Our Legal Blog

Bankruptcy Dismissal vs. Discharge – There’s a Huge Difference Between the Two

Bankruptcy “dismissal” sounds a lot like bankruptcy “discharge,” but these two terms have very different meanings. It is important to understand this and to ensure you end up on the right side of the court ruling. A dismissal may mean you lose bankruptcy protection and remain accountable for debts you had expected to be discharged. Bankruptcy Dismissal vs. Discharge After a successful bankruptcy filing, discharge means the terms have been satisfied and all debts are considered settled — this is the outcome you are working toward when you file for bankruptcy. At the point of […]

Willful Failure to Pay Taxes

Federal law requires employers to withhold income, Social Security, and Medicare taxes from employee wages. When a company experiences financial distress, payments for these payroll or “trust fund” taxes may be temporarily postponed or deliberately ignored. It is important for any business owner to understand that willful failure to pay employee taxes can bring a costly lawsuit from the IRS. A recent Sixth Circuit Court of Appeals decision along these lines is noteworthy.  Issued in July, 2018, the judge’s decision stresses the importance of ensuring that your company’s taxes remain current and confirms that a […]

Debt Avalanche vs. Debt Snowball – Two Methods to Prioritize Debts

If you are making minimum monthly payments on a mountain of debt, it may seem impossible to imagine a debt-free future. A debt reduction plan such as “debt avalanche” or “debt snowball” can help you pay down and eventually get rid of your financial obligations. These methods involve paying off creditors one at a time, a strategy that has been proven effective. According to Forbes, people who focus on paying down a single debt are more likely to remain motivated for long-term debt elimination. Debt Avalanche or Debt Snowball — Which Plan is Right for […]

Beware These Warnings Signs of Financial Catastrophe

Many people experience an occasional setback that impacts their bank balance. In fact, in today’s economy, it isn’t unusual to find yourself struggling to make ends meet. But, it is important to do all you can to avoid a financial meltdown — a scenario that can bring long-term consequences. The key to avoiding financial catastrophe is this: don’t hide behind denial. It is smart to stay on top of your financial situation, face the facts, and make necessary changes to stave off looming disaster. People who ignore early warning signs can easily end up in […]

What Success Stories Tell Us About Getting out of Debt

Falling into debt is one of the most overwhelming situations anyone can face. As the interest accumulates and the bills pile up, it’s easy to feel like there is no way out. However, debt doesn’t have to ruin your life. One of the best ways to figure out how to get out of debt is to listen to advice from other people who have succeeded at improving their financial footing.  NerdWallet features the stories of several people who have overcome debt, from a former Olympian who paid off $147,000 in 15 years to the blogger […]

You Have the Tools to Rebuild Your Credit

Maybe you’re the type of person who obsesses over their credit score. Or maybe the mention of the term causes you to space out from boredom. Regardless of how much you care about your score, it exists, and it’s a key part of how you’re evaluated by financial institutions. You’ve likely heard about the impact of bankruptcy on your score and how long it takes to rebuild it. But fear not; the time it takes to right the ship passes more quickly than you might expect. It’s also not as difficult as you’ve imagined. Here […]

New Bankruptcy Bar Date Drops from 120 Days to 70 Days 

Dogged by numerous creditors? Unable to afford the lease payments on your business space? When the battle to remain solvent becomes too tough, an option of last resort for individuals and business owners is filing for bankruptcy. It can be a tough sell for many. We have it drilled into us that bankruptcy is a moral failing, the result of careless money management. It may surprise you to know, then, that medical expenses are the number one reason Americans file for personal bankruptcy, and most of those individuals have some form of health insurance. By some estimates, […]

Getting Your House in Order – How to Strengthen Your Credit Score

If you have accumulated more debt than you can reasonably afford to pay, filing for bankruptcy is often the best option. When you file for bankruptcy, you are able to get out from under the debt and ensure a better financial future for yourself and your family. However, the bankruptcy will have a negative effect on your credit score. Fortunately, you can take steps to rebuild your credit after bankruptcy. If you’ve gone through a bankruptcy or are likely to go through one in the near future, it’s important for you to know how to […]

Equifax Changes Policy on Credit Ratings After Bankruptcy  

Equifax has been in the news quite a bit as of late, but a recent change in their policy, unrelated to the recent data breach, may have a serious impact on the credit ratings of those who have filed for bankruptcy. By having a better understanding of this change and what it means for those who have filed for Chapter 13 bankruptcy in the past decade, consumers can be better informed and aware of the ever-increasing need for transparency among the major credit-reporting bureaus. Understanding the Change Other major credit-reporting bureaus, such as Experian and […]

Estate Planning Can Make a Difference for Loved Ones

In the view of some people, estate planning is easy — have an attorney draw up a will, leave what you want to whom you want, and hope for the best. However, there is far more to it than that. Through estate planning, you can achieve many goals. You can give to charity, make arrangements for your care if you become unable to make decisions for yourself, and, perhaps most importantly, make it easier for your loved ones to carry out your wishes after you have passed away.  Here’s how… Power of Attorney One of […]