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Student loans are typically non-dischargeable in bankruptcy so what happens when you cannot pay your student loans.  If you default on a federal student loan, the Department of Education has several options available to it to collect on the debt.  For example, if you are entitled to a federal tax refund and have defaulted on your student loan, the DOE may take your tax refund to pay the loan. In some cases, the DOE may garnish your wages to collect the debt or seize other federal benefits for … [Read more...]

Tax time - most of us hate this time of year unless we are entitled to a big, fat tax refund from Uncle Sam. Gathering information, finding documents, copying forms and worrying about how to pay our taxes can be stressful.  However, failing to file a tax return when you know that you are required to do so can be a criminal violation of the law.  Even though the IRS does not prosecute most cases, it can and does choose to do so when the acts are blatantly fraudulent or illegal. To find out … [Read more...]

Most people assume that if they have any income at all during the year that they must file a federal tax return; however, this is not always the case.  Receiving income is only one factor in determining whether you need to file a federal tax return.  The three factors to look at when determining if you are required to file a federal tax return are gross income, filing status and your age.  Just because you had income during the tax year does not mean that you must always file a tax return. To … [Read more...]

Often when someone considers filing for bankruptcy relief, they feel ashamed or feel as if it is somehow their fault.  Bankruptcy is often the result of a loss of income due to losing a job, the loss of a spouse or a prolonged medical issue but a debtor may still feel as if filing bankruptcy is something to bad. However, bankruptcy is a positive step in dealing with financial problems and a better alternative than ignoring your financial situation.  In most cases, bankruptcy actually helps a … [Read more...]

Debtors can no longer simply choose what chapter of bankruptcy they wish to file.  If a debtor is seeking to protect assets from being sold by a Chapter 7 bankruptcy trustee, they can seek Chapter 13 relief but they must first qualify to file under Chapter 13 of the Bankruptcy Code.  Among other requirements, debtors must demonstrate to the court, the Chapter 13 trustee and their creditors that they have sufficient income to reorganize their debts through an approved repayment plan. To learn … [Read more...]

It seems like April 15 gets here earlier and earlier each year.  We barely get the holiday decorations put away before we are pulling out receipts, forms, bills, statements and other pieces of paper until our living room looks just like Christmas morning again (littered with paper – just not wrapping paper this time).  However, filing your returns early can net benefits that procrastinators may miss.  For one, you will get your refunds faster if you file early because the IRS is not overloaded … [Read more...]

We are only a few days into the New Year but for some of us we are already dreading the April 15 deadline.  However, smart taxpayers are already preparing for their 2013 federal and state tax returns by gathering information and documentation to make it easier for themselves and their tax preparers.  The best thing you can do for yourself and your tax preparer is to begin early and to be organized. To make tax time easier for you, read and follow these tips and suggestions from real tax … [Read more...]

Before the explosion of the internet and media marketing, the only ways to find a new home was to hire a realtor, find a home through friends or family or ride through neighborhoods you liked searching for a “For Sale” sign in a yard.  However, the internet has now made it possible to find a home with a simple click of the button.  New websites and applications have put house hunting at your fingertips.  Buyers can also research areas in advance to decide if they want to buy a home in specific … [Read more...]

If one of your resolutions for 2014 is to be organized, you may find that keeping this resolution will not only save you time this year but it can help you save money as well.  Being organized helps you pay bills on time thereby avoiding late fees. You will avoid purchasing duplicate items because you cannot find the one you know that you have somewhere in the house (know what you own and what you need).  Being organized and having a filing system will help you at tax time when you need to … [Read more...]

Everyone knows that discharging student loans through bankruptcy is very difficult; however, it is not impossible. There are instances where student loans have been canceled through bankruptcy.  Loan lawyers fight these discharges and often ask questions that baffle judges and opposing counsel.  One lawyer asked a mother of five if her children were “planned” while another asked a woman why she chose to have children when she had no husband and was in poor health.  The line of questioning did … [Read more...]