Our Legal Blog

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 […]

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 […]

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,” […]

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 […]

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 […]

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 […]

The first time a wage earner makes enough money to trigger the income tax filing requirement usually results in a fairly simple return. In contrast, a taxpayer’s final return filed after his or her death is quite complicated. When a taxpayer dies, a legal entity called an estate is automatically created to make sure that all of the decedent’s income is accounted for. A decedent’s surviving spouse or personal representative should promptly notify all payers of income about the death and, in turn, they should stop using the decedent’s social security number. Instead, the estate […]

No one enjoys the idea of losing their independence and having to rely on someone else. However, when used properly, a power of attorney can ensure that a trusted person is handling your financial affairs when you’re not mentally or physically capable of doing so yourself. Powers of attorney are highly customizable and can be drafted to address individual situations. Initially an inexpensive way for someone without a lot of money to do some estate planning, a power of attorney has evolved into a fairly standard document. If you’ve been entrusted by someone else to act […]

At its best, divorce is a difficult process. At its worst . . . well, we’ve all heard the horror stories. While the term is a legal one for dissolving a marriage, its emotional aspects are usually harder to work through than its legal ones. Spouses who are divorcing tend to focus on immediate concerns such as who will stay in the marital home, who will have primary custody of the kids and who will pay the credit card bill. It’s easy to overlook long-term financial plans, but doing so can leave you in a […]

It takes a lot of inner strength and smarts to start a business. It also takes money, most often by taking out a loan or raising investor capital. While your enthusiasm is building for that great idea of yours and you’re bursting to share it, there are a few things that should be in place before you start to seek funding. You must have a business plan that gives a summary of what your business is and how it will make money. Your plan should include market research showing the viability of your idea, financial […]