Why are credit scores so important? The short answer is: lots of reasons. But if bankruptcy makes sense for you as a strategic way to deal with debt, the fact that it shows up on a credit report shouldn't stop you from pursuing a consumer bankruptcy as a strategic...
The net investment income tax will affect trusts and estates by creating planning opportunities and by imposing new income-tracking rules for the benefit of beneficiaries who may receive distributions with net investment income. The tax was created by the Health Care...
The IRS announced today that "Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations....
Even after doing everything right, homeowners can find themselves thrust into unforeseen economic hardships due to any number of reasons, from illness to unemployment. Missed payments can lead to mortgage lenders initiating court proceedings for home foreclosure. Each...
When a business is in financial trouble, it can file for bankruptcy to either liquidate its assets and go out of business or reorganize and try to stay afloat. The latter process is known as a Chapter 11 bankruptcy, and it offers a business the opportunity to enter...
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through...
In difficult economic times, a business may seek to settle its debts through a Chapter 11 bankruptcy. Chapter 11 bankruptcy affords a business the opportunity to reorganize and restructure its debts as opposed to selling off all of its assets like in a Chapter 7...
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for...
Mounting debt affects millions of Americans. It can be hard to get out of debt, and the problems don't just face every day civilians. Insurmountable debt is also a reality for celebrities, and when taxes aren't paid on time, it can lead to wage garnishment. But if you...
Foreclosures, which are often followed by evictions, have been one of the most devastating consequences of the housing market crash. Natural disasters can make the foreclosure process even more trying for affected families. Fortunately, lenders sometimes halt...
