| Read Time: 2 minutes | Debt

Tax Consequences for Debt Forgiveness

If 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...

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| Read Time: 3 minutes | Bankruptcy

Advantages to Filing Bankruptcy in Hawaii: Is it the Right Option?

Bankruptcy 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...

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| Read Time: < 1 minute | Debt Settlement

Is Debt Negotiation a Good Option for Me?

What Are the Benefits of Debt Negotiation? Debt negotiation can be an attractive alternative for debtors that do not want to declare bankruptcy. Some of the advantages compared to bankruptcy include: Unlike bankruptcy, it does not require a court filing or financial counseling. You can pick or choose the debts that will be included. A debt negotiator can alter payment...

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| Read Time: 2 minutes | Bankruptcy

What Happens to My Credit Score After I File Bankruptcy

Filing bankruptcy is typically a last resort action for most people. It is a process in which individuals eliminate different types of debt they might have. Deciding to file for bankruptcy is a life-altering decision— one of the main reasons why is the lowering of one’s credit score. Consumers usually file one of two chapters of bankruptcy, while others...

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| Read Time: 2 minutes | Debt Settlement

Debt Settlement Firms from the Mainland, like National Debt Relief, are Operating Illegally in Hawaii

In 1967, the Hawaii State Legislature made “for-profit” debt settlement illegal in Hawaii. The legislature explained that prohibition is the only feasible way to control the abuses of debt settlors. A usual sequence of events is that either the creditors or some of them, fail to accept the plan or the debtor finds it impossible to live with; and...

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| Read Time: 2 minutes | Bankruptcy

Bankruptcy and Back Taxes

Have you found yourself in a situation where you owe unpaid income taxes to the IRS? Is the IRS using aggressive efforts to collect back taxes from you? If you are stressed and feeling overwhelmed because you have substantial tax debt, then filing for Chapter 7 bankruptcy might be the solution to put a stop to IRS collection actions. When the...

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| Read Time: 2 minutes | Bankruptcy

Can Filing for Bankruptcy Get Rid of Back Taxes

Although bankruptcy can eliminate a substantial portion of your overall debt, you need to be cautious if you want to use it to get rid of your tax debt. If you owe back taxes and file for Chapter 7 bankruptcy, the tax debt likely won’t be wiped out, and you will still need to pay what you owe after the...

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| Read Time: 2 minutes | Debt Settlement

How Debt Settlement Can Help You Take Control of Credit Card Debt

Are you struggling to pay off your credit card debt? Are you feeling overwhelmed because of the penalties and extra interest charges that are assessed when you’re late on credit card payments? If so, then debt settlement might be the right option to help get your finances back on track. What Is Debt Settlement? At Blake Goodman, PC, Bankruptcy...

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| Read Time: 3 minutes | Bankruptcy

Will Filing for Bankruptcy Stop Foreclosure On My Home?

Although many hardworking people fall behind on their mortgage payments, most lenders aren’t willing to work out deals with homeowners to pay off what they owe. If you are facing foreclosure on your home and feel like you are all out of options, then filing for bankruptcy might be the solution to save your home and help you get on track...

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| Read Time: < 1 minute | Firm News

Introducing Blake Goodman, PC, Bankruptcy and Debt Settlement Attorneys

The Law Offices of Blake Goodman PC recently changed their firm’s name to Blake Goodman, PC, Bankruptcy and Debt Settlement Attorneys. We are excited to announce that the Law Offices of Blake Goodman PC has officially changed the name of our full-service law firm to Blake Goodman, PC, Bankruptcy and Debt Settlement Attorneys. In changing our firm’s name, we...

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