Month: June 2020

When filing for bankruptcy, one of the questions often asked is whether or not tax debt is dischargeable. The long and short of it is yes and no. Yes, some tax debt is dischargeable, as long as certain requirements are met. And no, most tax debt cannot be discharged. WHAT TYPE OF TAX DEBT IS DISCHARGEABLE? The tax debt must be income tax. If…

WHAT IS A TRUST? Very simply put, a trust is a device that allows your contemplated beneficiaries to skip the Court process of probate, as to the assets that you wish to have them receive directly. This saves time and money with respect to Court and attorney fees, and likely additional grief after your loved one passes. Assets that you…

In New Jersey, if your loved one passes without a Will, there will be no legal remedy for which to honor his or her wishes regarding their estate. However, this does not necessarily mean you are out of luck. There is a certain procedure as to how a fiduciary appointed by the Court will distribute the estate of someone who passes without…

“The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” -Will Rogers Taxes have been the talk and fascination of many politicians, comedians, actors, business people, and other individuals of every economic class and working background. For some, filing taxes reaps benefits in the form of tax refunds, while others may only feel…

The most common bankruptcy filed is that of a Chapter 7, a liquidation for individuals or businesses which is designed to eliminate all debts. In exchange, your assets are liquidated, subject to certain exemptions, which allow you to retain certain assets. Secured debt is treated differently, as bankruptcy discharges debt, not liens, except in certain circumstances. A Chapter 13 is…

The Bank Secrecy Act of 1970 (BSA) was enacted to prevent white collar crimes such as money laundering, tax evasion, or other financial crimes. The BSA requires financial institutions, such as banks, credit unions, and other depository institutions, to assist government agencies and report any suspicious practice that might indicate criminal activity. One of the most notable requirements of the BSA is to report…

For tax purposes, it is important for those who engage in frequent gambling to be able to distinguish between a professional gambler and a casual gambler. WHAT IS THE DIFFERENCE IN TAX TREATMENT BETWEEN A PROFESSIONAL GAMBLER AND A CASUAL GAMBLER? Professional gamblers can take advantage of certain tax benefits that are not available to casual gamblers and have the option…

A fraudulent transfer (previously known as a fraudulent conveyance) occurs when a debtor transfers property or assets to another person or entity for the purpose of preventing a creditor from collecting on a debt. In many cases, the telltale sign is that the property is transferred to a friend or family member for far less than what would be considered a reasonable…

Businesses can have a variety of valuable assets, including securities, real estate, costly equipment, and expensive office space. However, some of a company’s most valuable equity is in intangible assets, such as customer goodwill, client lists, and name recognition. Although these assets are often intangible, they can and should be appraised and valued during bankruptcy proceedings. INTANGIBLE ASSETS The concept of goodwill is…

Bankruptcy proceedings can be life-changing for debtors who are looking to get back on their feet, free from crushing debt. But bankruptcy proceedings are not right for everyone. In order to benefit from filing bankruptcy, debtors must be willing to live with certain hardships, at least temporarily. If you are considering filing bankruptcy, one of our experienced bankruptcy attorneys in New…