Blog Posts in February, 2011
Posted on Feb 14, 2011 By Joseph Tosti
This year, it seems that more creditors than ever are sending IRS Form 1099-C to their debtors who have filed bankruptcy or settled debts with them. While in many cases it is unnecessary for the ...
Continue reading "In Bankruptcy? Don’t Fear the 1099-C" »
Posted on Feb 11, 2011 By Joseph Tosti
Business owners who find themselves liable for unpaid payroll taxes are in deep trouble. The trust fund portion of the tax, the amount withheld from employees' checks, becomes a personal debt of ...
Continue reading "Tell The IRS Where To Put It" »
Posted on Feb 7, 2011 By Joseph Tosti
What happens to my tax refund if I file bankruptcy is: it depends. Tax refunds received, after you file your case, have to be paid to the Chapter 13 bankruptcy trustee, at least in the 6th Circuit, ...
Continue reading "Income Tax Refunds In Bankruptcy" »
Posted on Feb 4, 2011 By Joseph Tosti
Keep your emotions in check when dealing with your financial problems. No one wants to file bankruptcy, but sometimes it's your only meaningful option. "I don't want to file bankruptcy," a client said ...
Continue reading "Bankruptcy and Emotions" »
Posted on Feb 3, 2011 By Joseph Tosti
On Groundhog Day, it is fitting to consider whether you are living in a financial 'Groundhog Day.' Remember the Bill Murray movie? A self-absorbed weatherman is doomed to repeat the same day over and ...
Continue reading "Same Old Debt as Last Year? Stop Living a Financial ‘Groundhog Day’" »
Posted on Feb 2, 2011 By Joseph Tosti
The Fair Credit Reporting Act requires credit reports to be accurate. What is accurate reporting during a bankruptcy case? In general, creditors have no duty to report anything at all to credit ...
Continue reading "Credit Reporting During Bankruptcy" »
Posted on Feb 2, 2011 By Joseph Tosti
Few concepts are as difficult to grasp for a potential bankruptcy debtor than the " means test ," which Congress added to the bankruptcy law in 2005. To be sure, the means test can be confusing, and ...
Continue reading "The Bankruptcy “Means Test” Explained in English" »
Posted on Feb 2, 2011 By Joseph Tosti
A common question I get this time of year is whether the trustee will take the debtor’s tax refund if he files for bankruptcy. The answer depends upon many factors. The Trustee has a duty to ...
Continue reading "Will The Bankruptcy Trustee Take My Tax Refund?" »