Archives: August 2012

Bank Foreclosure and the IRS

The Bank foreclosed on my home and sent me an IRS Form 1099. My accountant says this will cause me to owe the IRS! Can bankruptcy help? Most likely, yes. Here’s the deal: When you took out a loan to buy your house there were 2 primary documents that you...

What is a Bankruptcy Trustee?

A trustee in bankruptcy is a person assigned to administer the bankruptcy estate.  A trustee is automatically appointed in every Chapter 7 and Chapter 13 bankruptcy case.  In certain circumstances, a trustee can also be appointed in Chapter 11 cases. The bankruptcy estate is the property and related property rights...

What Are Bankruptcy Exemptions?

Filing for bankruptcy does not mean that you will lose your property. In fact, for most people, all of their assets are protected through “exemptions.” Bankruptcy exemptions are the amounts and assets that a person is allowed to hold on to when filing for bankruptcy. There are specific exemptions for your home,...