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March 2013 Archives

Car dealership, owner both file for Chapter 7 bankruptcy

A Cadillac dealer in the Washington, D.C., area is seeking Chapter 7 bankruptcy protection after falling on difficult financial times. Berrang Cadillac, a longtime General Motors dealership, has reported assets of just $688,131 and liabilities totaling $4.8 million. Both the dealership and the owner of the business are seeking financial protection under Chapter 7 bankruptcy provisions, according to media reports.

IRS Doesn't Forget Your Debt Forgiveness Income

Your creditors may forgive debt, but it is unlikely that the IRS will forget. Many people who have received debt relief may not know that their debt settlement counts as taxable income. As a result, they are caught unprepared when the tax man comes. Those who are looking to absolve their credit card debt through nonbankruptcy proceedings should know the ins and outs of the tax code before agreeing to a settlement.

Tips for salvaging your foreclosure

As more Americans and Washington, D.C., residents deal with the foreclosure fallout that has accompanied the recent economic recession, some people are finding small keys to success in an otherwise failing market. Many people who could have fallen victim to a foreclosure situation have avoided such problems by exercising their financial savvy. Today, we are going to share some of the secrets to avoiding mortgage crises even during tough financial times.

What to expect during your bankruptcy

If you are a Washington, D.C., resident facing financial struggles, you may have thought about filing for personal bankruptcy. Many people do not know exactly what bankruptcy is. As a result, they may rush into the proceeding without knowing what is best for their situation. Today, we are going to give you a preview of what you can expect when you first enlist the services of a bankruptcy attorney, starting with the consultation.

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