I have Been Sued! Understanding the Steps that lead to Judgment
Lately, I am seeing more people come in for a bankruptcy consultation that have been sued by one of their credit card companies. Usually, it is for smaller amounts, less than $5,000. Nothing sends more panic through a person to have the process server show up at the...
Chapter 7 and Chapter 13 Bankruptcy Myths and Fallacies
1. YOU CAN’T FILE BANKRUPTCY UNDER THE NEW LAW No, THE 2005 REFORM ACT just made it more difficult and added SPEED BUMPS to overcome. This is why you need to consult a consumer bankruptcy attorney before you do anything if you are in financial distress. 2. YOU MUST BE...
Facing Foreclosure
Purchasing a home can be one of the most significant investments a person or family makes. After the sale is complete, there is often no one available to consult with when you experience financial troubles and face foreclosure. This article is designed to provide a basic introduction and description of the foreclosure process, the laws governing foreclosure, and possible options for those facing foreclosure.
IRS Form 1099-C: Discharged Debt is NOT Income
If you settle a debt for a certain amount of money, the amount you don’t have to pay is “forgiven.” Using a really simple example, if you have a $10,000 debt, and you settle it for $5,000, the creditor has forgiven the remaining $5,000. Creditors are known to file IRS...