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An important tax provision that allows underwater homeowners to short sell their home without tax consequences will expire at the end of this month. Earlier this year I wrote about this tax provision. You can review that article here:  http://bit.ly/YuITHG. Briefly stated, any discharge of indebtedness is income that is subject to tax at the [...]

Bankruptcy In Nevada Is Different Than The Rest Of The Country Many consumers who find themselves in debt and considering bankruptcy are surprised to learn that the bankruptcy laws vary considerably by state. There is a common misconception that all bankruptcy cases are the same and involve nothing more than “filling out some forms.” Nothing [...]

If you find yourself deep in debt and are desperately trying to avoid bankruptcy, it might be time for a paradigm shift. Not only does bankruptcy provide relief from debt, it provides relief from chronic stress that can lead to poor health. Constantly worrying about bills and your financial future is far more toxic than [...]

Everybody is telling Twinkie jokes this week. Hostess Brands was limping its way through Bankruptcy Reorganization when its bakers heeded the call of their union and went on strike on November 9. As part of the reorganization effort Hostess had proposed wage and pension cuts. The Teamsters Union agreed to the cuts needed to assist [...]

The post The Twinkies Will Survive appeared first on National Bankruptcy Forum.

Despite What You May Have Heard, Chapter 13 Has Advantages… Most people don’t want to file for bankruptcy at all, but if pressed, will choose chapter 7 over chapter 13 every time. After all, who wants to be in bankruptcy for 3-5 years? At first blush, it certainly sounds like a raw deal. Lori Patton [...]