By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7As we all know, April 15 is a bad day for almost all of us. This is the day we are supposed to report to the beloved Internal Revenue Service (and usually our state revenue departments) and find out how much we owe them in taxes (and, yes, that includes people who get a refund… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7If you are required to file tax returns, it is very important that you make sure all returns are filed before you file for Bankruptcy, if at all possible. Surely there are times when it is not possible to catch up on prior returns, such as when a foreclosure is coming up soon, but even… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosureA deficiency claim is a claim by a lender for the balance owed on a loan after a foreclosure or repossession and liquidation of the collateral. For example, if the balance owed on a home loan is $200,000, and a lender forecloses and sells the house for $150,000, the lender has a claim for the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureOne of the alternatives to foreclosure is a “deed in lieu of foreclosure.” Simply stated, this means that rather than making the lender go through the foreclosure process, the home owner agrees to execute a deed for the property transferring it to the lender. In turn, the lender agrees to accept the deed (and transfer… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Creditor Law,Debt Collection & ForeclosureA term that has become popular in the real estate crisis of the last few years is “strategic default” (or “strategic foreclosure“). The theory behind the term is that the borrower is defaulting on a loan because of a financial “strategy” rather than an inability to pay. With the decline in housing prices many people… Continue Reading
By Scott Riddle Posted in Chapter 11,Chapter 13,Chapter 7If you own a small business that is organized as a corporation or limited liability company you probably understand that you are generally not personally responsible for the business debts unless you agree to be responsible (for example, personal guarantees). However, one exception to the rule is personal liability for payroll taxes that should… Continue Reading
By Scott Riddle Posted in Chapter 11,Chapter 13,Chapter 7This time of year many people are checking the mail box (or bank accounts if they choose direct deposit) for their tax refunds. Many people are counting on the “extra” money to catch up on a bill or get some repairs done to the car. For people who have filed for Bankruptcy, or are thinking… Continue Reading
By Scott Riddle Posted in Chapter 11,Chapter 13,Chapter 7As this post is written, many people have either recently filed their tax returns or are getting ready to file by the April 15 deadline. While most of us are not happy happy happy this time of year, for some people it is a reminder of their lingering tax debt from prior years. A common… Continue Reading
