The Law Offices of Neil Crane has been providing care, solutions and guidance on debt since 1983. Call our office or submit a chat form today.
Debt reduction is the answer. An unhealthy debt-to-income ratio is essential to a solid credit score and financial health. Too much debt makes it impossible to obtain good lending rates or a balanced monthly budget.
Read more about How to Enhance your Credit Score
Chapter 13 bankruptcy is a court process that allows you to propose an affordable three- to five-year plan for mortgage solutions and reduction and repayment of any type of debt based upon your monthly ability to repay. Your repayment plan is prepared by an attorney in accordance with applicable law and your particular income and expenses. It is a customized plan that does not require the approval of your bank or your creditors. Only the correct Plan creates the correct solution.
Chapter 13 bankruptcy stops a foreclosure in any stage immediately and allows for the repayment of past-due mortgage payments over a three-to-five year period while allowing you to start making your regular monthly payments again as if no problem had occurred. It does not require the approval of your mortgage lender and will allow you to proceed even if your bank or servicing company or their attorneys don’t agree. Depending on the value of your home, it also allows for the removal of second mortgages and other liens.
During a Divorce, you have the greatest number of choices and options for debt relief. Be certain to seek experienced debt relief attorneys who can provide you with the personalized service and protection you need to regain financial stability and security. Understanding the financial problems of a divorce and the potential solutions while the divorce is still pending assures both spouses of maximizing financial success in their separate future lives.
Form 1099-C is an information return used to report canceled debt to borrowers for tax purposes. A borrower does not have income when an amount is borrowed. However, if the borrower does not pay the loan back and the bank forgives all or part of the loan, then the forgiven portion of the debt constitutes taxable income to the forgiven debtor.
While both private and government student loans are protected from elimination in Chapter 7 bankruptcy proceedings, Chapter 11 and Chapter 13 bankruptcy allows for the restructuring and consolidation of student loan debt into affordable monthly arrangements.
If you have found yourself avoiding tax obligations for any reason, it is important to realize that you have options for relief. Chapter 7, Chapter 11, Chapter 13 and other debt relief options all provide for tax debt relief in some form. In general, overdue taxes that are more than three years old can be discharged or eliminated in bankruptcy, depending on factors unique to your case. In bankruptcy, all types of taxes to federal, state and local taxing authorities are subject to modification and repayment terms. In the hands of an experienced professional, all tax problems are solvable.
“My experience was a very positive one. Dealing with Neil Crane and his staff was the best decision that I could have made. Neil has helped me get back on a solid financial path. My case was a tough one and the Neil Crane Law Firm was the best Law Firm I could have chose.
Thanks for all the help. Now I can put all my bad choices behind me and move forward in my life.”
Mark Linhard
