Are Debt Settlement and Negotiation Agencies Recommended

Are Debt Settlement and Negotiation Agencies Recommended

DEBT SETTLEMENT AND DEBT NEGOTIATION It is virtually impossible  to turn on the television or radio without hearing or seeing an advertisement for debt settlement. The companies that advertise their services for debt settlement offer a myriad of different approaches...
Post-Petition Mortgage Payments

Post-Petition Mortgage Payments

MORTGAGE PAYMENT If you are in a Chapter 13 bankruptcy and you are making mortgage payments, your plan of reorganization requires that those payments be made in a timely manner.  When we use the term “post-petition” mortgage payments we are referring to...
Taxation of Forgiven Debt

Taxation of Forgiven Debt

Taxation of forgiven debt is generally taxable to the Debtor.  However, one of the most beneficial aspects of bankruptcy is that debt discharged in a bankruptcy is not taxable to the Debtor. All bankruptcy is governed by Title 11 of the United States Code.  Section...
Discharge of Income Tax Liability in Bankruptcy

Discharge of Income Tax Liability in Bankruptcy

INCOME TAX AND BANKRUPTCY There is not a simple answer to whether or not income tax liability is dischargeable in a bankruptcy.  Under the right facts and circumstances income taxes can be discharged. First, if a return was never filed for the taxes prior to filing...