I recently recorded a 6-part video series on small businesses struggling through COVID-19 (videos attached). I have been helping individuals and small businesses in financial distress for over 30 years. The questions that clients are asking me are not new. Thanks to the CARES act and other stimulus programs, some of the answers are new. […]
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I recently watched an interesting webinar on security clearances and bankruptcy. I have had a number of clients over the years that have security clearances. Generally speaking, these clients are civilians who work for defense contractors such as Raytheon. Naturally, they are concerned about of the impact of filing bankruptcy upon their security clearance. My
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I originally wrote this blog last December, but something happened today that made me want to add this story and re-post it. A client hired me to do a chapter 7 today. She first came to see me a year or two ago, but was so appalled by the concept of bankruptcy that she decided
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In this case, the Bankruptcy Court stripped a federal tax lien off of a Debtor’s Property. The IRS conceded that there was no equity in the house for them to attach, but claimed to be partially secured because they also attached the Debtor’s personal property. The court noted that the IRS was still not secured
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If people do not file their taxes on time, then they need to file their taxes late. If you owe tax, then there is penalty and interest to pay for filing late. If you receive a refund, then there is no penalty. However, you need to file your tax return within three (3) years of
This week, the Federal Reserve Bank of New York Published on its website the report “Insolvency after the 2005 Bankruptcy Reform”. This report confirmed what many of us in the field had known for a long time: people in financial distress who file bankruptcy recover their credit much faster than people who do not. Specifically, the
I had a new bankruptcy client come in today, and take advantage of my “Tax Special” for new bankruptcy clients. He is a single guy with no kids, but he owns an investment property in another state, which is forcing him into bankruptcy. It turns out that he went to H&R Block last year and they
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Tax clients often ask me what they should do when they know that they owe taxes and April 15 is approaching. The correct answer is: file the tax return and pay what you can. The IRS and Department of Revenue charge interest and penalty whether you file or not. They will then tack on penalties
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