Articles Tagged with bankruptcy cases

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy?”

It’s an issue that almost no one pays attention to until you need it: the smooth functioning of the bankruptcy system. Though it seldom grabs headlines, it’s important nonetheless. Recent reports reveal that a number of bankruptcy judgeships are in danger of being eliminated, something that could wreak havoc across the country as a limited number of judges are forced to contend with a massive amount of complicated bankruptcy cases.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy?”

Anyone with a job understands that if you get paid you must pay taxes on what you earn. The same thing goes for those who receive other material benefits, even if it isn’t a paycheck, some tax must be paid for the benefit you received. An example of a situation where tax can be owed despite no cash changing hands is when a loan is forgiven. If a credit card company decided to settle a $25,000 debt for $15,000, you would need to report the difference, $10,000, on your taxes. Not only would you need to report the $10,000, but you’d be required to pay tax on the value of the loan that was forgiven. This leads to a question about the debt discharged in a bankruptcy. Do you have to pay tax on that too?

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 13 bankruptcy?”

The United States Supreme Court recently heard oral arguments in two bankruptcy cases. While the decisions in the cases—expected later this summer—are not expected to be earth-shaking, the results may affect the manner in which debtors proceed in converting existing Chapter 13 bankruptcies into Chapter 7 actions and in considering the issue of appellate rights when submitting a Chapter 13 reorganization plan.