If you’re considering bankruptcy, one factor is particularly critical in determining which type of bankruptcy—if any—will solve your financial crisis. This factor is whether the debt you owe is secured or unsecured. Secured debt is anything that is backed by collateral, such as: Mortgages Automobile loans Tax debt (if the IRS has attached a lien to your property) Unsecured debt…Read More
Image by mohamed Hassan from Pixabay The term bankruptcy is filled with negative connotations. To set the record straight, bankruptcy does not mean that you or your business are finished. Is it serious stuff? Yes, but it’s not necessarily financial ruin. Bankruptcy isn’t as bad as it sounds because it gives an individual the opportunity to fix financial errors and…Read More
The first several years of owning a business are tumultuous. According to data from the Small Business Administration, roughly a third of businesses fail in the first two years, and only half of businesses survive the first five. If your company is fighting to stay afloat, deciding on a course of action can be challenging. Do you keep taking on…Read More
If you’re considering bankruptcy, one of the most important choices you’ll make is which type to file. While all forms of bankruptcy aim to provide the filer with a fresh start, each has its own limits, potential, benefits, and drawbacks. The chapters you’ll likely consider are: Chapter 7. Commonly called “liquidation bankruptcy,” Chapter 7 requires a bankruptcy trustee to liquidate…Read More
If you were struggling financially before the coronavirus hit, it may feel as though the pandemic pushed you past the point of no return. Alternatively, you may have been experiencing a dependable level of success, but an unexpected layoff or business shutdown has now crippled your income. Either way, you may be one of the millions of Americans who aren’t…Read More
Every chapter of bankruptcy has its own purpose, set of benefits, and targeted filer. Chapter 7, for example, allows both individuals and businesses to liquidate assets and discharge most of their debt. Chapter 12, on the other hand, is very rarely used, and only family farmers and fishermen may qualify. Determining which chapter to file can be one of the…Read More
In our last blog, we provided information about the CARES Act stimulus checks, potential scams, and student loans, as well as general tips for paying your bills during the COVID-19 pandemic. We will now dive into a discussion about managing debt during and after a national emergency. Bankruptcy And The CARES Act Bankruptcy is one of the most effective methods…Read More
If you’re considering filing bankruptcy, you’ve just begun the process, or you’re managing life after the proceeding, you may have a few questions about your taxes. Here are the answers to 5 frequently asked questions about bankruptcy, your tax return, and what you may owe the IRS. Is Cancelled Debt Taxable Income? Unfortunately, you may need to pay taxes on…Read More
In 2019, student loan debt reached an all-time high: more than $1.5 trillion among 44 million Americans. Therefore, it is the second-highest form of consumer debt, directly behind mortgages. While mortgages, credit card debt, and other types of loans can be discharged through bankruptcy, courts have barred student loans from this form of cancellation. Congress officially prohibited federal student loans…Read More
Have you recently filed for chapter 7 or chapter 13 bankruptcy? Are you worried about how you and your family are going to make it through the holidays without adding to your debt? At Bach Law Offices, Inc., we are committed to helping clients with their bankruptcy cases so they can obtain the debt relief they need to get their finances back in…Read More
