Common recommendations for keeping your finances in good order include budgeting and self-restraint. While this may seem to be wise and good-intentioned advice, it is not of much use to those whose income can barely cover essentials like food and shelter.Many people...
Month: September 2019
AVOIDING 1099C TAXABLE INCOME THROUGH BANKRUPTCY
1099c income occurs when there is a cancellation of debt. For example, if you owe a creditor $10,000.00 and they agree to settle for $6,000.00, forgiving the $4,000.00, the sum of $4,000.00 can count as income to you. However, if instead the entire debt is eliminated...
Am I eligible to file a Chapter 13?
"Am I eligible to file a Chapter 13?" is a question I am often asked. Bankruptcy code section 109, entitled "Who may be a debtor" provides many of the requirements. To file a Chapter 13 you cannot have more than $1,257,850.00 in secured debt nor more then $419,275.00...
How does bankruptcy affect your credit report?
Bankruptcy can be a helpful step for people with overwhelming financial obligations to eliminate or reorganize their debt. A Chapter 7 bankruptcy can stay on your credit report for 10 years, and a Chapter 13 filing will remain for seven to 10 years.Accounts included...