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Are Alimony Payments Taxable?
For years, people whose divorce agreements required that they pay alimony to their ex-spouse were able to deduct those payments from their annual income, thus reducing their tax liability. At the same time, the recipients of those payments were required to report them as taxable income. But the passage of the Tax Cuts and Jobs Act (TCJA) put an end to that practice for anybody whose divorces were put into place after December 31, 2018. For those divorced after that date and through the end of 2025 (when the TCJA expires), the alimony deduction is eliminated, though the ability to …Read More ➡
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Will Bankruptcy Ruin My Financial Future?
Though there is no doubt that filing for bankruptcy will have a strong negative impact on your credit score – the most significant negative impact of any single event – to say that it will ruin your financial future is probably overstating reality. The truth is that even though filing for bankruptcy will have a big effect initially, it is probably the biggest step towards improving your credit that a person who is unable to pay their bills can take. For some people who have gotten themselves into intractable debt, filing for bankruptcy actually raises their credit score. This may …Read More ➡
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Are Millennial Divorce Rates Lower than Previous Generations?
There was once a time when the odds of a marriage lasting were universally accepted as being roughly 50-50, which did not bode well for those considering tying the knot. But recent data analysis has provided some eye-opening statistics about the societal shifts around matrimony. Researchers have found that younger generations are proving significantly more adept at making their marriages last. The reasons for this are not entirely clear, but the numbers are irrefutable. People are waiting longer to get married, and once they get married, they’re managing to avoid divorce and stay married. The different generational groups have approached …Read More ➡
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Will Bankruptcy Allow My Ex to Stop Child Support Payments?
Filing for bankruptcy is a legal action that seeks the discharge of an individual’s debts. It is essentially a statement that their financial situation makes it impossible for them to meet their obligations, and looks to the bankruptcy court to allow them to start fresh. There are two different types of bankruptcy filing, with Chapter 13 allowing the individual to pay their in a more extended way or reducing the interest charged or amount owed, and Chapter 7 eliminating their debt entirely. In both types of bankruptcy filing, child support is not considered dischargeable and the individual is expected to …Read More ➡
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How Badly Will Bankruptcy Affect My Credit?
Individuals deal with debt in different ways. For some, the knowledge that they are not going to be able to keep up gives them the freedom to simply stop making payments, allowing their credit rating to fall rapidly. Others work hard to maintain their positive credit to the very end, making payments in a timely way and paying as much as they possibly can in order to prop up their score. But when you have to face up to the reality that your debts surpass your ability to pay, you are also going to need to deal with the fact …Read More ➡
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Getting a Temporary Restraining Order Before Divorce
A restraining order is designed to protect those who fear violence, threats of violence, serious harassment or stalking from a named individual. In some situations, people going through a divorce from a violent spouse obtain restraining orders to protect themselves. They are administered by judges. If you are in fear of a person who has abused you, threatened you, sexually assaulted, seriously harassed, or stalked you, you can apply for a temporary restraining order at any time, either on your own or with an attorney representing you. The rules surrounding filing a complaint are straightforward. While in less emergent situations …Read More ➡
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Bankruptcy Tips for the Unemployed
Whether you loved your job or hated it, once you are unemployed you realize how much it meant to you, and how much you relied on it to support the things that are most important to you. Suddenly your checking account can no longer support your debts, and you have no sense for when or whether you’re going to have an income again. If you are not working and unable to pay your debts, bankruptcy may provide you with the lifeline you need. Here is what you need to know to navigate the process when you don’t have a job. …Read More ➡
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What Should I do if I’m Having Second Thoughts About My Divorce?
Divorce is a painful, challenging, confusing experience, and it is completely normal to find yourself questioning your decision. Though nobody can tell you what to do with your life, there are a few things for you to keep in mind. One is that having doubts is common, especially if you are tired and economically and/or emotionally depleted. You may be getting pressure from your spouse, from their family or yours, or from friends who are encouraging you to give the marriage another chance, especially if you have children or have been together for many years. If you are asking yourself …Read More ➡
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Bankruptcy Tips: How to Take Control of Your Finances in 2021
The new year is always a time for self-assessment and self-improvement, and if your financial situation has led you either to file for bankruptcy or to consider doing so, then making resolutions regarding your money management will be an essential step as you enter 2021. Whether you end up filing for bankruptcy or simply want to improve your saving skills and become more regimented about paying off your debt, here are some tips to consider. Budgeting is often the key to getting your finances under control. Whether you’re trying to avoid filing for bankruptcy or trying to recover from just …Read More ➡
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Tips for Millennials Filing for Bankruptcy
Bankruptcy can feel like defeat, especially to people who are just starting out. If you are a millennial – defined as reaching young adulthood in the early 21st century — it can be particularly disheartening, as your generation is viewed as optimistic, resilient and bent on success. Having to start over financially may be frustrating, but if you view it as the opportunity to start over with the benefit of learning from previous mistakes, you will find that the emotional downside is temporary, and you have a bright future ahead. Here are some important tips for you to remember as …Read More ➡
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