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Category Archives: Debt

Are Debt Settlement and Negotiation Agencies Recommended

Are Debt Settlement and Negotiation Agencies Recommended

DEBT SETTLEMENT AND DEBT NEGOTIATION It is virtually impossible  to turn on the television or radio without hearing or seeing an advertisement for debt settlement. The companies that advertise their services for debt settlement offer a myriad of different approaches to “settling” the debts of their clients. Debt settlement in its simplest form is offering… Continue Reading

Post-Petition Mortgage Payments

Post-Petition Mortgage Payments

MORTGAGE PAYMENT If you are in a Chapter 13 bankruptcy and you are making mortgage payments, your plan of reorganization requires that those payments be made in a timely manner.  When we use the term “post-petition” mortgage payments we are referring to those payments that come due after the bankruptcy case is filed. Since a… Continue Reading

Taxation of Forgiven Debt

Taxation of Forgiven Debt

Taxation of forgiven debt is generally taxable to the Debtor.  However, one of the most beneficial aspects of bankruptcy is that debt discharged in a bankruptcy is not taxable to the Debtor. All bankruptcy is governed by Title 11 of the United States Code.  Section 108 of the Internal Revenue Code (26 U.S.C. §108) provides… Continue Reading

Discharge of Income Tax Liability in Bankruptcy

Discharge of Income Tax Liability in Bankruptcy

INCOME TAX AND BANKRUPTCY There is not a simple answer to whether or not income tax liability is dischargeable in a bankruptcy.  Under the right facts and circumstances income taxes can be discharged. First, if a return was never filed for the taxes prior to filing for bankruptcy, then the taxes are for sure non-dischargeable… Continue Reading

Retaining or Keeping Credit Cards when Filing for Bankruptcy

Retaining or Keeping Credit Cards when Filing for Bankruptcy

By Mike Wallace, Bankruptcy Attorney, serving clients in all of East Texas, including Lufkin, Nacogdoches, Palestine, Jacksonville and other surrounding communities One of the most frequent questions I get from clients wanting to file for bankruptcy protection is whether they than can keep a credit card out of their bankruptcy.  This question assumes a couple… Continue Reading

Rogue Collectors on Payday Loans

Rogue Collectors on Payday Loans

By Mike Wallace, Bankruptcy Attorney, serving clients in all of East Texas, including Lufkin, Nacogdoches, Palestine and Jacksonville Many clients come to me for bankruptcy services because they have acquired one or more of the predatory “payday loans” that have an annual percentage rate of interest typically in the 400 to 900 percent APR range. … Continue Reading

Retaining or Keeping Credit Cards when Filing for Bankruptcy

Retaining or Keeping Credit Cards when Filing for Bankruptcy

By Mike Wallace, Bankruptcy Attorney, serving clients in all of East Texas, including Lufkin, Nacogdoches, Palestine, Jacksonville and other surrounding communities Can I Keep My Credit Card when I File for Bankruptcy? One of the most frequent questions I get from clients wanting to file for bankruptcy protection is whether they than can keep a… Continue Reading