The Exact Documents Vary Case To Case, But Generally Speaking These Are The Documents We Will Need: Pay Stubs For The Last 7 Months (Spouse Too, If Married) Tax Returns For The Last 2 Years (State & Federal) Bank Statements For The Last 90 Days. Recent Statements For Any Investment Accounts (401k, 403b, IRA, Pension, Stocks, Bonds, Etc.) Automobile, Motorcycle, […]
People often call in asking if their taxes can be forgiven in bankruptcy. And the answer is … maybe. Let’s dive in further. In order to have your taxes forgiven, you must pass the 3/2/240 Rule: 3: Your taxes must have been due at least 3 years ago. So for example, your 2018 taxes are […]
What debts can be forgiven in a bankruptcy? General Unsecured Creditors, and Secured Debts where you are surrendering the property. General Unsecured Creditors: The most typical types of General Unsecured Debts that are forgiven are: Credit Cards Medical Bills Evictions Foreclosures Repossessions Some Taxes Payday Loans Personal Loans Below are a list of unsecured debts […]
Things are viewed as Black or White these days. It’s either left or right, good or bad, hot or cold … and so on. But that’s not how it should be. Bankruptcy. Some people hear this word and immediately think it is bad. Yes, there are some negative aspects of it, but largely, the positives […]
With a Chapter 7 Bankruptcy, cases typically fall into one of two categories: Asset v. Non-Asset An asset case is one in which the trustee finds that there are (1) unexempt assets, or (2) preferential or fraudulent transfers that can be undone. In there situations, there will be funds available to be distributed to the […]
One of the most common questions we are asked is “How bad will this bankruptcy hurt our credit?!?” And this question is valid. We leave in a society where virtually all home, car and even insurance decisions are affected by our credit score. So let’s unpack this question further. I am not going to lie […]
Bankruptcy Means Test: How Many People Are In My Home?
When filing for Bankruptcy, you have to file the Means Test with the Court. This is a document that determines whether you qualify for a Chapter 7 Bankruptcy, or if you are filing a Chapter 13 Bankruptcy, whether you are in a 3 year or 5 year commitment. For the Means Test, there is a […]
Bankruptcy: Do I have to take a course before I file?
A common question asked is whether or not a client needs to take a course before they can file for bankruptcy. The answer is yes. However, and this is a big however, this course is not something that needs to be taken in person. All of our clients here at Russell, Tighe & Alexander take […]
To determine whether one passes the means test, and therefore qualifies for a Chapter 7, their household income must first be calculated. To calculate, you must take the previous 6 full months household gross income, and divide by 6 to average. (Do I have to include my spouse’s income if they are not filing?)