My clients had owned a small company for 40 years. They had amassed a half-dozen properties, owned a very valuable home, an expensive recreational vehicle, and of course, a big party boat. But when their company began to falter due to the economy, the owners guaranteed a half-million dollar loan to try to get the [...]
Bankruptcy Law Network
Weather forecasters gave us Rhode Islanders fair warning that we would be experiencing the worst rain storm in over one-hundred years. We even made national news. Small streams were overwhelmed, the water table rose, and property owners that never before worried about such things were forming lines outside Lowe’s and Home Depot hoping to buy [...]
Under the U.S. Bankruptcy Code, if a debt is discharged in a bankruptcy case, it does NOT count as taxable income. Bankruptcy-discharged debt is, therefore, much more powerful than merely canceled debt. While canceled debt may create an income tax liability, discharged debt does not. See What is a 1099c and what do I do [...]
We all handle medical problems differently. Go to any Emergency Room and you may wonder why the guy experiencing chest pains for the past week didn’t come in earlier and why the kid with the splinter is there at all. Financial problems are the same. Some delay getting financial counsel, while others are pro-active and [...]
Violations of the automatic stay in bankruptcy are common. Â Most consumers who have seen their rights violated in bankruptcy have lawyers who will sue for money damages. Â For the most part, lawyers who sue creditors for violations of the automatic stay in bankruptcy also have the ability to get the creditor to pay their legal [...]
You just filed a bankruptcy. You thought everything was under control. Now you got a letter from the bankruptcy court. Inside that letter is a notice from the court. This notice contains all sorts of important things and you should read it. What is in the notice? If you file a Chapter 7 Bankruptcy the [...]
