Author: wflawredesign

Have you failed to file income tax returns for a few years? For many taxpayers, a single missed year can accidentally turn into several missed years. There may or may not be immediate consequences, but many find it hard to get back on track. If you’re in this position, here are four things you should know about filing old taxes.

1. You Can Still File (more…)

Filing for bankruptcy involves gathering a lot of information together, reading a lot of material, and completing a variety of steps. The primary function of most of this work is to come up with the correct numbers for four specific calculations. What are these calculations? And what do they mean for you? Here’s what you need to know.

1. Dischargeable Debt (more…)

Unless you’ve already been through the process, you may not know much about bankruptcy. It can be a sensitive subject, and many believe that it is only reserved for financially swamped people. However, anyone can experience financial stress, and bankruptcy is a great way to overcome financial potholes. If you would like to learn more, check out these three myths.

1. Myth: Only Financial Failures File Bankruptcy (more…)

What would you do if you found yourself in a tricky financial situation that prevents you from paying your debts? While many view bankruptcy negatively, it is a perfectly fine form of debt relief and might be your only alternative. However, filing for bankruptcy can come at a cost. Therefore, you will need to decide whether or not bankruptcy is the right decision for your specific situation.

Below is a guide explaining the pros and cons of filing for bankruptcy.

Pros of Bankruptcy (more…)

Are you considering bankruptcy during the later part of your working career? Many Americans struggle with debt and financial challenges even as they start to look toward retirement on the horizon. But you may wonder how bankruptcy will affect your retirement plans. Are your assets safe, or will this create a retirement setback worse than your current challenges with debt?

To help you make the right call about your financial position, here are a few answers to your questions about retirement and bankruptcy. (more…)

Bankruptcy is always a complicated decision. But when you are married, it is even more complex. You must, after all, consider more than just yourself and your particular financial and material situation. You also have additional choices as a married partner. To help you find the right path to a solid financial future as a family, discover a few answers to your questions about marriage mates and bankruptcy.

Must Both Spouses File Bankruptcy?

Legally, each individual debtor is treated as a unique case. So, while you should make a bankruptcy decision as a family, you aren’t obligated to file bankruptcy just because your spouse does.
(more…)

Bankruptcy is a hard decision for most Americans, and this means it’s often put off until the last possible moment. But has that moment already past? If you’re being sued by creditors, have seen your wages garnished, or have already seen an asset repossessed, is it too late to seek help through bankruptcy? The answer is often no, and here’s what you need to know about why.

1. If You’re Being Sued

When a debtor can’t make the payments to a creditor, that creditor has the right to eventually ask the court to order the debtor to pay. If they still can’t or won’t, the order to pay may also be followed by an order to seize some sort of assets (such as cash, wages, or a vehicle) to pay the debt. The good news is that a bankruptcy filing includes an automatic stay that stops all collections processes — including a lawsuit.
(more…)

Are you facing the possibility of foreclosure? The last thing homeowners want to do during this stressful time is make errors that could make the situation even worse. So what should you avoid and how can you make smart moves instead? Here are four key things not to do.

1. Don’t Ignore the Problem

First and foremost, you shouldn’t ignore a growing problem in regard to making mortgage payments. In this case, the worst thing you can often do is to do nothing. If you do ignore the problem, it can become unmanageable fast due to a growing backlog, rising fees, and interest increases. (more…)

Are you going to be audited by the IRS or your state’s tax agency? This is undoubtedly a stressful event for most Americans. And you have two choices for handling the matter. You can try to go it alone with the IRS or you can hire a tax professional for assistance. When should you avoid the DIY route and work with a trained tax attorney instead? Here are 5 clear indicators.

1. The Audit Is In Person

The IRS audits taxpayers in several different ways. The least stressful is a mail audit, which is conducted entirely through correspondence. However, both office audits and field audits involve meeting directly with the assigned agent. This can be intimidating for many people. You may not know how to answer questions, how to explain items on your tax return, or how to present your case. (more…)

Anyone struggling to pay their bills will struggle even more if their wages are garnished. The law allows creditors to extract money from wages after they receive a court order, regardless of the individual’s other debts. The payments can come from any earnings, including commissions, worker’s compensation, and bonuses.

Employers face penalties if they refuse to remove these payments from a paycheck or other compensation. In Kansas, employers could receive a fine of $500 or more and become liable to the creditor for legal fees and an amount three times the original debt amount.

(more…)