August 17, 2016 | KEEPING PROPERTY IN A CHAPTER 7 BANKRUPTCY
One of the considerations you will face as you and your attorney at The Nesbitt Law Firm determine whether a Chapter 7 bankruptcy filing is right for you, is how a Chapter 7 filing will affect the property you own. The property that you own, but are still making payments on is called collateral and the loan is called a secured debt. In Chapter 7, you have three basic options regarding collateral of a secured loan: reaffirm, redeem, or surrender. What does it mean to reaffirm, redeem, or surrender secured collateral in Bankruptcy? What should
READ MOREAugust 17, 2016 | WHAT ARE THE EXCEPTIONS TO DISCHARGE IN BANKRUPTCY?
The purpose of filing bankruptcy is to eliminate debt. However, the Bankruptcy Code provides for certain exceptions to discharge. In other words, even if you file bankruptcy and are granted a discharge where your debt is eliminated, you may still owe certain types of debt. Only an experienced bankruptcy attorney can advise you as to whether your debt will be discharged and eliminated at the end of your case. However, for general purposes, you can expect to remain liable on the debt listed below, even after you file and receive a discharge in bankruptcy: Student
READ MOREAugust 17, 2016 | WHAT WILL HAPPEN IF I DON’T FILE MY TAX RETURN ON TIME? WHAT IF I HAVE TAXES FROM PAST YEARS THAT I STILL NEED TO FILE?
This year, 2013 individual tax return filings are due to the Internal Revenue Service (IRS) no later than April 15, 2014. The deadline is the same for state, local, and school district taxes in Ohio. A common and unfortunate misconception for tax filers is that taxes owed do not become due until the return is filed. That is not the case. Any taxes owed for 2013 tax year are due to be paid to the IRS, State, etc. by April 15, 2014, regardless of whether the return is filed. Many will say, “I couldn’t afford
READ MOREAugust 17, 2016 | CAN I DISCHARGE MY STUDENT LOANS? WHAT ARE MY OPTIONS?
What every student loan borrower, cosigner, and parent needs to know about student loans. Can I discharge my student loans? What are my options? Student loans are being dubbed as the next bubble to burst. According to 2012 reports from the Consumer Financial Protection Bureau and the Federal Reserve Bank of New York, Americans owe between $902 Billion and $1 Trillion in student loan debt. Comparatively, when the bubble burst on the housing market, there was approximately $14 Trillion of outstanding mortgage debt. An important difference to note is that mortgage loan debt is secured
READ MOREAugust 17, 2016 | DOES DIVORCE INEVITABLY LEAD TO BANKRUPTCY? DEBT RESOLUTION STRATEGIES
For many families, divorce and bankruptcy go hand-in-hand. Finances are a huge stress factor for many couples and are often a major catalyst within many marriage breakups. Divorce is often the route that couples choose when they are facing financial difficulty within their marriage. Each spouse will often believe that the other is responsible for the financial mess that they are facing and may decide to end their marriage over the dispute. Divorce may resolve the constant bickering that the couple faces, but it will not cause the debts to go away. In addition, divorce
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