2 Years to 720 Credit Score After Filing For Bankruptcy Filing for bankruptcy can be a challenging decision, but it can also be a fresh start. However, it’s crucial to comprehend how bankruptcy will impact your credit score. This is where our Honolulu bankruptcy attorneys at Blake Goodman, P.C. can help you understand the nuances. One question we hear from our...
Continue ReadingIf you’re under financial stress and have outstanding debt, the thought of losing a portion of your paycheck may seem unbearable. What is wage garnishment? Wage garnishment is when a court orders your employer to retain a specific amount of your paycheck to satisfy a debt. Keep reading to learn more about the wage garnishment definition and what legal...
Continue ReadingWhat to Expect at a Consultation with a Maui Bankruptcy Attorney Before your attorney can advise you on debt relief options, they need to know about your financial situation. The bankruptcy consultation gives you the chance to share your financial information and explain what led you to seek bankruptcy. A consultation also lets you meet with a Maui bankruptcy...
Continue ReadingOnce you file your bankruptcy petition, the court will appoint a trustee to manage your case. The trustee schedules and presides over the 341 meeting of creditors. It is called a “341 meeting” because Section 341 of the Bankruptcy Code requires the trustee to hold the meeting. During the bankruptcy 341 meeting, the trustee will verify the information in...
Continue ReadingTaxes are not always simple to understand. However, the IRS still expects each taxpayer to know their tax obligations and pay the accurate amounts. For some, that does not happen. Fortunately, the IRS allows for tax debt resolutions as the last resort for taxpayers before it takes severe action, such as garnishing wages. Below, we define IRS tax resolutions...
Continue ReadingWhen you file bankruptcy, the United States trustee assigns a private trustee to monitor the case and manage any assets. The trustee works to prevent fraud and ensures creditors are paid fairly according to the Bankruptcy Code. As a debtor in bankruptcy, you will encounter the trustee during the 341 meeting of creditors and when providing assets or payments...
Continue ReadingChapter 13 bankruptcy is called a “wage earner’s plan” because it requires you to pledge your income toward repayment over the life of the plan. Once you complete all payments under the plan, you’ll receive a discharge of most of your outstanding debts. It’s crucial that you discuss your proposed plan with an experienced attorney before filing for bankruptcy...
Continue ReadingChapter 7 offers a fresh start, but can you secure new credit with reasonable interest rates after bankruptcy? How long it takes to recover from bankruptcies depends on your credit score before bankruptcy and what you do afterward. At Blake Goodman, PC, Attorney, we guide every client through the steps to restore their credit quickly with our 720 Credit...
Continue ReadingIf your debt has been forgiven, you may be wondering if or how it impacts your tax obligations. The IRS considers any cancellation of debt as ordinary, taxable income. Although forgiveness of debt on a Form 1099 comes with tax consequences, there are some exceptions and exclusions. Today, we will take a look at debt forgiveness income and its...
Continue ReadingBankruptcy is a powerful tool for improving your spot in life. If you’re struggling to pay your bills, exhausting your savings, and dodging collection calls day and night, you might have options. For the right individual, there can be several advantages to filing bankruptcy in Hawaii. This can help eliminate the amount you owe and give you a fresh...
Continue Reading