Michael H. Raichelson Bankruptcy Law Blog

Why Declare a Chapter 7 Bankruptcy? Turn a Tax Killer Into a Tax Saver!

Friday, June 12, 2009 by Michael H. Raichelson

Should I file a Chapter 7 bankruptcy?  According to Los Angeles Chapter 7 Bankruptcy Attorney Michael H. Raichelson, that is the question most often asked by his clients. The answer depends on your assets, age, earning capacity, current earnings, physical health, and emotional well-being.... Read More
Posted at 13:12 PM  |  PERMALINK
Topic: Bankruptcy

Do not be mislead - Bankruptcy is still an option even if you earn above your state's median income

Friday, June 5, 2009 by Michael H. Raichelson

According to Los Angeles Bankruptcy Lawyer Michael H. Raichelson, even if you think you earn too much to file a Chapter 7 bankruptcy, you may be mistaken.  Just because you earn above your state’s median income does not mean that you cannot qualify for a Chapter 7 bankruptcy. ... Read More
Posted at 13:23 PM  |  PERMALINK
Topic: Bankruptcy

Buyer Beware! Debt Consolidation Companies May Be Leading You Towards an Income Tax Trap

Wednesday, May 20, 2009 by Michael H. Raichelson

According to Los Angeles Bankruptcy Lawyer Michael H. Raichelson, if you owe a debt to someone else and they cancel, reduce or forgive that debt, the canceled amount may be taxable.  If you borrow money and the lender later cancels, reduces or forgives that loan, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances.... Read More
Posted at 11:32 AM  |  PERMALINK
Topic: Bankruptcy
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