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Debts discharged in bankruptcy do not trigger tax liability Most everyone knows that filing for bankruptcy eliminates credit card debt, medical bills and other unsecured loans. However, a significant benefit of filing, that is rarely discussed, are the tax benefits that result when the bankruptcy discharge is issued. The IRS treats canceled debt as income [...]

If you are overwhelmed with debt filing for Chapter 13 bankruptcy may provide some relief. Chapter 13 allows a debtor to restructure his debt, which can significantly improve a debtor’s financial position. However, there are many consequences, which can arise due to filing for bankruptcy. Debtors seeking bankruptcy protection should always consult a Tampa bankruptcy [...]

One of the first things you learn in law school is: “only a fool has himself for a client”. It is hard to imagine a situation that this truism applies more to than filing bankruptcy. While individuals may represent themselves in bankruptcy court and file a bankruptcy case without an attorney or “pro-se,” it is [...]

The Automatic Stay in Bankruptcy Those who find themselves struggling financially are often the unfortunate victims of creditor harassment and incessant phone calls. The calls can get so bad that families are often forced to leave their  phone off the hook at dinner time. By definition, bankruptcy involves waving the white flag in the face [...]

Bankruptcy Filings Lower in Tucson, Arizona and Phoenix, Arizona Than Last Year   Arizona bankruptcies have been declining in number for the last 9 months.   Statewide filings fell 23 percent in October of 2011, and overall bankruptcy filings are down 13 percent from 2010 so far this year. Bankruptcy has been filed more than 106,000 [...]