The IRS announced a policy change in their Offer in Compromise ("OIC")program (for people who owe federal taxes) where for OICs accepted after November 1, 2021, the IRS will forego taking the post-OIC acceptance  tax refund for the year of acceptance. An excellent article on this topic can be found at https://procedurallytaxing.com/major-change-to-offer-in-compromise-policy/ 

The proposed law would prohibit “divisive mergers” in Chapter 11, a corporate reorganization tool made available by Texas and Delaware that allows companies to assign liabilities to a subsidiary that can then seek the protective auspices of bankruptcy.

Chapter 13 and Chapter 7 bankruptcy are the most common types of bankruptcies. People file either of these depending on their financial condition and debts. After you have filed for a Chapter 13 bankruptcy, you may be able to convert your case into one that will result in a discharge of debt. 

Sports Gambling Comes to Virginia Like most people, I’ve noticed that ads for sports gambling have taken over the TV (at least on basketball and college football, which is about all the TV I watch.) Sports gambling was legalized in Virginia April last year and began in January 2021. Now in October and November, I’ve […]

Sports Gambling Comes to Virginia Like most people, I’ve noticed that ads for sports gambling have taken over the TV (at least on basketball and college football, which is about all the TV I watch.) Sports gambling was legalized in Virginia April last year and began in January 2021. Now in October and November, I’ve […]

 Evictions and BankruptcyOn November 7, 2021, the New York Times published an article titled "With Cases Piling Up, an Eviction Crisis Unfolds Step by Step". The article can be found at https://nyti.ms/3mPXsGf The article stated that evictions are on the rise nationwide.

 https://www.nytimes.com/2021/11/07/us/evictions-crisis-us.html

 https://www.nytimes.com/2021/11/03/nyregion/nyc-taxi-drivers-hunger-stri...

The U.S. Court of Appeals for the Sixth Circuit recently ruled in a case involving a Chapter 13 debtors’ attempt to shield contributions to a 401(k) retirement account from “projected disposable income,” therefore making such amounts inaccessible to the debtors’ creditors.[1] For the reasons explained below, the Sixth Circuit rejected the debtors’ arguments.