Family Debt Problems

27 Feb Why Should Consumers Not Use Refund Anticipation Loans?

We are a modern society...we want it now, we want it quick, we don't like to wait. Tax preparers know this. Over the years, some tax preparation agencies have offered a refund anticipation loan (RAL) or to put a consumer's refund on a plastic card that is similar to a debit card. The fees for preparing the tax return can be paid with that RAL or deducted from the plastic card -- no money out of pocket for the unwary taxpayer. Why would this be a bad idea?
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13 Dec What’s a “community claim”? – One of a series

Wisconsin, not to mention quite a few of the states in the West and Southwest, recognizes "community property" between husband and wife.  Usually we think about "community property" in connection with a divorce and matrimonial proceedings. However, community property also brings us to a concept recognized in bankruptcy as community claims. This idea has a big impact in bankruptcy cases of married couples in community property states. The term community claim in bankruptcy means a right to payment for which community property could be held liable, whether or not there was any community property as of the commencement of the bankruptcy case. What in the world does that mean?   Well in order to figure this out, we need to think about whether the property of a debtor is community property under the Bankruptcy Code.  We look to state law to find this out. 
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