Wage Garnishments: When Bankruptcy Can Help and When It Cannot

Woman Signing On Check Over Table — Overland Park, KS — Wiesner & Frackowiak LC

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…)

Continue Reading Wage Garnishments: When Bankruptcy Can Help and When It Cannot

How Does Separation From Your Spouse Affect Bankruptcy?

Spousal Separation — Overland Park, KS — Wiesner & Frackowiak LC

For many couples experiencing the breakup of a marriage, legal separation is an important tool to smooth the transition and protect themselves. But it can also make things more challenging if you simultaneously need to seek debt relief through legal bankruptcy. How do these two processes affect one another? Here are a few answers to the most common questions.

Can You Seek Bankruptcy While Separated?

The short answer to this question is yes. Individuals nearly always have the option of declaring personal bankruptcy with or without their legal spouse. Individual bankruptcy focuses on the petitioner’s assets and obligations. The amount of joint debts and assets linked to your spouse would determine how affected they may be if you file separately.

(more…)

Continue Reading How Does Separation From Your Spouse Affect Bankruptcy?

5 Ways Debt or Bad Credit May Affect Your Employment

Woman Touching Her Head — Overland Park, KS — Wiesner & Frackowiak LCMost Americans know that a high debt load and ongoing credit problems could prevent them from being approved for new credit. But did you know that it could also jeopardize your employment potential?

If the idea of your debt impacting your job — or future promotions — is new, here are five reasons that employers could be wary of those with a worrisome credit history.

1. You May Experience More Temptation to Steal

(more…)

Continue Reading 5 Ways Debt or Bad Credit May Affect Your Employment

Staving Off Bankruptcy? Money Sources You Should and Shouldn’t Tap

Staving Off Bankruptcy — Overland Park, KS — Wiesner & Frackowiak LCAny American suffering from a financial emergency — whether it be job loss, expensive medical treatment, a divorce, or other challenges — must decide how to handle the increasing pressure. Many turn to sources of money and credit in order to keep going. And while some willingly turn to legal tools like bankruptcy, that can be a hard call for many others.

If you find yourself hesitant about seeking bankruptcy protection even though this may become inevitable, knowing how to tap the right funds — and avoid the wrong money source — is vital. Use this short guide to learn about the do’s and don’ts of using sources of cash and credit in this difficult time.

Don’t Raid Your Retirement

Retirement savings can be one of the most tempting sources of quick cash if you can’t pay your bills. But this is one of the last sources you should actually raid — for several reasons. (more…)

Continue Reading Staving Off Bankruptcy? Money Sources You Should and Shouldn’t Tap

6 Terms in the IRS Collection Process You Should Know

Collection Process You Should Know — Overland Park, KS — Wiesner & Frackowiak LCNo one enjoys dealing with the IRS tax collection process, so few people are well-versed in tax collection terminology. But when you find yourself entangled in unpaid tax debts, you need to understand what all the various terms mean and how they affect you. To help you navigate your own debt challenges, here is a short guide to six key terms you’ll encounter along the way.

1. CP14 Notice

The IRS has a wide variety of form notices and letters to convey different messages to taxpayers. One important notice for collections purposes is known as CP14. (more…)

Continue Reading 6 Terms in the IRS Collection Process You Should Know

4 Reasons to File Old Income Tax Returns Before Bankruptcy

Calculator with Note – Overland Park, KS – Wiesner & Frackowiak, LC

Are you planning to file for bankruptcy protection? You have a number of things to accomplish and things to avoid doing before you actually put in your claim for bankruptcy. One of the biggest items on your to do list right now should be preparation of your unfiled tax returns with your bankruptcy attorney advising just when to file these. Why is this so important? Read this blog to learn are a few key reasons to file beforehand.

1. It Will Be Mandatory

(more…)

Continue Reading 4 Reasons to File Old Income Tax Returns Before Bankruptcy

Signs You Should File For Bankruptcy

Signs You Should File For Bankruptcy

Going through financial hard times is stressful, but what’s even more worrying is accepting that you are insolvent. You need to know when to file for bankruptcy to avoid losing your assets. Unfortunately, most people neither assess their financial situation regularly nor make the necessary adjustments until the time is too late. Failure to file for bankruptcy could get you into a deeper problem that could have been avoided.

This guide highlights signs you should file for bankruptcy. Keep reading.

(more…)

Continue Reading Signs You Should File For Bankruptcy