Baltimore Bankruptcy Lawyers talk about Tax Credit Options

Dreading the thought of having to visit Baltimore for a bankruptcy lawyer? Before you end up losing all your assets due to all the taxes you have to pay, you might want to check out these five biggest tax credits that you can claim to ease your expenses: Continue Reading »

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All about Bankruptcy Fraud

If you’re in Maryland, there are many reasons to approach a Baltimore bankruptcy lawyer and not only because you’re the one who needs to file a bankruptcy case. Sometimes, it might also be because you need the opinion and support of an expert to counter a filed bankruptcy case by a person whom you suspect or have proof to be committing bankruptcy fraud.   But what exactly is bankruptcy fraud? Well as the term suggests, bankruptcy fraud is an act committed when an individual or party filing for a bankruptcy case actively conceals or neglects to reveal all assets that they may still have. If one succeeds in a bankruptcy case, they will be “given a fresh start” and this … Continue Reading »

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Tax Evasion vs. Tax Avoidance

A lot of people may not know this, but any Baltimore bankruptcy lawyer would know the difference between tax evasion and tax avoidance. These two terms, as similar as they may sound, are actually very different from each other. But for a business owner such as yourself, the question would be: should you educate yourself on the difference between the two? Well, being that you have your own business, with taxes to file and accounts and monetary inventories to record, you definitely should. This way, you would be able to keep your business from being forcibly shut down and keep yourself from being hunted down by the IRS.  What is tax evasion? Tax evasion is the process of deliberately avoiding … Continue Reading »

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From Riches to Rags: Causes of Business Bankruptcy

When supply meets demand, sometimes the need for products or services becomes unnecessary. Businesses, thus, become locked in a saturated market where the supply is at an all-time high, but the demand is simply no longer there. They end up struggling to find a customer base for their products or services. Continue Reading »

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Refuse Jail Time: Avoiding Bankruptcy Fraud

When filing for bankruptcy, some unscrupulous individuals may try to forgo looking around Baltimore for a bankruptcy attorney and instead conceal their assets or undertake other shady tactics to avoid paying too much. If you didn’t already know, this is bankruptcy fraud and is highly frowned upon in law and business. In general, bankruptcy fraud is the act of attempting to or succeeding at cheating the court out of paying the full amount called for in the bankruptcy plan. It also involves confusing or disrupting normal bankruptcy processes so that the attorneys, creditors, and other personnel are not able to engage in fair business. According to the Legal Resource Institute at the Cornell Law Institute, 70% of bankruptcy fraud cases … Continue Reading »

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Donald Trump. Love him or hate him, the name will always be synonymous with casinos and real estate. But it was not too long ago when the current president of the United States went bankrupt. In fact, Donald Trump filed bankruptcy over six times during his career in the industry. But that did not stop the real estate tycoon from bouncing right back. One of his most famous bankruptcy stories is the Trump Taj Mahal, a casino venture that forced Trump to file for chapter 11 bankruptcy 1 year later, upon which it emerged mere weeks after filing. Continue Reading »