Tag Archives: bankruptcy
Chapter 13
Thursday, May 6, 2010 // 0 Comments // Tax Law
Chapter 13 bankruptcy can only be filed by individuals and acts as a means of reorganization. Individuals who have an income that would allow repayment of debts will typically use Chapter 13 as a way to institute a 36 to 60 month payback plan. Individuals who are behind on their mortgages or have debts that [...]
Read more & Talk about itChapter 11
Thursday, May 6, 2010 // 0 Comments // Tax Law
Chapter 11 bankruptcy allows businesses to reorganize and institutes an automatic stay, which is essentially a government-mandated order to prevent creditors from acting to collect debts. When an entity enters Chapter 11, it can begin negotiations with creditors and develop a plan to reorganize. Chapter 11 is appropriate if the entity in question is not [...]
Read more & Talk about itChapter 7
Thursday, May 6, 2010 // 0 Comments // Tax Law
Under Chapter 7, the debtor filing for bankruptcy has expenses that exceed income. The debtor may have become insolvent for various reasons, including unemployment, medical bills, lawsuits, or economic hardships. When debtors reach this point of insolvency, it means that they’re unable to pay back their debts. A Chapter 7 filing is essentially a liquidation [...]
Read more & Talk about itBankruptcy
Thursday, May 6, 2010 // 0 Comments // Tax Law
Bankruptcy is designed to give individuals and businesses a chance to start over, without the burdens of debts they’re unable to pay. Bankruptcy proceedings operate under the assumption that debtors have made a good faith attempt to pay creditors. To meet the varied needs of entities filing for bankruptcy, there are several categories, called chapters, [...]
Read more & Talk about itTax Strategies for Individuals
Friday, January 1, 2010 // 1 Comment // Financial Guides
With proper planning, individuals can utilize strategies to reduce their tax bills. The CPAs of Four Brothers Financial, LLC. are experts at identifying and implementing these strategies for you. Our goal is to help you save money. Tax strategies include: Recordkeeping: We’ll help you develop accurate and efficient recordkeeping. Maximizing Deductions: With full knowledge of [...]
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