What Are The Debt Limits for Chapter 13 Bankruptcy?

March 17, 2010

On April 1, 2010, the debt limits for Chapter 13 Bankruptcy automatically increase to $360,475 unsecured debt and $1,081,400 secured debt.  If you owe more undisputed, non-contingent debt in either category, under Bankruptcy Code §109(e) you do not qualify to file Chapter 13 bankruptcy.  Congress limited access to Chapter 13 bankruptcy to individual debtors with [...]

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Nine Things The IRS Says about Penalties

March 15, 2010

Many of my clients come to see me about penalties assessed against them by the IRS.  For example, if you don’t file your return on time or if you do not pay your tax by the due date you may be assessed a penalty. The following is a list of nine things the IRS wants [...]

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How do I get my Tax Refund FAST?

February 8, 2010

The quickest way to get your refund is to e-file your tax return and have your refund directly deposited to your checking and/or savings account. The IRS has certain dates on which they send direct deposits and when they mail paper checks. There is a seven day delay between the two dates which means that [...]

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Education Credits, The New American Opportunity Credit

February 8, 2010

For tax years 2009 and 2010 undergraduate students may qualify for the Hope Credit (now called the American Opportunity Credit) for four years instead of two and be eligible for a refund of this credit up to 40% of the credit. Also what qualifies as education expenses for the Hope Credit has been expanded. This [...]

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Haiti Donations and Your 2009 Tax Return

February 8, 2010

Did you know that if you make a donation for Haiti relief efforts from January 11, 2010 to March 1, 2010 you can claim the tax deduction on your individual 2009 tax return?  The IRS enacted a special relief provision on January 22, 2010 that allows you to deduct any cash donations made to a [...]

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Ten Tips From The IRS For Your 2009 Tax Return

January 10, 2010

Who says the IRS is not here to help you!  The Internal Revenue Service has a list of 10 suggestions they think will help taxpayers in the preparation and filing of their 2009 personal income tax returns.  While we agree that some of the tips are helpful, self prepared returns can be a problem if [...]

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Should I Sign A Reaffirmation Agreement?

November 6, 2009

Debtors often have property subject to a lien when they file for bankruptcy.  In order to keep the property debtors can often sign a reaffirmation agreement.  A reaffirmation agreement is a new contract between the debtor and secured lender.   The contract is the debtor’s promise to continue making future payments in exchange for the lender’s promise [...]

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Amnesty Available For Oregon Department of Revenue Audits

October 21, 2009

The Oregon Department of Revenue has put in place a temporary amnesty policy for audits from October 1, 2009  through  November 19, 2009 (the amnesty period).  This means that if your audit is ongoing, and you have not been issued a Notice of Deficiency with your audit results you may be able to participate in the amnesty program. [...]

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What is the Bankruptcy Automatic Stay?

October 17, 2009

The Automatic Stay is an Order from the Federal Bankruptcy Court requiring that all debt collection actions against a person or business that has filed for bankruptcy protection be suspended or terminated as of the date of filing.  The court ordered stay is entered automatically in all bankruptcy cases unless some limited statutory exceptions apply.  [...]

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Should I Give My Stuff Away Before Bankruptcy?

October 14, 2009

Giving grandma the car, the kids the keys to the bungalow in Hawaii or putting Uncle Joe on title to the stock certificate is never a good idea for someone considering filing for bankruptcy.  While giving stuff to family members may seem innocent enough, it is something that can come back to haunt a debtor.  [...]

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