by Kevin Fallon McCarthy | Jul 7, 2015 | Debt Relief, Debt Settlement, Tax Implications
I’m dead. My debts are buried! Right? Nope. Dealing with the death of a close family member is a very difficult time for anyone. Dealing with their debts adds to the grief. A recent NBC news article discusses what family members should do when confronting the...
by Kevin Fallon McCarthy | Jan 30, 2015 | Avoid Bankruptcy, Debt Settlement vs. Bankruptcy, Tax Implications
Often, clients come to the office and start with a strong opinion one way or another – either they absolutely do not want to file bankruptcy or they absolutely want to file bankruptcy because they see that as their only option. What they usually do not know is that...
by Kevin Fallon McCarthy | Apr 28, 2014 | Debt Collectors, Debt Settlement, Loan Debt, Mortgage Debt, Tax Implications
After the housing collapse in 2008, many Americans were faced with foreclosure. This devastating reality became a bigger nightmare for those that held a 2nd mortgage or home equity line of credit (“HELOC”). What many of these folks did not realize is...
by Kevin Fallon McCarthy | Jan 27, 2014 | Credit Card Debt, Tax Implications
Tax season is here. As we are all looking for ways for get the biggest refund possible here’s one deduction that may help. Fees paid for debt settlement services are tax deductible starting this year, 2013. The decision came from a 2012 United States Tax...
by Kevin Fallon McCarthy | Jun 27, 2013 | Credit Card Lawsuit, Debt Collectors, Tax Implications
Recently, a Tennessee federal bankruptcy court held that when a lender sends a Form 1099-C to the debtor, it is an admission that the debt has been discharged and the lender will no longer attempt to collect on the debt. The court relied on prior cases where the...
by Kevin Fallon McCarthy | Jan 8, 2013 | Avoid Bankruptcy, Business Debt, Debt Relief, Debt Settlement, Tax Implications
With the new legislation that just passed over the holiday weekend, we avoided going over the fiscal cliff. But what does this mean for the small business owner? As this article from Fox business points out, not all will be well for small business in 2013. Although...
