By Mary Ann Pekara
It's tax time and you're getting ready to file your taxes. Have you had any debt forgiven this year? How much debt? Have you thought about how that affects your taxes?
Many people do not realize that forgiven debt is sometimes taxable income. Now, there are exceptions to every rule but it is important to look into if you had debt forgiven last year and what that could mean.

Medical bills continue to be one of the main reasons why consumers seek bankruptcy protection.  Anyone who has dealt with a long term illness, hospitalization, being underinsured or no medical coverage is aware of rising healthcare costs.  Even a brief stay at the hospital has been known to create a financial burden on monthly living [...]

When You Can Be Contacted
Unless you agree to it, debt collectors cannot contact you at inconvenient times, like prior to 8am or after 9pm. If you tell them, in writing, to stop contacting you, they generally must stop contacting you altogether. Also, if they are told they cannot call you at work, they may not contact you in that way.
Who May Be Contacted

The Bankruptcy Code mandates that every Chapter 13  bankruptcy filing include a plan. In essence, a Plan is a summary sent to your creditors that lets them know how much you intend to repay and how long you are going to take to do it.

  If you file for Chapter 7 bankruptcy, you may not need to worry about your tax refund if you take simple steps to plan beforehand.  If you are anticipating a refund or you have received it and you plan to file for protection, it is likely you want to know what will happen.  It [...]

By Mary Ann Pekara
March Madness is in full swing now and gamblers' wallets across the country are a little lighter as they wait in anticipation to see how their brackets play out.
Whether you're a regular college hoops enthusiast or not, it has been projected that over 100 million people will take part in the "bracket" sensation that encompasses March Madness.

Stopping Debt Collection Contact

If you file bankruptcy, you need to send in proof of your income.  For most people, that means your pay stubs.   Section 521 of the Bankruptcy Code requires people to send in at least two month of their “payment advices“–meaning pay stubs–received from your “employer.”
What if you are self employed?   You don’t get a pay stubs and don’t have en employer.  Do you dodge that requirement?

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for March 21, 2013 Chinese Solar Panel Giant Is Tainted by Bankruptcy Speed Into Bankruptcy With the World’s Most Powerful Electric Outboard Motor Ruling cracks open asbestos bankruptcy records

Ross Boydston, 57, of Creston, Nebraska, pleaded guilty this week to a federal charge of bankruptcy fraud.  He admitted he was involved in a scheme that included selling livestock he pledged as collateral without telling the lender about proceeds received from the sale.  He also failed to mention the transaction had occurred while in bankruptcy. [...]