Approximately 10-20 folks each week come to my office to talk with me regarding bankruptcy and nearly all of those folks in my office believe that they have failed. That their lives will be ruined because the neighbors will know, the boss will know, the pastor/rabbi will know, and worst of all, their “Mom” will [...]
Filing for Bankruptcy
Economists of every political stripe agree that our recent recession and lackluster recovery arose from a collapse of real estate markets in cities all over the country. Homeowners are either stuck in properties worth less than what is owed on them, while other homeowners have just walked away. The result is a landscape where real [...]
Chapter 12 farm bankruptcy helps family farmers to keep their farms. It allows family farmers to reorganize their finances and operations. Chapter 12 was originally enacted by Congress in 1986, and was made permanent in 2005. It helps the farmer and the banker to sit down and work out alternatives for debt repayment. But according to [...]
Bankruptcy is not always the best way to get rid of federal tax debt. Given enough time, the tax may just go away. The IRS is given 10 years from the date the tax is assessed to collect in most cases by 26 USC §6502, a section of the Internal Revenue Code. The date after [...]
In the latest foreclosure decision out of Florida, the 4th District Court of Appeal, in the case of McLean v. JP Morgan Chase, ruled that the plaintiff in a foreclosure must prove it owns and holds the note at the time the foreclosure case is filed. In the McLean case, the appellate court reversed the [...]
Folks are often afraid to file for bankruptcy as they worry that they will be left without possessions–that the trustee will take all their “stuff” or the kids’ “stuff”. The ones who really worry will even try to gift away property in order to keep it out of the bankruptcy trustee’s possession. [...]
