Taxes
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How Bankruptcy Affects Your Taxes
You’re at a place where your debts are starting to pile up, and there’s no end in sight. That can feel really overwhelming, and tackling the issue can seem daunting. That’s why bankruptcy exists, and there’s no shame in taking control of your financial wellbeing and charting a clear path forward.
That said, it isn’t always easy. And there are plenty of moving parts... -
Budgeting After Bankruptcy
Whether you’ve been through chapter 7 or chapter 13 bankruptcy in Ohio, coming out of the other end of the process can feel grim. Sure, you’re out from under the heavy weight of debt, but where to go from here? How can you begin a path toward credit recovery and establish a positive relationship with money moving forward? At Hausen Law, Ohio bankruptcy attorney James Hausen and his experienced...
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Bankruptcy Questions Answered: How Does Bankruptcy Affect Alimony?
If you find yourself in a position where filing for chapter 7 or chapter 13 bankruptcy is the best way forward, you’re naturally going to be closely assessing your financial situation. As part of your bankruptcy filing process, you’ll work with your bankruptcy attorney and trustee to identify debts and other financial obligations that may be able to be discharged as part of the bankruptcy...
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Bankruptcy Questions Answered: Will I Be Able To Keep My Retirement Account By Filing Bankruptcy?
If you find yourself in a position where a chapter 7 or chapter 13 bankruptcy seems like the best path forward, you’ll naturally have questions. You could be wondering about the pros and cons of filing, and how employment opportunities may be affected. For those who have a retirement plan set up with their employer, you could be concerned that creditors may gain access to your hard-earned retirement...
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Bankruptcy Questions Answered: Should I File for Bankruptcy? – Advantages and Benefits
We’ve already discussed some of the top reasons that people decide on bankruptcy, but could there be ways that a bankruptcy filing could be strategic? The short answer: yes! In this article we’ll get into some of the immediate and long term advantages and benefits that a bankruptcy attorney can help you to take advantage of. Read on to learn more.
Warding Off Threats
FIling for bankruptcy–whether... -
Bankruptcy Questions Answered: What is a Preference Payment in Bankruptcy?
If you find yourself staring down insurmountable debt, a natural reaction could be to throw whatever money you do have toward one or more creditors in a desperate attempt to solve the problem. The sooner you make one source of debt disappear, the quicker you can get on the road to financial recovery, right? Well, as with so many things, the answer is that it depends on several factors–a major...
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Bankruptcy Questions Answered: I Was Forced Into Chapter 13 Bankruptcy Due to Disposable Income––Should I Still File?
There are several reasons why a person may decide to file for chapter 13 bankruptcy above any other type. Put simply, if you find yourself in what feels like insurmountable debt, but your income level and monthly disposable income disqualify you from filing for chapter 7 bankruptcy, then chapter 13 bankruptcy is generally your best option.
Chapter 7 is reserved for folks who not only carry heavy... -
Bankruptcy Questions Answered: If I’m Planning to File for Bankruptcy, Can I Still Take a (Pre-Paid) Vacation?
Bankruptcy and Vacation––It’s Down to Your Timeline
On its face, going on a vacation and then turning around to file for bankruptcy doesn’t make sense. In general, vacation can be deemed a luxury, and luxuries aren’t compatible with the somewhat austere methods involved with bankruptcy. But the key detail in this example is that the scheduled vacation is pre-paid.
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Why It Can Take So Long for Payout Recovery in Chapter 11 Bankruptcy
Here at Hausen Law, LLC we work day in and out with folks who are going through bankruptcy, so we usually share information directly related to their concerns. But there is another side to this coin: the creditors. Oftentimes the financial stress that the individual filing for bankruptcy brings on them can get lost in the conversation. So today we’re going to focus on creditors’ bankruptcy...
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Filing for Bankruptcy in Ohio: How Much Does it Cost? [2021 Update]
How much does it cost to file for bankruptcy? The cost of filing for bankruptcy in Ohio can be influenced by multiple factors: the type of bankruptcy you are filing, attorney fees, where you live, the complexity of your case, and the details of your income and debts.
Factors That Increase Bankruptcy Cost
As a start, court filing costs are $338 for a chapter 7 case and $313 for a chapter 13 case.... -
Can You File Bankruptcy for Personal Loans?
