Most of us have an idea of what income is for federal or state tax purposes. Wages are income, as are gains on the sale of stock. Dividends and interest also qualify. We know that. It’s intuitive and easy to understand. The classic definition of income is that it’s the return on labor or capital. [...]
bankruptcy lawyers
The Bankruptcy Code mandates that the debtor take a credit counseling course within 180 days prior to filing bankruptcy. The course is one of the many useless hoops debtors must jump through prior to filing their bankruptcy petition. If you really want to avoid bankruptcy, this “course” is not helpful I, like any other [...]
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Filing bankruptcy if you have an interest in a corporation or a limited liability company requires some extra work for you and your bankruptcy lawyer. Preparing an accurate balance sheet listing the company’s assets and debts is a critically important part of this process. As we’ve written before, just because you file bankruptcy doesn’t mean [...]
Filing bankruptcy cases means–very soon after the case has been filed–dealing with bankruptcy trustees. I’ve practiced bankruptcy law for fifteen years now, and one thing I’ve learned about bankruptcy trustees is that they are all different. No two ask for exactly the same documents. And no two want things done exactly the same way. They [...]
If you’re running a business, filing bankruptcy involves preparing a profit and loss statement. While this subject isn’t terribly interesting or sexy, it’s critically important to preparing accurate information for your bankruptcy lawyer. What’s a Profit & Loss Statement? Relax! This isn’t algebra or calculus. This is simply a statement showing income in and expenses [...]
