You Walk Away. “Should you walk away from your underwater mortgage?” These phrases have been reaching fever pitch in the news media lately because of the continuing economic crisis and its huge toll on house values nationwide. The gist of the idea is that if your house is underwater, chances of you ever regaining the equity you have lost are slim to none. However, the media seems to be silent with regard to the risk of deficiency judgment, which often lurks out there like a predator waiting to attack! Continue reading Walking Away From Your Mortgage? What You Don’t Know May Be Stalking You.
It’s that time of year again – TAX TIME. I know you love it, especially if you owe or are going to owe the IRS. If this is you, you should know that some back taxes can be wiped out in bankruptcy. Of course, not all taxes can be wiped out. For example, payroll taxes and sales taxes associated with your ownership of a small business cannot be wiped out in bankruptcy. However, even if you cannot get rid of your taxes, Chapter 13 bankruptcy can stop penalties and interest on them while giving you time to repay, and reducing the amount available for your other creditors. Continue reading Can I get rid of taxes in bankruptcy?