Unemployment compensation is considered income, and is taxed the same way as other income, both by the federal government and by the state. There is currently only one exception to taxation of unemployment benefits.
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With the COVID-19 pandemic continuing to drag down the economy and creating financial hardships for individuals and small businesses, it is likely that bankruptcy will become an important tool for overcoming the financial effects of the pandemic in 2021. Several recent changes to the bankruptcy laws provide important new options and benefits for those individuals […]
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Determining whether bankruptcy is the right option for dealing with your financial difficulties is the very first step. Every person’s situation will be slightly different, but in general there are several circumstances that suggest that bankruptcy would be beneficial.
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How is bankruptcy going to help me deal with the change in financial circumstances? This is a question that must always be asked before filing for bankruptcy.
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There is a common misconception that a person filing for bankruptcy will lose everything he or she has. That is not true. Both the bankruptcy law and state law provide a set of “exemptions” that can be used to protect many common assets. See our article on Assets You Can Keep in Bankruptcy. But there […]
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Bankruptcy is designed to give individuals and businesses a fresh financial start. However, another purpose of bankruptcy is to ensure that the creditors are treated fairly. Therefore, the Bankruptcy Code gives the creditors a right to participate in the bankruptcy. Most debtors who are represented by a bankruptcy lawyer will never have to personally deal […]
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In a recent year, more than 477,000 consumers and businesses filed for Chapter 7 bankruptcy in United States Bankruptcy Courts across the country. This type of bankruptcy is faster than Chapter 13, so consumers can move forward with a clean slate much sooner. However, bankruptcy law prohibits just anyone from filing a Chapter 7 case […]
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When you make the decision to file bankruptcy, it is important that you understand how the process generally works. One of the first questions we hear is, how long will the bankruptcy case take to be resolved? It is understandable to want to know how soon you might receive a discharge of your debts and […]
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United States bankruptcy law isn’t designed to leave petitioners in a worse position than when they sought relief. This would only perpetuate further financial struggles and bankruptcy. Instead, filing for bankruptcy is often the first step in achieving financial freedom. Only one type of bankruptcy, Chapter 7, actually forces the liquidation and distribution of your […]
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For those who have fallen behind on their mortgage payments as a result of the coronavirus pandemic, the CARES Act passed by Congress in March 2020 may offer you protection. The protections and scope of this law are explained below: What mortgages are covered under the CARES Act? In order to be covered under this […]
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