If you decide to file for bankruptcy, you are assigned a bankruptcy trustee. It's very important to know what this person does and what you'll need to do to work with him or her toward a successful completion of your case. The trustee is the first one to review the...
Month: December 2016
How can lien stripping reduce your debt?
People who file Chapter 13 bankruptcy can discharge some of their debt through a process called lien stripping. This is most commonly done with vehicles. However, liens can be stripped from other assets, like homes, as well. According to the Bankruptcy Code, a lien is...
Foreign accounts and required reporting: FBAR update for 2017
Those who hold foreign financial accounts may not understand the tax implications. In some cases, the presence of the account must be disclosed by filing certain forms. Depending on the amount, anyone holding a foreign account may need to file a Report of Foreign Bank...
Tax code changes for 2017 have been announced
Most people haven't even begun thinking about filing their 2016 tax returns yet. However, the Internal Revenue Service has already announced changes to the U.S. tax code for 2017. These won't impact the tax returns you file this April. However, it's a good idea to be...
How to avoid a New Year’s credit card hangover
This time of year, most of our credit cards are getting an extra workout, whether through online or in-store holiday shopping. Using credit cards to make your purchases isn't always a bad thing -- especially if you have a card that gives you membership rewards or cash...