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July 2013 Archives

What effect will filing for bankruptcy have on your taxes?

As many Seattle residents may imagine, filing for bankruptcy has a wide-ranging effect on an individual's life. Your assets and financial dealings will all be scrutinized as your filing moves through the courts, which will determine which debt can be discharged and which debt can't. Some of your assets may be liquidated; others will be protected from the liquidation process. It may sound nightmarish; and in some ways, it is.

Filing for bankruptcy does not mean your 401(k) will disappear

Many Seattle residents may be under the impression that, if they were to file for bankruptcy, many of their assets would be liquidated or lost through the process. In some cases, this is true; but every bankruptcy is unique, and there are few guarantees about what will or won't be lost in a Chapter 7 bankruptcy filing.

Bankruptcy can stop foreclosure, but so can good math skills

Many Seattle residents will want to hear about a new foreclosure study performed by Princeton University researchers. They interviewed 300 people -- all of which obtained a subprime mortgage in 2006 or 2007 -- garnering some background information about their financial situation. Then, they gave them a math test that consisted of five questions. The questions dealt with some basic math principles, but they mostly centered on percentages.

Will IRA funds be kept out of creditor reach during bankruptcy?

When a consumer files for bankruptcy protection, a trustee is assigned to their case to essentially organize all of the creditor claims and determine what assets could be liquidated or how much the consumer can pay towards satisfying the debts. All assets and liabilities are considered in the process, but it does not mean that a creditor can reach every single asset. 

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