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Our Legal Blog

Are Tax Extensions Worth It?

For various reasons, sometimes it’s simply not possible to complete and file a tax return by the April deadline. Whether it’s because all the information isn’t available, the person filing has questions they aren’t sure how to answer or a myriad of other reasons, sometimes taxpayers find that the April deadline simply isn’t going to make the cut. So what to do? While there are differences in opinion among professionals, the easiest solution, especially for an individual, is simply to file for an extension with Internal Revenue Service (IRS) form 4648. On one side of […]

Protecting Your Firearms During Bankruptcy

If you are faced with a bankruptcy in the state of Kentucky, there are a few items that are allowed to be kept during this time. One of these items is firearms. Although guns must be listed as assets in bankruptcy, gun collections are usually exempted under the Wildcard exemption, so you might be able to keep your collection depending on its value. Most people believe they can just transfer their guns to someone else to avoid listing them in the bankruptcy petition, but this is a bad idea. If there have been any transfers […]

Tax Filing Deadline is Fast Approaching

When you see just as many ads for tax preparers as car dealers, you know it must be that time again. One of life’s two certainties, taxes are required contributions levied by the government. Income tax is the single biggest revenue source for the U.S. federal government and was first used to fund the Civil War. Today’s system has its basis in 1913’s Sixteenth Amendment to the Constitution. All but seven states also impose an income tax on salaries, interest, royalties, unemployment compensation, dividends, and more. For perspective, Kentucky’s 2014 tax revenue per capita was $2,516, […]

What is a Bankruptcy Audit?

  The word “audit” tends to strike fear (or at least mild apprehension) in the heart of every taxpayer, but the Internal Revenue Service isn’t the only government entity that can use its official powers to investigate citizens and their paperwork. The United States Trustee Program (USTP), part of the Department of Justice, oversees the administration of corporate and consumer bankruptcy cases. One of its specific responsibilities is “taking legal action to enforce the requirements of the Bankruptcy Code, and to prevent fraud and abuse.” When the Bankruptcy Code was overhauled a decade ago, it gave the […]

Sued by Creditors?

Collection lawsuits can be costly and time-consuming, so many creditors look for alternative debt repayment. They will repossess the collateral, stop providing the service, or accept reduced payments. While not all creditors turn to the courts to collect on an overdue debt, they do retain that right and may choose to pursue legal action if the debtor has any income or assets. Many creditors sell defaulted debt to collection agencies for pennies on the dollar, figuring that some payment is better than none at all. The collection agencies take on the headache and the possibility […]

Help! I’m in Bankruptcy and Just Inherited Property. What Happens Next?

They say timing is everything, and that is certainly true when it comes to bankruptcy. What you own and what you owe must be listed in the schedules that you file with the bankruptcy court. But what about income or assets that come your way while your case is pending? Whether anticipated or not, the federal Bankruptcy Code requires the reporting of any funds that a debtor becomes entitled to within 180 days of the date he or she filed for bankruptcy. That means inherited money or property becomes part of the bankruptcy estate if […]

Why You Shouldn’t File Bankruptcy on Your Own

Bankruptcy makes a long-term financial and legal impact on your life. Not to mention the emotional toll it takes, having to decide whether it’s even the wisest course of action, having to go through the process, then having to essentially start your financial life over again. Filing for personal bankruptcy under Chapter 7 or Chapter 13 takes extraordinarily careful preparation, as well as understanding of the law. Misunderstandings or mistakes end up affecting your rights, more often than not. Life is complicated, and so are your finances. It is perfectly legal to file “pro se,” […]

Discharging Tax Debt in Bankruptcy

If you have outstanding tax debt and are facing serious financial problems, you may be considering the option to file for bankruptcy. However, if you’re hoping to have some or all of your tax debt discharged, it’s important to understand that contacting Bunch & Brock is probably your best bet because we analyze whether your tax obligations are dischargeable or not. Certain types of tax debts are dischargeable, while others are not. Even with that in mind, there are still a number of conditions and stipulations to be aware of when it comes to discharging […]

Do I Have to File Bankruptcy with My Spouse?

We get this question a lot. After all, one of the cornerstones of marriage is sharing. While the short answer is no, you do not have to file bankruptcy with your spouse, the more convoluted legal answer is heavily dependent on your personal circumstances, because there are situations where both spouses filing for bankruptcy is preferable. Note that if married debtors do decide to both file, they can file a joint petition, which keeps the cost down as it is considered legally to be one case, with one fee. The rules are different for community […]

The Importance of Registering Your Business

When it comes to business, there is a lot of value in branding. A memorable logo, solid advertising, and thorough customization can go a long way toward gaining a competitive edge in today’s seemingly endless sea of consumer choice. However, there may be no more important piece in the branding puzzle than a well-chosen name. Recording that name is one of several registrations involved in running a small business. In order to create a public record letting people know who is running a business, anyone who wants to name their business anything other than their […]