Building an idea into a real, profit-making company takes time, dedication, and teamwork. It takes owners who understand each other and who complement each other’s skills and talents. Some couples that have such a relationship choose to go into business together, but what happens if the marriage … [Read more...]
5 Tips for Dealing with the Aftermath of Bankruptcy
For many people, facing bankruptcy can seem overwhelming. Your finances are about to change in major ways, so it helps to be prepared and have a plan of action to get through the months and years following your bankruptcy. Some Steps to Deal with Bankruptcy Start fresh. If excessive debts … [Read more...]
Avoid These Common Bankruptcy Scams
If you’re facing bankruptcy, it’s important to be aware of bankruptcy-related scams and how to protect yourself. When a person is facing financial crisis, it’s common to seek any and every possible avenue for getting back on their feet. Unfortunately, there are unscrupulous individuals who … [Read more...]
Consequences of Hiding an Inheritance in Bankruptcy
Hiding inheritance in bankruptcy – or hiding any asset for that matter – is one of the bad decisions people may make when they are going through the bankruptcy process. Always follow Texas bankruptcy laws, and come to Plano bankruptcy attorneys with any questions that may arise to ensure … [Read more...]
Spendthrift Trusts: Protecting Inheritance During Bankruptcy
Spendthrift trusts may be helpful for individuals who file for bankruptcy in Texas but who later receive an inheritance shortly after filing for bankruptcy. In many cases, it is likely that assets from an inheritance received within 180 days of filing for bankruptcy will be used to pay off … [Read more...]
How Assets Affect Taxes In a Divorce
Getting a divorce can mean big changes, not only in one's personal life, but financially as well. Many divorcing couples fail to understand the impact of taxes after a divorce until they receive their settlement and are left with much less assets in the divorce than anticipated. It is important for … [Read more...]
Do you have to pay taxes on alimony payments?
Wondering whether you have to pay taxes on alimony payments is not uncommon. Alimony, also known as spousal support, is paid from one spouse to another after a divorce. In Texas, alimony can be requested if: the marriage lasted longer than 10 years; the spouse requesting support is … [Read more...]
Tax Withholding: How it Relates to Bankruptcy
Tax withholding is the amount of funds withheld from paychecks, pensions, bonuses and other forms of income in order to pay an individual’s annual federal income tax. Ensuring enough tax is withheld is crucial to managing household finances properly and, in the end, preventing the need for … [Read more...]
Bankruptcy Petition Form Requirements
The bankruptcy petition form, also called the voluntary petition, is one of the first of a long series of documents and paperwork that must be filled out in order to apply for Chapter 7 or Chapter 13 bankruptcy. The bankruptcy petition form reveals the basic information required to start the … [Read more...]
Proving Innocence When a Creditor Presumes Credit Fraud
Unfortunately, credit fraud may be presumed under certain circumstances. For instance, if you purchase luxury items of $500 or more on a credit card less than 90 days before filing for bankruptcy or take a cash advance of $750 or more, less than 70 days before filing, it is presumed to be … [Read more...]
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