Although the percentage of U.S. bankruptcy filings experienced a decline in the final quarter of 2014, Illinois remained ranked among the top five leading states with the highest per capita filing rate.
The relationship between bankruptcy and taxes is a complicated one. Many families who are facing financial insolvency are not up to date on their taxes, which can inhibit their ability to file for bankruptcy. If you are considering bankruptcy, the most important first step is to seek the counsel of a qualified bankruptcy attorney. The next is to make sure that your tax debts are sorted. “Not all tax debt can be discharged in bankruptcy,” according to Fox Business.
If you have been surprised by unexpected medical bills or lost your job, then you might be in a financial predicament. When you get behind on your bills, creditors will aggressively call for you to pay what you owe. Sometimes, banks and other lenders will threaten to foreclose on your home or garnish your wages. But if saving your home is important to you, it is important to know how filing for bankruptcy may save your house.
In the course of bankruptcy, consumers are given an avenue to wipe the slate clean. It is a legal status for people who aren’t able to pay for debts that they can’t pay due to medical reasons, unemployment, or a variety of other concerns. There are two options primarily used by consumers to start over, a chapter 7 bankruptcy (liquidation) or chapter 13 bankruptcy (restructure).
In order to protect spouses and children left behind when the provider of shelter has died, some states have enacted a homestead exemption. If a homeowner dies and leaves behind a dependent spouse or dependent children, this exemption protects their home from taxes, creditors and other situations which could put that property in jeopardy.
Lenny Dykstra had a career in baseball that spanned more than a decade with the Philadelphia Phillies and the New York Mets. He was named to multiple all-star games and served as a catalyst for the Mets winning the World Series in 1986. Yet his personal life has not seen the same amount of success. The 49 year old Dykstra has served time for grand theft auto and exposing himself to a woman
A judge threw out a declaration of bankruptcy from Nadia “Octomom” Suleman after she failed to file the proper paperwork with the court.
Suleman failed to file a dozen financial statements to proving that she is unable to pay creditors. Without the protection of filing for bankruptcy, she is now subject to a home foreclosure on the house she shares with her fourteen children.
One day after approving the a prepackaged Chapter 11 plan filed by educational publishing company Houghton Mifflin Harcourt Publishing Co., New York bankruptcy judge Robert E. Gerber ruled on June 22 that the petition was improperly filed in New York. The U.S. Trustee, bankruptcy watchdog for the Justice Department, had filed a motion to move the case to Boston on May 30, saying there was no basis for a bankruptcy in New York.
All bankruptcy proceedings are handled by the appropriate federal court. In the Chicago area, bankruptcies are processed by the United States Bankruptcy Court for the Northern District of Illinois. Bankruptcy law is federal, and regardless of which court handles a bankruptcy, the laws and procedures are essentially the same.