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How A Chapter 13 Bankruptcy Can Help You With Tax Debt
If you are already having a hard time paying your bills, the approach of tax time adds another layer of stress — especially if you not only owe money for this past year, but also for years past. Whether you are simply worried about paying this year’s tax debt, never paid your prior years’ taxes, are currently paying the IRS for previous tax years on a monthly payment plan, or any combination of these, you can file for a Chapter 13 bankruptcy plan and structure payment into your payment plan. Filing for Chapter 13 bankruptcy offers several advantages when it …Read More ➡
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Could Amazon CEO’s Divorce Be The Most Expensive Divorce Of All Time?
It’s not hard for the curious to do some digging and find some eye-popping divorce settlements that have been agreed to by the rich, famous, and not-so-famous. But in all likelihood, they are all going to pale in comparison to what Amazon CEO Jeff Bezos may agree to in his divorce. Bezos and his wife of 25 years, MacKenzie, recently announced that they are ending their marriage amicably, and though their tweeted announcement painted a picture of two best friends, intent on continuing as co-parents and partners, there’s little doubt that Bezos, the richest man in the world, will be …Read More ➡
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How Will My Medical Marijuana Card Affect Child Custody Proceedings?
Going through a divorce is challenging under the best circumstances, but when there are children involved things are always more complex, and often more contentious. Every situation has its own unique dynamics, but a relatively new issue that has been introduced to custody discussions is the question of whether or not a parent can have their custody taken away or whether their chances of getting custody can be affected by their use of medical marijuana. The state of New Jersey enacted the New Jersey Compassionate Use Medical Marijuana Act in 2010, and Pennsylvania passed a similar (though more restrictive) law …Read More ➡
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The Alimony Tax Deduction Is Gone. Now What?
If you’re in the process of negotiating or navigating divorce and you’re anticipating taking advantage of the alimony tax deduction, we have bad news for you – as of Dec. 31, 2018, that deduction will no longer be available to you. If you are anticipating being on the paying end of spousal support, not only can you no longer deduct the amount you’ll be paying, but your soon-to-be-ex has now gotten something of a windfall, as they will no longer have to report what you pay them as taxable income. If that hardly seems fair to you, you’re not alone. …Read More ➡
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What Is Considered Marriage Abandonment in Pennsylvania?
In the state of Pennsylvania, grounds for getting a divorce can be classified as either no-fault or fault. In most cases, people file for a no-fault divorce: this is the most straightforward process, and usually takes the least amount of time. However, there are some instances when a spouse refuses to consent to a divorce, is not available, or has engaged in some type of significantly negative behavior that demands that the divorce is sought on fault grounds. Marriage abandonment is one reason for an at-fault divorce. There are several different reasons why a person can seek an at-fault divorce …Read More ➡
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What Are The Components Of A Reorganization Plan In Chapter 11 Bankruptcy?
Though Chapter 11 bankruptcies are usually associated with businesses, they can also be a good answer for high net-worth individuals. In both cases, this chapter of the bankruptcy law provides the ability to hold on to assets instead of selling them off: instead of liquidation, the entity seeks approval for a reorganization process that both stops debt collection activities and provides creditors with a way of getting some or all the monies that they are owed. If you are interested in pursuing a Chapter 11 bankruptcy, it is important for you to understand all of the applicable terminology and components …Read More ➡
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What Can I Expect My Attorney To Do In A Chapter 13 Bankruptcy?
When you choose to pursue a Chapter 13 bankruptcy, you are committing to what is known as a wage earner’s plan. Unlike a Chapter 7 bankruptcy, under a Chapter 13 bankruptcy you are agreeing to pay back at least some of your debts, and in some cases all of them. The plan spells out altered terms for repayment: in some cases, your debt is lowered, in other instances the interest rate is reduced or you are given more time to pay the debt, thus allowing you to submit lower payments. Helping you create this payment plan, which must be approved …Read More ➡
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How is Pet Custody Determined in a Divorce in New Jersey?
At its most basic, a divorce is nothing but the dissolution of a contract. Where a marriage once existed, it no longer stands. There are steps that need to be followed in the process of breaking the contract: assets need to be distributed equitably, decisions need to be made about any real estate or businesses that the couple owns together, and if there are children involved then the couple will need to determine issues of custody. Every marriage is different and has different elements that represent issues that have different levels of emotional attachment. Though most people assume that there …Read More ➡
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Divorce Terminology: What is Bird-Nesting?
In attempting to arrive at child custody arrangements that create the least disruption possible, many divorcing couples are agreeing to what is known as “bird-nesting.” Bird-nesting involves having the child or children continuing to live in the family home while each parent revolves in and out of the house, much as birds depart and return to the nest where their eggs and young rest. Whatever parent has custody at a given moment lives in and manages the house, while the other parent lives in a separate dwelling: the two can either share a single “away” residence and rotate in and …Read More ➡
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What Kinds Of Medical Bills Can Be Discharged Through Bankruptcy?
Medical bills are one of the top reasons why Americans file for bankruptcy. In fact, a recent report indicated that 643,000 Americans file for medical bankruptcy each year. The good news is that medical bills are considered unsecured debt, and therefore a successful bankruptcy filing will discharge all of your unpaid medical bills. The bad news is that bankruptcy can have a significant impact on your credit rating. That doesn’t mean that it’s not the right answer, but it does mean that you should investigate your other options to determine whether bankruptcy is your best choice. Options for Medical Debt …Read More ➡
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