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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Tax Liability: Offers in Compromise

Many individuals have significant tax liabilities that they cannot afford to repay.  Tax liability can arise from not having enough tax withheld from your paycheck, withdrawing monies from retirements, bad investments, filing a return incorrectly and later having it audited, or failing to pay quarterly estimated business taxes.  This list is not exhaustive and there are numerous other instances that can result in owing money to a taxing authority, including the Internal Revenue Service (“IRS”) and State of New Jersey Division of Taxation. 

Tax liability is defined as the total amount the taxpayer owes, including taxes, penalties, interest, additions to tax, and additional amounts required by law.  This article will deal with reducing tax liability with the IRS through a process called “offer in compromise” (“OIC”).

Helpful Bankruptcy Terms You Should Know

Filing for bankruptcy is not a process that should be taken lightly. And to make sure you fully understand what you’ll be getting into, it is important that you take the time to go over some of the most common terms associated with both Chapter 7 and Chapter 13 bankruptcy. While the help of an experienced New Jersey bankruptcy attorney will certainly make some of the more confusing areas of bankruptcy law a bit easier to grasp, educating yourself is always in your best interest.

Are Property Settlement Agreements Discharged in Bankruptcy?

If you have gone through a divorce, are going through one or are even contemplating divorce, then you know it can often be a confusing and challenging process. Many questions can arise with respect to the equitable distribution of assets and liabilities.

As many already know, the division of assets and liabilities are set forth in a Property Settlement Agreement which is voluntarily entered into by both parties. As part of a Property Settlement Agreement, for example, an ex-spouse may have to provide a period of alimony support to the other spouse or has agreed to incur the marital credit card debt.

However, because divorce is in fact a disruptive process, many spouses can end up in debt over their heads and do not have the money to cover their support and/or debt obligations. Therefore, the question becomes: Can an ex-spouse file for Bankruptcy and discharge these debts agreed upon in the Property Settlement Agreement?

How are Trusts Treated in New Jersey Bankruptcy?

Finances are a complex business. From the time that youngsters attempt to figure out how to open their first lemonade stands to the point at which older persons are compelled to create estate plans, the ins and outs of financial success and security are often both confusing and challenging. Therefore, it does not come as a surprise to many that filing for bankruptcy can be a tricky business.

Decisions You'll Make Before and After Filing Bankruptcy

Deciding to file bankruptcy is a big decision in itself, but the decision-making does not stop there. Timing and how you should submit your petition require a great deal of attention and consideration. Even after you file bankruptcy, you will need to make some significant decisions that will likely affect your financial future. Allowing yourself plenty of time to make these decisions by addressing them before you file and having good advice will help you in this process.

3 Common Types of Debts that Don't Go Away in Bankruptcy

Bankruptcy does not always wipe the slate clean.  Some type of debts do not get discharged in a bankruptcy. This blog will explore three of the most common types of claims that do not go away. A creditor cannot merely assert that the debt owed to it is non-dischargeable; rather, the creditor must commence a formal litigation to establish that a debt cannot be discharged. The creditor must be able to demonstrate that its claim falls into a specific statutory provision within 11 U.S.C. § 523.  Only then will the claim be determined to be non-dischargeable. The statutory provisions are construed strictly against the creditor and in favor of debtors.

Non-Financial Consequences of Credit Card Debt

It is very common for residents in New Jersey and elsewhere in the nation to use a credit card. Moreover, it is also common for consumers to have multiple credit cards with a balance on them. While it can be relatively harmless to use credit cards for major purchases, some bad spending habits could lead to very difficult financial challenges.

While the financial issues related to credit card debt are known and obvious, there are other non-financial consequences of credit card debt that many do not consider. Here are five major ways credit card debt could be harmful to consumers in non-financial ways.

Retaining Counsel or Other Professionals in New Jersey Bankruptcy

It is not uncommon for an individual to need the help of multiple attorneys at the same time.  Many individuals who are involved in a bankruptcy case are also involved in other litigation, which may include: personal injury, contract disputes, and marital/child support lawsuits.  In addition, business debtors usually have a Certified Public Accountant or some other professional bookkeeper who manages the accounts and records for the business.  The hiring of these professionals are subject to Bankruptcy Court approval.

What to Do After You Decide to File for Bankruptcy

In many instances, the decision to file for bankruptcy is one of the most difficult decisions that you will ponder in your life. Once you have made the decision to file for bankruptcy, you will need to adjust your life accordingly. This blog will explore some examples of typical financial considerations that must be taken into account prior to filing for bankruptcy.

How Can Consumers Budget After Filing for Bankruptcy?

Dealing with financial problems is never easy for individuals in New Jersey or elsewhere in the nation. In most cases, individuals and families are able to initiate a debt relief option in order to address and sometimes alleviate their debt problems. But going back to everyday life after filing for bankruptcy can be difficult for some. Consumers fear that they might end up in the same situation they were in before bankruptcy, causing them to land them right back into debt problems.

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