Learn New Knowledge About Bankruptcy in Baltimore, MD

When you’re apprehensive every time the phone rings because it might be another debt collector calling, that’s a sign that you already owe more than you can handle. It’s a feeling of overwhelming debt that you might want relief from. A Baltimore foreclosure lawyer suggests making an informed decision regarding your finances with the following parameters for when debt settlement may be the best option. 1. Severe Financial Hardship If you are experiencing extreme financial difficulties, debt settlement is usually the last option. If a full payment is no longer possible due to a life-altering experience like a divorce, a serious medical emergency, or losing your job, debt settlement can lessen your stress and prevent bankruptcy. 2. Mostly…

Taxes. That’s the thing that we complain about a lot, but we know nothing of it. It explains why when we’re faced with a concern about them, the best thing to do would be to lawyer up. An expert in tax settlement services maintains that, while an accountant is enough to manage tax issues, there are cases where the knowledge of a legal expert is crucial. Here are telltale signs that you may need to speak with a tax attorney. 1. An IRS Audit Receiving notice of an audit from the Internal Revenue Service (IRS) is probably the most concerning thing for a taxpayer. Audits can become complicated, particularly if inconsistencies or mistakes are discovered. It may not…

There are a lot of myths spreading about taxes, and this often leads to confusion, especially to some people and young adults who don’t know much or are new to paying the tax. In this blog, we will tackle and discuss what these myths are and discover the truth according to professional lawyers who work in different fields of taxes, such as tax relief attorneys. Common Myths About Taxes Here are some of the common myths that are spreading about taxes and what the facts are. Rich People Don’t Pay Any Taxes in the US The first myth that this blog is going to debunk is that rich people don’t pay any taxes in the US. This myth…

Chapter 13 bankruptcy in Baltimore is a practical option for reforming one’s finances. It allows debtors to keep their assets as long as they stick to a repayment plan that lasts three to five years. The key to it all is having a bankruptcy trustee who’ll be responsible for managing the case from start to finish. The trustee in Chapter 13 cases is referred to as the "standing trustee." The said person is either a lawyer or an accountant appointed by the court to serve as an unbiased third party who can make sure the bankruptcy process complies with the law. They are not employed by the debtor or creditors. Review and Approve the Repayment Plan The Chapter…

Chapter 13 bankruptcy is like a financial reset button that not everyone can press. The ability to do so is restricted to those who fulfill certain requirements. The experts who manage chapter 13 bankruptcy in Baltimore explain that it permits debtors to devise a long-term repayment strategy. An alternative to Chapter 7 bankruptcy, the wage earner’s plan, as this Chapter 13 version is called, does not have to result in the selling of assets but instead restructures debt compensations throughout 3 to 5 years. Here are the eligibility criteria for this debt relief. 1. Regular Income It is necessary to have a steady source of income to file for Chapter 13 bankruptcy. Among the allowed sources are wages,…

When facing a complex and difficult situation or crisis such as financial hardships, the very first crucial thing you need to do is to look for a professional, experienced, and reliable tax relief attorney to help and assist you in facing one of the hardest times of your life. Trust that an expert and trusted tax lawyer has the knowledge, skills, and experience to walk with you in this complex journey of yours. Tax Relief Strategies for Individuals and Businesses Facing Financial Hardships Here are some of the tax relief strategies your bankruptcy lawyer may suggest to you when facing financial hardships. To Look for Ways to Reduce Your Adjusted Gross Income For business owners, one of the…