Tax Debt

How Bankruptcy Affects Your Taxes

You’re at a place where your debts are starting to pile up, and there’s no end in sight. That can feel really overwhelming, and tackling the issue can seem daunting. That’s why bankruptcy exists, and there’s no shame in taking control of your financial wellbeing and charting a clear path forward.
That said, it isn’t always easy. And there are plenty of moving parts...

Budgeting After Bankruptcy

Whether you’ve been through chapter 7 or chapter 13 bankruptcy in Ohio, coming out of the other end of the process can feel grim. Sure, you’re out from under the heavy weight of debt, but where to go from here? How can you begin a path toward credit recovery and establish a positive relationship with money moving forward? At Hausen Law, Ohio bankruptcy attorney James Hausen and his experienced...

Bankruptcy Questions Answered: Will I Be Able To Keep My Retirement Account By Filing Bankruptcy?

If you find yourself in a position where a chapter 7 or chapter 13 bankruptcy seems like the best path forward, you’ll naturally have questions. You could be wondering about the pros and cons of filing, and how employment opportunities may be affected. For those who have a retirement plan set up with their employer, you could be concerned that creditors may gain access to your hard-earned retirement...

What Are the Benefits of Chapter 11 Bankruptcy?

Whether your business is a large corporation or a smaller enterprise, chapter 11 bankruptcy could be a beneficial move to keep it alive during an economic crisis. There’s a lot to know, but here we will focus on how a chapter 11 filing can help your business recover.
Why File for Chapter 11 Bankruptcy?
If your business is struggling under the weight of debt and it isn’t a sole proprietorship,...

How Much Debt Do You Need to Have to File Bankruptcy in Ohio?

This is a common question we hear from clients who are curious about Ohio bankruptcy laws. The simplest answer to this question is that there is no minimum debt required for bankruptcy in Ohio. Instead, whether or not you qualify for bankruptcy will depend on your individual situation. In addition to your debt load, there are other important factors to consider.
These include your:
Types of debts...

What Happens If You Owe Taxes and Are Unable to Pay Them?

Tax time is never the most pleasurable part of spring, this is especially true for those who owe the IRS. This time can be even more appalling if you’re unable to afford the entire amount you owe. In fact, the IRS can assess a late payment penalty, or add interest on the balance due. Unfortunately, when this occurs, you’re left paying much more than originally stated. Continue reading to...

What Bankruptcy is Able and Unable to Do

While bankruptcy can eliminate some types of debt, not all types of debt are eliminated. Prior to filing for bankruptcy, be sure to know which debts are forgiven and which ones are not. Through chapter 7 bankruptcy and chapter 13, your credit card debt is forgiven for the most part. However, other types of debt, including alimony, child support, secured debts, student loans, and most tax debts may...

How Does Filing Bankruptcy Help Me With Tax Debt?

It is tax season again as I mentioned in the last blog on January 8, 2015. In the previous blog, I spoke about filing for bankruptcy to help correct the amount of taxes you owe because you disagree with the IRS or any other taxing authorities.
But what if you are in a position where you have a tax debt and you do not know what to do? What if the IRS has already filed a lien on your home and personal...

How Can Filing Bankruptcy Help You to Correct Your Tax Liability?

It is a new year. The holiday season is over. So guess what is next? TAX SEASON! It is that time of year to start thinking about getting your paperwork together and filing your taxes. But what if you have not filed your taxes for a few years? Well, if you don't file any taxes, then the IRS will file one for you. This is known as a substitute tax return.
This substitute return takes the place of an...

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