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The post 3 Benefits of Bankruptcy appeared first on Musselwhite Meinhart & Staples, PSC.
The goal of filing bankruptcy is to discharge debt in order to get a fresh start. For people who owe tax debt, the goal remains the same — to discharge income taxes. However, a common misconception about bankruptcy law is that you can never discharge income taxes in bankruptcy. As with most bankruptcy myths and misconceptions, it is partially true but the facts are misinterpreted. If you owe income tax debt in addition to your other debts, you may be able to discharge income taxes in bankruptcy. Contact Musselwhite Meinhart & Staples, PSC to schedule a free bankruptcy consultation to discuss whether your income tax debt is dischargeable in bankruptcy. Rules Applicable to Discharge Income Taxes in Bankruptcy Determining if your back taxes are dischargeable in bankruptcy can be complex even though the Bankruptcy Code is very specific regarding the rules to discharge income taxes in bankruptcy. Most attorneys refer to these rules by the time periods used to determine if your income tax
Even though most of the following suggestions are considered common sense by most people, it is always prudent to remind debtors of things that they should avoid doing prior to and during their 341 Hearing. Do not be late to your 341 hearing. If you are not familiar with the area where the hearing is to be held, consider driving by the hearing location a few days in advance. Topics covered in this report include: What is a 341 Hearing? Avoid Doing These Things at Your 341 Hearing Preparing for the 341 Hearing Click here to read the whole article or download the PDF.
Have you been served with foreclosure papers? Are you struggling to pay your mortgage payments each month? If so, you are not alone. Many homeowners are struggling to keep their homes because programs designed by the government and private lenders to modify mortgages rarely work. These programs are supposed to help homeowners keep their homes by modifying existing mortgages and make the mortgage payment more affordable. However, the steps involved to modify mortgages through these programs are often complex and time consuming. At the end of the process, homeowners who successfully modify mortgages may only see their payments decrease by a few dollars. Before you agree to modify a mortgage through one of these programs, you should discuss your bankruptcy options with an experienced bankruptcy lawyer. You may be able to modify a mortgage through bankruptcy while resolving your other debt problems at the same time. Call our office toll-free at 1-800-754-HELP to schedule your free bankrup
Bankruptcy is an affordable debt solution for many people who are facing foreclosure, repossession, wage garnishment, levies, collection lawsuits, and other forms of debt collection actions. Filing a bankruptcy provides an individual with a fresh start so that he or she can fully recover from a financial crisis to begin rebuilding a strong sense of financial well-being. Regardless of the reason why a person needs assistance resolving his or her financial problems, Congress ensured that every person would have equal access to the bankruptcy process as a means of gaining debt relief when they cannot pay back creditors due to a financial problem. If you are having trouble finding a way to pay back creditors, filing bankruptcy may be the best option available to resolve your problem with debt. The bankruptcy attorneys of Musselwhite Meinhart & Staples, PSC have extensive experience assisting people as they work to end their debt problems. Contact our office at 1-800-754-HELP to schedule a