Types of debt and bankruptcy vary
Many personal loans can be discharged
Some debts will not be erased
When bankruptcy seems like the only way through, you’ll likely have a lot of questions. And whether you opt for chapter 7 bankruptcy or chapter 13 bankruptcy, a big question will be whether you can discharge, or eliminate your personal loans as part of the filing process.
At... -
What Are the Benefits of Chapter 11 Bankruptcy?
Whether your business is a large corporation or a smaller enterprise, chapter 11 bankruptcy could be a beneficial move to keep it alive during an economic crisis. There’s a lot to know, but here we will focus on how a chapter 11 filing can help your business recover.
Why File for Chapter 11 Bankruptcy?
If your business is struggling under the weight of debt and it isn’t a sole proprietorship,... -
What Happens After a Chapter 7 Discharge?
So you have filed for chapter 7 bankruptcy and made it to the discharge portion of your case. First and foremost, congratulations! Now that you are discharged, this essentially means that your case is over and you can begin your path down a fresh start. Read on to find out more about how to make the most out of your benefits of the fresh start in both the short term and the long term.
Discharge
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Bankruptcy in the Time of Coronavirus: the COVID-19 Impact
Times are tough right now. Record numbers of folks find themselves without a job, but not without daily expenses. And for some of them, times were hard before the novel coronavirus disease came along. For those who were in the midst of a bankruptcy proceeding or who now see bankruptcy as their only way forward, questions about how COVID-19 will change the immediate future could loom large. Please know...
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What You Should Know About Bankruptcy if You’re Self-Employed
Sometimes circumstances can make bankruptcy the only option if you’re struggling with large amounts of debt. You could have an unforeseen medical condition that ended up costing you a fortune you didn’t have. If you own some type of property, someone could have become injured and won a lawsuit against you which you can’t afford to pay.
Whether you file for chapter 7 or chapter 13,... -
How Much Does It Cost to File for Bankruptcy in Ohio?
In Ohio, the cost of filing for bankruptcy varies depending on the attorney’s fee, case complexity, the chapter of the bankruptcy case that you select, and where you reside. Bankruptcy court filing fees are currently $335 for a chapter 7 and $310 for a chapter 13. These fees go up every few years.
Every lawyer wants to be compensated for the time they spend on your case. A complex case will... -
What Happens If You Owe Taxes and Are Unable to Pay Them?
Tax time is never the most pleasurable part of spring, this is especially true for those who owe the IRS. This time can be even more appalling if you’re unable to afford the entire amount you owe. In fact, the IRS can assess a late payment penalty, or add interest on the balance due. Unfortunately, when this occurs, you’re left paying much more than originally stated. Continue reading to...
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Common Mistakes of the Bankruptcy Means Test
In order to file for chapter 13 bankruptcy, an individual must first complete the bankruptcy means test. The means test is a form that the individual needs to complete in order to determine if they are eligible for bankruptcy and it will also impact the length of the bankruptcy itself. The bankruptcy means test is not a simple form, and many people make mistakes on the form, therefore being denied...
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What to Know About Filing Bankruptcy
Sometimes good people fall on hard times. Medical bills, divorces or being out of work for an extended period of time can all cause someone to get behind on their bills, mortgage or repayments for loans. You are in a financial slump, but you are ready to get back on track and put your finances back together. Perhaps you have considered filing bankruptcy, but you are unsure if that is the best thing...
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Can Filing For Bankruptcy Help Me With a Tax Lien?
In our last blog, we talked about how filing for bankruptcy can actually get rid of some of your taxes. But what if the taxes that would be discharged in your bankruptcy already have a lien filed against you? Would you believe you may still be able to get most of your tax lien debt discharged also? Let us take a look at this issue.
I had a case a couple years ago in which my client had several tax... -
How Does Filing Bankruptcy Help Me With Tax Debt?
It is tax season again as I mentioned in the last blog on January 8, 2015. In the previous blog, I spoke about filing for bankruptcy to help correct the amount of taxes you owe because you disagree with the IRS or any other taxing authorities.
But what if you are in a position where you have a tax debt and you do not know what to do? What if the IRS has already filed a lien on your home and personal... -
How Can Filing Bankruptcy Help You to Correct Your Tax Liability?
It is a new year. The holiday season is over. So guess what is next? TAX SEASON! It is that time of year to start thinking about getting your paperwork together and filing your taxes. But what if you have not filed your taxes for a few years? Well, if you don't file any taxes, then the IRS will file one for you. This is known as a substitute tax return.
This substitute return takes the place of an...
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