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Bankruptcy May Be Your Option

January 2014 Archives

Gain or Loss from Foreclosure - IRS Form 1099-A and 1099-C

Not only can a borrower be forced to recognize taxable income for cancellation or discharge of indebtedness such as on a foreclosure, the borrower can have a taxable gain or loss from the foreclosure. A borrower is required under the Internal Revenue Code to report the gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. The gain or loss is the difference between the amount realized and the borrower's adjusted basis in the property.

Income from Cancelation of Debt

Generally, if a debt you owe is canceled or forgiven, you must include the canceled amount in your income on your tax return (26 U.S.C. § 108). This can have a significant impact for those individuals who are forced to walk away from their home and then are faced with an income tax liability for doing so. However, exceptions to this general rule exist. The most notable exceptions are debts canceled or discharged in bankruptcy or if the borrower is insolvent.

Tips on Filing a Bankruptcy Petition in Oklahoma

If you are planning to file for bankruptcy it is imperative that you come into it well prepared to avoid any possible setbacks. As in every other state, Oklahoma has its own set of rules that govern the procedure for filing documents with the clerk and the progress of the case. It is essential to read the local rules of the appropriate court prior to preparing a bankruptcy filing.

What to Look For in a Bankruptcy Attorney

Incurring debt is part of our everyday lives and these days it's hard to imagine how one can go on living a normal, decent and prosperous life without it. Anything from mortgage payments to car payments to travel expenses requires a certain amount of debt, and one of the most common and convenient methods of payment is done through the use of credit cards. However abusing debt, to the point where in your bills exceed your income, is never a good thing. It will more often than not result in you having to consider debt consolidation or even bankruptcy as a viable remedy to soothe your financial woes.

Take Caution When Considering Debt Settlement

While the slick radio and web advertising of debt settlement companies promise a smooth road to being debt free in a short period of time, these promises, more often than not are false. Despite the promises of the debt settlement company, consumers usually end up getting sued, stuck with outrageous fees, end up more deeply in debt, and are far worse off in terms of their credit score.

Is Your Home Safe in Bankruptcy?

Quite often a client is concerned whether they will lose their home if they file bankruptcy. For those individuals living in a handful of states, like Oklahoma with an unlimited homestead exemption, the answer is typically a resounding yes. However, the homestead exemption has limitations, a cap, and in some cases a doughnut hole.

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