Bankruptcy can help taxpayers deal with tax debt either by eliminating qualifying debt or creating an affordable monthly payment to put toward what you owe.  Each bankruptcy chapter has regulations and requirements for handling tax obligations.  In some cases you can get them discharged, if they don’t qualify for elimination, having them included in a [...]

Recently, the Missouri State House of Representatives passed a bill that would supersede the ordinances requiring mediation before a lender forecloses on a home in St. Louis or St. Louis County. The bill is now being sent to the Senate and would likely prevent the city and county from enforcing their ordinances.   The ordinances [...]

  Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for April 16, 2013 Energy Future Holdings Offers Bankruptcy Plan AMR Submits Formal Plan to Exit Bankruptcy Former TXU Plays for Time To Pursue Bankruptcy Deal

Many business owners are confused on whether a personal bankruptcy filing has the ability to wipe out business-related debt.  In many cases, this is possible depending on the type of debt and whether you are indeed personally liable for the debt.  The way your business is structured may also affect your ability to obtain a [...]

Thinking of cosigning a loan? What could possibly go wrong?
When you cosign for someone else, you are considered to be equally responsible for repayment. If the other person doesn’t pay then you’re going to need to do so.

Robert “Jeff” Johnson, 46, was recently sentenced to 15 months in prison for fraud, along with being ordered by a federal judge to pay $1.6 million to the Internal Revenue Service (IRS) and a bank he defrauded.  Johnson was indicted on 12 counts in 2010 that included theft, larceny, obstruction of correspondence, falsification of records, [...]

The Atlanta Journal Constitution ran a front page story on Sunday, April 14 entitled

Sometimes you need to change your thinking to change the outcome.
There’s a saying in Alcoholics Anonymous that goes, “Your best thinking got you here.” In the context of recovery from addiction, the phrase means that your best ideas about a happy life nearly you killed.

Chapter 7 bankruptcy can last anywhere from 100 to 120 days from start to finish.  It basically works like this: once the Chapter 7 bankruptcy case is filed, there is a notice that goes out to all creditors, the debtor and the debtor’s attorney advising of an upcoming meeting called a 341 Meeting of Creditors. + Read MoreThe post How long does the bankruptcy process take? appeared fir

What is Chapter 13 Bankruptcy? Unlike a chapter 7 bankruptcy, where you must sell your assets to pay off creditors, chapter 13 allows you to reorganize your financial life so that you can keep your property. In chapter 13, you create a payment plan to pay off your debts. You submit the plan to the [...]