Bankruptcy does not respect age, social status, fame, or circumstance: It can happen to anyone. Even multi-million dollar companies can find themselves on hard financial times, with no other option than to file for bankruptcy. Don’t believe us? In this video, Illinois Representative Kinzinger discusses Ener1, a successful alternative energy company that filed for bankruptcy on January 26, 2012. 

http://www.youtube.com/v/4W3YG2Vm_sc?hl=en&fs=1

As you can see from this video, bankruptcy is very common in today’s day and age. If a multi-million dollar company can file for financial protection, why can’t you? The answer is that you can and that you should. To discuss your options with an experienced bankruptcy attorney, contact Cutler & Associates, Ltd. by dialing (847) 849-1834. For over 20 years, Cutler & Associates has been helping people in the greater Chicagoland area with quality legal services. 

More from Chicago Bankruptcy Lawyers - Illinois Bankruptcy: Cutler & Associates, Ltd ---- Call Us Today!: Filing for Bankruptcy, Bankruptcy in Illinois , Cutler and Associates, Illinois Bankruptcy

Claiming bankruptcy forces many taxpayers to learn about the associated tax implications. In other words, you need to be extremely careful when filing your income taxes to avoid the penalties and consequences of misfiling. For example, did you know that the IRS can actually dismiss your bankruptcy case if you fail to file any of the required tax forms? 

To help you avoid making any mistakes while filing your income taxes, here are a few tips from the bankruptcy attorneys here at Cutler & Associates:

• Contact the IRS to determine what remaining tax liability you have after your bankruptcy filing. Although you likely did this before you filed for bankruptcy, your owed back taxes could have increased between the time you filed and now.

• Although the cancellation of debt is a taxable event, taxpayers claiming bankruptcy may avoid claiming the canceled amount of debt as income by checking box 1a on IRS Form 982 and placing the total amount of canceled debt shown on IRS Form 1099 under line 2 of Form 982.  

• Because filing for bankruptcy creates a bankruptcy estate, the IRS requires that an estate producing any income become taxable entities. Individuals with income-producing bankruptcy estates are required to file a Form 1041 tax return. This form is filed separately from your individual income tax return.  

If you are planning on filing your own income taxes this year, be sure to contact the experienced bankruptcy attorneys here at Cutler & Associates, Ltd. before you do. As one of the premier bankruptcy law firms in Illinois, Cutler & Associates, Ltd. will protect you from the IRS for any mistakes made on your filings. For more information, contact us online or dial (847) 849-1834.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

More from Chicago Bankruptcy Lawyers - Illinois Bankruptcy: Cutler & Associates, Ltd ---- Call Us Today!: Claiming Bankruptcy , Filing Your Income Taxes, Bankruptcy in Illinois , Cutler and Associates, Illinois Bankruptcy , Illinois Bankrtuptcy

Depending on your financial situation, bankruptcy may be the best option for you and your family. However, that doesn’t mean bankruptcy isn’t confusing. Take a look at the following resources to get more information:

• The key benefit of bankruptcy is the discharge of your debts. To learn more about the advantages of bankruptcy, head over to NACBA.org.
• To learn how canceled debts affect your taxes, take a look at this publication from the Internal Revenue Service.
• Visit MakingHomeAffordable.org to learn more about the Home Affordable Modification Program.
• For more information about the different programs available to help you avoid foreclosure, visit HUD.gov.  
• Visit USCourts.gov to learn more about the different types of bankruptcy you can file for.

For more information, contact the Illinois bankruptcy law firm Cutler & Associates, Ltd. at (847) 849-1834. We are happy to help you find an acceptable solution to your situation. We are dedicated to helping our clients get through this difficult process. 

More from Chicago Bankruptcy Lawyers - Illinois Bankruptcy: Cutler & Associates, Ltd ---- Call Us Today!: Benefits of Bankruptcy , Illinois Bankrtupcy , Bankruptcy in Illinois , Cutler and Associates, Illinois Bankruptcy , Stop Foreclosure Illinois

Its tax season, and that means more and more people are starting to receive a tax refund. But unless your tax return is large enough to pay off all of your debt, don’t waste a single penny of your tax money trying to pay back your creditors. Even if you’re facing bankruptcy, it’s better to set aside your tax money rather than waste it all trying to pay off a small portion of your debt. Here are a few smart things you can do with your tax return: 

• Build Your Emergency Savings – If you don’t have at least a month’s worth of expenses in your emergency fund, you should put most of your tax return into savings. This emergency savings fund will allow you to cover any expenses that arise in case of an emergency, such as being laid off from work or facing unexpected medical bills.

