Search results for tax return

The Bankruptcy Alphabet – L is for Lawyer

…hs. If you’re not familiar with §727 and §1328 of the Bankruptcy Code, you may file your case even though you’re not eligible for a discharge. Timing issues are especially important if you are hoping to discharge tax debt. If you don’t know the rules and file just one week too soon, your tax debt may be nondischargeable. 5 – If anything goes wrong in your case and you need to hire a lawyer to fix things, it will likely…

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How Will Bankruptcy Affect My Credit Score?

…t doesn’t mean your credit score will remain low the entire time. Your financial life after the bankruptcy will also appear, showing your record of payments post-bankruptcy. As a rough guideline, your credit score will return to its pre-bankruptcy level in about 4 years. – You *will* get credit again after filing bankruptcy. In general, you’ll receive credit card applications within 6 months of getting your discharge….

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What Happens If I Get Sued?

…will try to collect on the judgment. This will usually involve garnishment of wages, bank accounts, or other non-exempt personal property. If the creditor sends you an Order for Financial Disclosure, you MUST complete it and return it. You won’t have to send any money, but failing to comply with this court order may land you in jail for contempt of court. It’s possible that you don’t have any non-exempt wages or property for…

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The Bankruptcy Alphabet – E is for Exceptions to Discharge

…, the debts listed in bold type may be dischargeable in a Chapter 13 (see § 1328(a)). The most common nondischargeable debts under § 523 are the following: § 523(a)(1) – Certain taxes (priority taxes under § 507(a)(8), taxes for which a return was never filed or filed within 2 years of the bankruptcy, taxes which the debtor attempted to willfully evade.) Many of my clients are surprised to learn that some taxes are actually dischargeable….

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The Bankruptcy Alphabet – G is for Garbage In, Garbage Out

…ix this for me!” And an attorney can’t expect the client to complete the bankruptcy schedules and analyze the legal implications of each entry. Many bankruptcy attorneys ask the client to fill out a worksheet and return it. The attorney (or the legal assistant) puts the file together and reviews everything with the client before the case is filed. If the client is careless in filling out the worksheet, the file that results…

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Happy Clients

…nk you Bret for all your help. – Michael Thank you for taking the unfortunate situation of having to file bankruptcy and making it a positive experience. I want to quote your own words: “I answer my own phone and return my own calls. I provide friendly, personalized bankruptcy advice, counsel, and representation to individuals & small businesses throughout southwestern Wisconsin.” You did what you said and much more! Thank…

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Archives

…ptcy Attorney October 2013 (1) 03: Another Cautionary Tale About Bankruptcy Fraud August 2013 (1) 15: Where Should I File My Bankruptcy? June 2013 (1) 18: Should I Reaffirm My Home Mortgage? April 2013 (1) 01: Bankruptcy and Taxes. My #1 Tip! March 2013 (1) 08: Can I Use a Bankruptcy Petition Preparer to File My Bankruptcy? February 2013 (1) 21: What Debts Were Discharged In My Bankruptcy? January 2013 (2) 30: How will filing bankruptcy affect…

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The Difference Between Secured Debt & Unsecured Debt

…may sue you but it can not repossess, foreclose, or otherwise take your property, although a wage garnishment may be allowed. Typical unsecured debts include credit card debt, medical debt, student loans, and personal loans. Tax debts and domestic support obligations (child support, alimony, maintenance, etc.) are usually unsecured, but they often fall into a separate category known as “priority” debts. I’ll write more about…

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The Bankruptcy Alphabet – I is for Insolvency

…by making payments each month. Determining insolvency is pretty easy: 1 – Determine the value of your assets. Be sure to consider everything you own, including the value of your retirement funds, pension, and other nontaxable assets. 2 – Subtract the amount you owe to all creditors, including your mortgage holder and any 401(k) loans. 3 – If the resulting dollar amount is negative, you’re insolvent. If it’s…

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The Bankruptcy Alphabet – M is for Members of the Household

…ree is a little under $65,000. Let’s say your wages are the only income for the household, and you make $70,000/year. You’re married with two kids living at home, ages 15 and 25. You would claim one dependent for tax purposes (unless there’s a legitimate reason the 25 year old can also be claimed), but what is your household size? If it’s three, you’re above median and subject to the means test. If it’s four,…

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