It never hurts to learn about the laws behind debt-related issues and how they affect you. We write our articles keeping your most important questions in mind and hope you will find their content useful in your quest for financial independence. Read about Chapter 13 bankruptcy and credit card debt relief in Texas here.
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How to Fight an Incorrect 1099-C Form for Cancelled or Forgiven Debt Disputing 1099-C form for forgiven debt -
Running v. Miller, 8th Cir. BAP 2013; a $236,000 annuity owned by chapter 7 debtor qualified as an "individual retirement annuity" under Section 408(b) of the Internal Revenue Code and was, therefore, exempt under Section 522(b)(3)(C) of the Bankruptcy Code. A $236,000 annuity owned by debtor qualified as an "individual retirement annuity" under Section 408(b) of the Internal Revenue Code and was therefore exempt. -
October 2013 Client Bulletin - Protect Yourself From Identity Theft! October 2013 Client Bulletin -
Houston Couple Dodges Bankruptcy Means Test, Most Debts Not Consumer 707(b) of the Bankruptcy Code can keep you from filing chapter 7 bankruptcy; but means test doesn't apply if more than 50% of your debts are business-related -
If you can't pay your bills-what do you do? Filing bankruptcy can help filing bankruptcy in Houston can get rid of most or all of your bills -
IRS Cancellation of Debt Income - Do You Owe Taxes on Forgiven Debt? Form 1099-C, Cancellation of Debt Income I.R.S. -
Houston Bankruptcy Court: Can Keep Part Of Money From Auto Accident Debtor can exempt Auto Accident lawsuit settlement while in chapter 13 case -
Chapter 7 Debtors Must Cooperate With Their Trustees, and Turn Over Requested Financial Information - In re Moran, Bankr. SD TX 2013 A Houston Chapter 7 bankruptcy Debtor was ordered to pay his trustee over $2000 in legal fees and expenses, for bad faith conduct in not turning over documents -
401(k) Retirement Plan Proceeds in Bank Account Ruled Non-Exempt in Chapter 7 Case, By Houston Texas Bankruptcy Court Social security benefits are exempt whether received or not, but not 401(k) benefits; chapter 7 bankruptcy trustee can take them if they are in bank account -
If You Received A 1099-C from the I.R.S. for Cancellation of Debt, You Can Use Form 982 To Seek To Exclude This Income per I.R.S. It's possible to owe taxes on debts that are cancelled under certain circumstances. If you received a 1099-C, you may need to file a Form 982 with the IRS -
Manvel Bankruptcy Debtors Didn't Disclose Transfers of Property, So Galveston Bankruptcy Court Denies Their Chapter 7 Discharge You must disclose all property and all transfers of property when you file a chapter 7 bankruptcy case, or you could have your discharge denied -
July 2013 Client Bulletin - New Option for Bankruptcy Debtors - You Can Now Receive Your Bankruptcy Court Notices By Email If You Are In Bankruptcy, You can Now Receive All of Your Bankruptcy Documents and Court Notices Via Email instead of U.S. Postal Service Mail -
Forget to List A Creditor in Your Chapter 7 Case? So Long As Not Intentional, and "No-asset" Case, Debt is Likely Discharged Anyway Omitted or Unscheduled Debts May Be Discharged in No asset chapter 7 Cases, So Long As Not Intentionally Left Our of Bankruptcy case by debtor -
Texas Bankruptcy Court Denies Motion to Dismiss Filed by JPMorgan Chase Bank, Deutsche Bank National Trust Co. in Mortgage Dispute The debtors alleged that Deutsche Bank and JPMorgan Bank were not valid noteholders because transfer to securitized trust was late. -
6th Circuit Court of Appeals Rules that IRA's Are Safe From Bankruptcy Trustee, Even if Debtor Signed Pledge Agreement IRA's or Individual Retirement Accounts are not subject to seizure by bankruptcy trustee, even if pledged, at least so long as debtor borrowed no money -
Daley v. Mostoller, 6th Cir. 2013 - IRA's Are Exempt From Bankruptcy Trustee, Even If Pledged, so long as no actual loan made IRA's are generally exempt from bankruptcy trustees and cannot be seized to pay debts, even if the debtor did sign a pledge agreement so long as didn't borrow