typically designed to help working individuals protect assets like their home and automobile while adhering to a plan that ensures your creditors are paid. You can seek the help of an experienced bankruptcy lawyer in structuring a three to five year payment plan that will allow you [...]
What is a Debt Charge Off?
A charge off is an accounting entry used by creditors or lenders in their books to account for overdue, uncollected debts. Most debtors, when they see “charged off” on their credit report, assume the debt has been disregarded by the creditor and that they are no longer obliged to repay the debt. This is not [...]
Must I Include My Spouse in my Bankruptcy?
More often than not, married debtors file a joint bankruptcy petition. This is usually when the debt of both spouses is substantial enough to warrant a joint bankruptcy filing. However, this is not always the case. Sometimes we encounter a situation where one spouse is overwhelmed with debt, while the other spouse is not. In [...]
Can I Discharge Consolidated Debts?
Yes. If you are making payments to creditors under a debt consolidation plan, you still owe the debt until you have paid it in full. Thus, you can include your consolidated debts in your bankruptcy, and they will be discharged, assuming they are dischargeable on all levels.
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