Filing for bankruptcy can be a stressful time, so much so it’s quite likely you have missed a creditor on your bankruptcy petition. There are also those old debts that you may have forgotten about. Most petitioners forget a creditor or two when filing for bankruptcy, and in most cases, it’s really not a problem. [...]
There is one aspect of bankruptcy that many people don’t understand and often don’t comply with. If your bankruptcy involves the forgiveness or discharge of debt, that discharge may incur a tax obligation. The reason for this is fairly straightforward – if you have $30,000 worth of debt forgiven, it is the same as someone [...]
There is a mistaken belief by some that the bankruptcy process will clear away all debts. This is not the case. In fact, there is a long list of debts that are not discharged through bankruptcy and must still be paid on time. Any debts you have from this list will be taken into account [...]
