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February 2016 Archives

Do I need to report my foreclosure in my 2015 tax filing?

Tax time is here and if your home has been foreclosed on in the last year, you may be wondering if you need to report it to the Internal Revenue Service. According to the agency itself, that answer depends on how much your reportable gain amounted to and what your cancellation of debt income is.

How much will I have to pay in a chapter 13 bankruptcy?

Many people in Washington, D.C., opt to file for a chapter 13 bankruptcy because it enables you to develop a play to pay off your debts. Before filing, you may be concerned about just how much your payments will have to be. Each chapter 13 filing will look different, because it takes into account your income, the length of your payment plan and the value of your assets.

Tips for improving financial health in Washington, D.C.

The 2012 Financial Literacy survey reveals some upsetting information regarding Americans’ knowledge about their own monetary wellbeing. For example, just a little more than two in five people develop a budget and keep an eye on their expenses. Additionally, more than 77 million people in Washington, D.C., and across the country fail to pay their bills on time.

Understanding a no-asset bankruptcy

Filing for bankruptcy is not an easy decision, though for many people in Washington, D.C., it may be the only option. At the Ammerman & Goldberg “Bankruptcy” Law Office, we help people file for personal bankruptcy on a regular basis. Many of these are considered no-asset cases. If you fall into that category, you should have a basic understanding of what that process will look like.

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