Blog Posts in March, 2013

Chapter 7 and 13 Bankruptcy Considerations for Florida Filers

Bankruptcy can provide relief to individuals buried in all sorts of debt, including consumer loans, mortgages and car loans. Since these debts are dealt with differently, depending on what type of bankruptcy for which a filer is eligible, filers should carefully review their debt situation with a lawyer. The Difference Between Secured and Unsecured Debt There are two different types of debt: ...

Florida Bankruptcies Remain High as Foreclosure Challenges Continue

After a record number of bankruptcy filings in 2010, the numbers were down somewhat for the first three months of 2011 in the Middle District of Florida. The Middle District includes 35 of Florida's 67 counties, including Jacksonville, Tampa, and Orlando. While the number of filings was reduced by almost 16 percent, the total number of bankruptcies filed was still high, at 13,596. Bankruptcy as an ...

Tax Implications of Debt Forgiveness

The prospect of a creditor forgiving a portion of debt may seem like cause for celebration for the debtor. Unfortunately, the IRS may also celebrate. Such forms of relief are viewed by the IRS as extra income to the debtor. As a result, tax consequences often apply. Most commonly, the IRS deals with debt relief tied to credit card debt cancellation and mortgage modifications. Credit Card Debt If a ...