• Save For Retirement – If you have several months’ worth of living expenses saved up and you want to strengthen your financial position even further, consider putting your tax refund into a Roth IRA. This individual retirement plan bears many similarities to a Traditional IRA, but distributions are tax free.   

• Start a College Savings Fund – The earlier you start saving for your children’s tuition bills, the less you will need to save. Why? Because compound interest will do much of the work for you. You may want to look into a Coverdell Education Savings Account, a tax-deferred savings account that will help accelerate your savings and reach your goal in less time.  

If you’re worried about bankruptcy, you may think you need to spend all of your hard-earned tax money paying off your debts. However, one phone call to Illinois bankruptcy lawyers Cutler & Associates, Ltd. is all it takes to get the IRS off your back. If you want to stop the collection calls and notices once and for all, contact the professional bankruptcy attorneys here at Cutler & Associates by calling (847) 849-1834.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

More from Chicago Bankruptcy Lawyers - Illinois Bankruptcy: Cutler & Associates, Ltd ---- Call Us Today!: Bankruptcy in Illinois , Saving Your Tax Return, Cutler and Associates, Illinois Bankruptcy , How to Use Your Tax Return

The rapidly declining economy, job losses, and rising medical costs are just a few of the reasons why people may file for bankruptcy as a way to make a fresh start. However, most people who file for bankruptcy don’t realize that their case may be dismissed if they don’t follow the rules and guidelines established by the IRS. 

http://www.youtube.com/v/B9U_c6E00Vc?hl=en&fs=1

For example, did you know that the IRS can have your bankruptcy case dismissed if you fail to file any tax return required for the bankruptcy? To learn more about how to stay eligible for bankruptcy and how bankruptcy affects your federal tax debt, take a look at this video from TurboTax.com.

If the IRS is moving to dismiss your bankruptcy case for not filing a tax return, don’t hesitate to contact the experienced bankruptcy attorneys here at Cutler & Associates, Ltd. We can help evaluate your current situation and provide the legal representation you need to get the IRS off your back. To schedule your free consultation, contact our Illinois office at (847) 849-1834. 

More from Chicago Bankruptcy Lawyers - Illinois Bankruptcy: Cutler & Associates, Ltd ---- Call Us Today!: Filing for Bankruptcy, Tax Tips for Bankruptcy, Bankruptcy in Illinois , Illinois Bankruptcy , Stop Foreclosure Illinois

While protecting the United States during times of war, some servicemen and servicewomen may find it difficult to meet certain financial obligations at home, such as rent or mortgage payments. Fortunately, the Service Members Civilian Relief Act (SCRA) ensures that service members do not suffer the added burden of worrying about foreclosure while they are protecting our country.

Below are some of the financial protections that the SCRA provides for service members and their families: 

• Protection Against Default Judgments – SCRA establishes a number of procedures that must be followed in all civil proceedings in order to protect service members against the entry of default judgments. For example, if a judgment is entered against the defendant while he or she is in military service, the judgment may be re-opened by the court and the defendant may then provide a defense.

• Stay of Proceedings – If a service member has received notice of a proceeding, he or she may ask the court to stay the proceedings. In order for a stay to be granted, a service member must inform the court that his or her current military duty requirements materially affect his or her ability to appear in court.

• Judgments, Attachments, and Garnishments – Upon receiving an application, the court must stay the execution of any judgment entered against a service member and vacate or stay any attachment or garnishment of the service member’s property or assets. The stay of execution of a foreclosure, for example, may be ordered for the length of the service member’s military service, plus 90 days after discharge from the service.  

If you are an active service member and facing foreclosure, Cutler & Associates, Ltd. can help protect your rights under SCRA. To speak with one of our experienced foreclosure attorneys about your rights, contact us online or dial (847) 849-1834. With offices across Illinois, Cutler & Associates is the bankruptcy and foreclosure law firm you can trust.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. 

More from Chicago Bankruptcy Lawyers - Illinois Bankruptcy: Cutler & Associates, Ltd ---- Call Us Today!: Protecting Military Against Foreclosure, Service members Civilian Relief Act, Cutler and Associates, SCRA , Foreclosure Attorney Illinois