Popular Tax Breaks Not Being Extended

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Many changes regarding the tax code will be occurring over the next couple of years. Along with a massive end-of-year spending bill, lawmakers also modified the treatment of retirement savings. Unfortunately, they didn’t give any tax credits. Therefore, there are four tax breaks that won’t be extended. The Child Tax Credit Currently, most parents receive a tax credit of up to $2,000 per year for each child. This became more generous throughout the first half of Biden’s term, which was viewed as successful by most Read More +

5 Tips When Preparing To File For Bankruptcy

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Filing bankruptcy could be one of the biggest financial decisions you ever take. It can have significant implications for your finances and your personal life over the next few years and beyond. Therefore, it’s important to consider what is involved with filing bankruptcy and what you can do in order to prepare better for this big financial step in Clearwater. Let’s consider some of the top tips that could help you when preparing to file for bankruptcy. Spend Time Researching It’s important to know what Read More +

Effect Of Conversion Of Chapter 13 Bankruptcy To Chapter 7 Bankruptcy

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Bankruptcy Code Section 348(f) states when a Chapter 13 Bankruptcy is converted to a Chapter 7 Bankruptcy, the Bankruptcy Estate does not include property acquired by the Debtor after the original Chapter 13 Bankruptcy was filed. This is an interesting element of Bankruptcy Law because in a Chapter 13 Bankruptcy the Bankruptcy Estate can include property or assets that are held by the Debtor both before the filing of the Bankruptcy and after the filing of the Bankruptcy, during the entire term of the Chapter Read More +

Alternatives To Paying The Collection Agencies

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It can be truly unpleasant to deal with collection agencies. A lot of people wonder how their debt became the business of a collection agency in the first place? In most cases, the creditors such as credit card companies or some other organization you have received services from, send the debt to the collection agency after four months of non-payment. If the creditor tried to contact you to seek payment in this period and failed to do so he will send the case to a Read More +

What You Should Know About Bankruptcy And Your Credit

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Unfortunately, 2021 hasn’t been a good year for many people financially. The tough economy has led to furloughs and layoffs, leaving people in a disastrous financial position. Even if you’re lucky enough to have been able to return to work, you may find that you’re still faced with a reduction in pay or hours. When faced with financial issues, you must make some tough decisions at the end of the month. You need to decide which bills to pay now and which ones to pay Read More +

Legal Versus Equitable Interests In Bankruptcy

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When one files bankruptcy, a bankruptcy estate is created. The bankruptcy estate consists of all legal or equitable interests the debtor possesses in any property, at the time of the filing of the bankruptcy petition [See USC 541(a)(1)]. In bankruptcy, one may have a legal interest in property, or an equitable interest in property. A legal interest is represented by ownership in property that is generally more recognizable by law. If one buys an automobile and titles the automobile in his or her name, then Read More +

Sale Of Homestead And Other Assets In Bankruptcy

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Debtors in bankruptcy proceedings who desire to sell assets of significant value, whether those assets are considered exempt or not exempt, should obtain appropriate permission from the bankruptcy court before doing so. This advice includes the sale of the homestead in the State of Florida. If you contemplate the sale of homestead property, while in bankruptcy, consult with the bankruptcy attorney first to determine the property procedures and the ramifications of such sale. The first consideration in the sale of homestead property while in bankruptcy Read More +

Factors That Impact Your Bankruptcy Case

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Are you struggling to pay your bills? Do you find that you have fallen so far behind that you think you’ll never catch up? Maybe you’re drowning in a mountain of debt. While you may be struggling to keep your head above water financially, it doesn’t have to be this way. There are solutions available for you. One of the solutions you may wish to consider is bankruptcy. This type of insolvency is a welcome source of relief for many people today. There are a Read More +

Terms Of Bankruptcy Bill Addressing Student Loans

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A bill, currently in Committee before the Senate may permit many debtors encumbered with student loan debt to achieve a discharge of such debts through the process of bankruptcy.  Currently, the primary avenue for the discharge of student loans in bankruptcy is through establishing such debts constitute an undue hardship. The bill, titled the “Fostering Responsible Education Starts with Helping Students Through Accountability, Relief, and Taxpayer Protection Through Bankruptcy Act of 2021” or the “FRESH START Through Bankruptcy Act” additionally provides that certain student loans, Read More +

How Bankruptcy May Affect Your Job Prospects

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While bankruptcy is invaluable in that it offers you the opportunity to start over financially there are also some consequences that accompany it. One of the most important things you need to consider here is how your job opportunities, both now and in the future, will be affected. Can I be fired for filing for bankruptcy? If you live in America you typically won’t be fired if you file for liquidation. Under federal employment discrimination laws, your job will be protected. This means that even Read More +