Latest on the Bankruptcy Blog

Filing a Business Chapter 7 bankruptcy for your LLC means the liquidation of the LLC’s assets to pay off creditors. Filing Chapter 7 means that the company will no longer operate. What are the advantages and disadvantages of taking such a step? Texas Bankruptcy for LLCs LLCs are not subject to the Texas exemptions for  … Read more

All too many taxpayers are familiar with the concept of back taxes. Expenses pile up and sometimes it becomes impossible to make the tax payments you know you need to. If you find yourself saddled with years of unpaid taxes and the IRS is looking to collect, you have a few options at your disposal.  … Read more

For a homeowner, facing the prospect of foreclosure can be a terrifying thing. No one wants to lose their home through any means, least of all through inability to make mortgage payments. Luckily for those in need, there are options available which can help delay or avoid sending a home into foreclosure proceedings. One option  … Read more

AMR Corp., the Fort Worth-based air carrier and the parent company of American Airlines, filed for Chapter 11 business bankruptcy in November 2011. Since then the company has posted some of its best fiscal quarters, including a net income of $220 million from April to June 2013, its first reported second quarter profit since 2007.  … Read more

Recently the IRS made a tax policy about-face when it announced in early 2013 that banks could write off tax expenses related to home foreclosure immediately in the year incurred. This results in more up front tax benefits for the foreclosing bank and has caused a stir in the community. IRS Deduction Law Favors Banks  … Read more

For many individuals struggling with back taxes, dealing with the IRS is just another daunting headache. But does it have to be that way? While working with a tax attorney will certainly help make dealing with your tax debt easier, the IRS is also trying to overcome negative stereotypes. The Fresh Start Program by the  … Read more

This week in bankruptcy news: Detroit moves full force in Chapter 9; while Harrisburg, Pennsylvania  directs their restructuring efforts outside of bankruptcy court. Read the full stories below: Judge: Detroit bankruptcy to proceed Harrisburg Sees Path to Restructuring Debts Without Bankruptcy Filing

“Forced bankruptcy” is one of the scariest terms for a business owner to hear. For many people, the largest question surrounding a business bankruptcy is whether or not creditors can force the company to take action. Unfortunately, there is no clear-cut answer to this question, as there are many intricate details when it comes to  … Read more

One of the biggest reasons individuals hesitate filing for a Dallas bankruptcy is because they’re afraid of how their credit score will be affected. Even if bankruptcy will bring much needed financial relief, many debtors are overly cautious. However, the reality is that if you’re considering bankruptcy, your credit score is likely already being damaged,  … Read more

If you’re seeking a mortgage modification to avoid foreclosure, it’s vital to understand the intricacies to enhance the probability of achieving the results you want. One of the key points of seeking a mortgage modification is to write a hardship letter to your creditors. Unfortunately, many poor habits and strategies backfire as homeowners write their  … Read more