Nationwide, each state treats unemployment benefits differently, with some states requiring that income tax be paid on all unemployment benefits and other states leaving those benefits untaxed. The federal government does require that taxpayers pay federal income tax on their unemployment benefits, but 2020 has some taxpayers wondering whether those benefits received due to COVID-19 […]
What is the Consumer Bankruptcy Reform Act?
The federal government makes changes to its bankruptcy laws every so often and states also pass measures of their own when they feel their laws require an update. In December of 2020, Senators Warren and Nadler introduced a new bill called the Consumer Bankruptcy Reform Act of 2020, which would make some changes to the […]
Bankruptcy Timeline
Filing for and completing the bankruptcy process is a long and complicated journey, and the bankruptcy timeline may take more than six months to complete. If you decide to file for bankruptcy, you will likely need to speak with a lawyer to start the process because there are so many steps involved. Not only must […]
Is Debt Consolidation Better Than Bankruptcy?
Debt consolidation is a popular option for anyone who has a lot of credit card debt and wants to pay off their debts without filing for bankruptcy, but it’s not an option for everyone. Some people will fare better when they file for bankruptcy, and others will have the best experience if they consolidate their […]
Will the Coronavirus Pandemic Affect My Bankruptcy?
The coronavirus pandemic of 2020 has turned into a financial nightmare for millions of Americans. Tens of millions of households have had a family member apply for unemployment benefits, and the number of defaults on mortgages and other financial obligations has skyrocketed. So far, local and state governments, as well as Congress in Washington, D.C., […]
When is the Best Time to File for Bankruptcy?
Filing for bankruptcy is rarely a decision that feels “good,” but there are some choices that can make filing for bankruptcy a less stressful experience that will result in the most advantageous result. Filing for bankruptcy requires much more than filling out a simple form and submitting it for approval to a judge. The process […]
Can I Keep Any of My Property During Bankruptcy?
When you file for bankruptcy, does the court take every possession you own to pay your debts? The answer is the court will never take everything you own, but you may lose some of your most valuable possessions and anything that isn’t exempt under bankruptcy law. One of the most-asked questions regarding bankruptcy exemptions is […]
Bankruptcy and Credit Rating
In some cases, it may take years to rebuild your credit fully and reach a point where you can apply for credit cards and receive the lowest rates on interest, as well as enjoy approval for car loans, personal loans, and mortgages. Read on to discover the relationship between filing for bankruptcy and your credit […]
Can You Really Make a Deal with the IRS?
You may have seen or heard the commercials that advise you to call a number to try and make a deal with the Internal Revenue Service (IRS) to pay less than you owe on your taxes, but can you trust those commercials? Is there really an option to “get out of tax debt” like the […]
Bankruptcy or Not? This Decision Can Change Your Life!
Do financial woes have you weighing the options of, bankruptcy or not? The decision to file for chapter 7 or chapter 13 bankruptcy is a big one. You want to take the time to consider your options an evaluate your financial situation and see what changes can be made before you make a final decision […]
