Tag Archives: bankruptcy law

Bankruptcy and Social Media: Step Away from the Computer!

Social media has become key evidence in almost all civil and criminal cases. What many people do not know or realize that is if they are a party to a lawsuit, including a bankruptcy case, their Facebook or other accounts will likely be scrutinized by an investigator, attorneys, a trustee or creditor. A recent article in the Wall Street Journal highlighted this phenomenon regarding people bragging on social media during a bankruptcy proceeding. Although bankruptcy fraud is uncommon, many trustees and creditors do basic research about a person filing bankruptcy to look for undisclosed assets. If a person is posting pictures of themselves in nice cars, on a boat, traveling on luxurious vacations or wearing expensive jewelry, this will likely raise some eyebrows. A recent and well-publicized case involved rapper 50 Cent, who was in the middle of his bankruptcy case when he posted on Facebook pictures of himself with…
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Will Declaring Bankruptcy Discharge My Student Loans?

Washington DC Bankruptcy Attorney Discusses a Little Known Fact Most people assume that one cannot discharge a student loan debt through bankruptcy. The accepted fact is that you can get rid of most kinds of unsecured debt through bankruptcy, but student loans are one thing you can’t wipe out through bankruptcy. A careful reading of bankruptcy law reveals that this is almost always true. For those able to prove that repaying a loan would cause undue hardship, student loans can, in fact, be discharged by bankruptcy. Undue hardship is undefined in bankruptcy law, meaning that each individual court decides what it means, making it an incredibly difficult condition to meet. For starters, one must be able to prove not only an inability to repay loans now, but very little chance of being able to pay them in the future either. Most borrowers don’t even try to discharge student loans since…
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Do I Need to Report a Bankruptcy on My Taxes?

Our Maryland and Washington DC Bankruptcy Attorney Can Answer Your Questions Filing for bankruptcy can lead to a number of questions that many of those struggling with debt are unable to answer on their own. One such concern individuals filing for bankruptcy may question is whether they should include this information in their tax returns. Understanding how to file your bankruptcy on your taxes can ensure that you properly complete a Chapter 7, Chapter 13 or another type of bankruptcy, and get the opportunity to have a fresh, debt-free start. How Do I File My Taxes During Bankruptcy? In both Chapter 7 and Chapter 13 bankruptcy, your taxes will likely not significantly change. You will need to file an individual 1040 tax return with the Internal Revenue Service (IRS), just as you did in previous years. However, when you file for bankruptcy, the IRS makes your assets a taxable entity….
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