Bankruptcy FAQ

The What, Where, Who, When and Process You Need To Know Regarding BANKRUPTCY REAFFIRMATION AGREEMENTS

2023-04-26T15:38:42+00:00April 26th, 2023|

Considering or have filed a Chapter 13 Bankruptcy case?  Ignore This Educational Bankruptcy Post -- Are you a Chapter 7 filer with secured property that you would like to keep? This post is for you. For those of you that filed a Chapter 7 and have a security interest in property -- you may hear [...]

April 1, 2023 Median Income Levels for KS and MO Bankruptcy Filers UPDATE

2023-04-12T16:22:10+00:00April 12th, 2023|

April 1, 2023 Median Income Levels for Kansas and Missouri Bankruptcy Filers The Means Test looks at your Median Income to determine for which Chapter of Bankruptcy you qualify: Chapter 7 or Chapter 13 Most individual debtors filing for bankruptcy relief are required to complete a version of Bankruptcy Form 122. On April 1, 2023, [...]

Why Am I Getting A 1099 After Filing For Bankruptcy?

2023-03-29T18:24:03+00:00March 29th, 2023|

Why Did I Get A 1099 Post-Discharge? I filed a Chapter 7 / Chapter 13 Bankruptcy – Why am I receiving a: 1099-A vs 1099-C Cancelation of Debt When a creditor writes off your debt, it means the lender has written the account off as a loss and the account is closed to future charges. [...]

November 1, 2022 Median Income Levels for Kansas and Missouri Bankruptcy Filers

2022-10-25T17:59:46+00:00October 26th, 2022|

November 1, 2022 Median Income Levels for Kansas and Missouri Bankruptcy Filers The Means Test looks at your Median Income to determine for which Chapter of Bankruptcy you qualify: Chapter 7 or Chapter 13 In pre-COVID fashion, on November 1, 2022, the Median Income Levels will change once again. Typically, Median Income Levels are adjusted [...]

Top 5 Reason People File Bankruptcy

2023-01-24T22:54:22+00:00September 21st, 2022|

Bankruptcy Considered -- Why do people file bankruptcy? Top 5 Reasons Revealed: In several studies over the years as to why people file bankruptcy, five major reasons tend to be named repeatedly: Loss of Income This is not surprising. When paychecks stop, financial troubles start. In addition, it can mean a loss of health insurance, [...]

IRS provides penalty relief for certain 2019 and 2020 tax returns

2022-09-02T15:42:38+00:00September 2nd, 2022|

IRS provides penalty relief for certain 2019 and 2020 tax returns: To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service (IRS) issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is working diligently to identify Chapter 7N, 7A, [...]

Chapter 7, Chapter 13, Chapter 20 — Bankruptcy Options Are Available

2023-01-24T22:54:23+00:00June 15th, 2022|

Bankruptcy - A Chapter 7? A Chapter 13? A Chapter 20? As a consumer, what Chapter of Bankruptcy is right for you? Options are available. Chapter 7 Bankruptcy: A Chapter 7 Bankruptcy involves the collection and liquidation of non-exempt assets. The proceeds of the non-exempt assets are distributed to your unsecured creditors. A Trustee will [...]

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