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Four Things to do When You Owe the IRS Money

  As tax season looms, you likely have given some thought to your current financial situation. If you have encountered the problem of not being able to pay your income taxes this year, you might be considering various options, including filing for bankruptcy. While you consider how to respond to this situation, you should review the following five pieces of advice about owing the Internal Revenue Service money.  Promptly File Your Income Taxes Taxpayers who owe the Internal Revenue Service[...]

What to Know Before Filing for Bankruptcy

  Life is hectic. If you find yourself unable to face some of the debts that you owe, remember that you are not alone. For many people, filing for bankruptcy can offer substantial relief and a second opportunity to rebuild credit. While a bankruptcy lawyer can handle the legal issues involved with your case, it can also help to understand some important facts about bankruptcy before you begin the process. Who is Eligible to File for Bankruptcy? Anyone who can demonstrate that he or she is [...]

How the Bankruptcy Process Impacts Your Inheritance

  Deciding to pursue bankruptcy is never simple or easy. For many people who are suddenly faced with an overwhelming amount of debt, bankruptcy can be the best option, though still feel intimidating. Ultimately, bankruptcy allows an individual the opportunity to escape debt and create a better financial future.  The decision to pursue bankruptcy can be made much more complicated if a loved one recently passed away and you now expect to receive an inheritance. The following takes a brief ex[...]

What Happens After You File for Bankruptcy?

Many people view bankruptcy as a last resort when it comes to taking control of their financial debts. Despite the value that many people place on the bankruptcy process, most individuals do not know very much about what the bankruptcy process involves. The following will take a brief look at the difference between what happens after a person files for Chapter 7, 11, or 13 bankruptcy. Automatic Stays After filing for bankruptcy, you will enjoy the protection of an automatic stay. This means that[...]

Understanding Common Myths About Bankruptcy

  To many people, the prospect of filing for bankruptcy can be overwhelming. Those people often end up filing for bankruptcy only because the fear of increased debt and continued creditor harassment is even worse. In reality, bankruptcy can be a helpful process and not nearly as scary as it seems. The following are some of the other common myths and concerns that people have about the bankruptcy process. Myth 1: A Person Loses Everything in Bankruptcy Many people are afraid to file for b[...]

Declaring Bankruptcy in Florida and Salary Increases

If you are not able to handle your financial situation, Chapter 7 and Chapter 13 bankruptcy are available for you to restructure your debt. Each year, many people discover that the bankruptcy process offers them the opportunity to rebuild their credit and have a fresh start. Unfortunately, in some situations, bankruptcy can be a particularly complex process. To make sure that this process is successfully navigated, many people find it helpful to obtain the assistance of an experienced bankruptcy[...]

What is a Bankruptcy Auction?

  The primary lenders of the Toys ‘R’ Us company recently decided to cancel a bankruptcy auction of the company’s brand name as well as other associated intellectual property. Instead, the lenders intend to revive the Toys ‘R’ Us brand name as well as the Babies ‘R’ Us brand name as part of an effort to open new branding companies. The lenders also intend to develop the company’s international presence. In stating their decision to cancel the auction, the lenders stated that[...]

Florida Bankruptcy Exemptions Provide Protection

Florida Bankruptcy Exemptions Chapter 7 bankruptcy is what most people would think of when they think “bankruptcy.” It is the process by which individuals have many or all of their debts discharged. This is achieved through a liquidation process by which many of the debtor’s assets are sold. The proceeds from this liquidation are then used to satisfy creditors. Whatever debt is leftover is, in many cases, then wiped out, giving the debtor a clean slate. This process may seem frightening,[...]

Understanding the Bankruptcy Discharge

One of the biggest advantages of filing for Chapter 7 or Chapter 13 bankruptcy is the bankruptcy discharge of certain debts that comes along with successful completion of the proceedings.  A Bankruptcy Discharge Is… A bankruptcy discharge is a permanent court order prohibiting creditors of the bankruptcy debtor from taking any action to collect discharged debts. This includes legal action as well as direct communications with the debtor (text messages, phone calls, emails, letters, etc.). In [...]

Pro Se Bankruptcy – Don't Go It Alone

Pro se is a Latin phrase meaning “for oneself” or “on one’s own behalf.” It refers to individuals who don’t use an attorney but instead, represent themselves in court. The rules that govern proceedings in federal courts (bankruptcy courts are federal) explicitly permit persons to appear pro se and represent themselves. However, just because something is permissible doesn’t always mean it’s a good idea. In re Baker 544 B.R. 461, a recent a Chapter 13 Bankruptcy case out of the Uni[...]