Law Office of Jeffrey K. Greenwell, PLLC

09/10/2024

Five pre-bankruptcy steps to help you when navigating tax debt problems.

You can take appropriate action using the bankruptcy rules to navigate your tax debt problems before filing for bankruptcy, so when you do, you have a better chance to discharge (get rid of) your tax debt. To read more about it, please visit us at:
https://greenwelllawoffice.com/tax-debts/navigating-tax-debt-the-role-of-pre-bankruptcy-planning/

03/20/2024

Cramdowns in bankruptcy are usually associated with vehicle collateral and debts, and the cramdown option for non-vehicle collateral and debts is often overlooked. You can cram down debts secured by purchased furniture, appliances, or almost anything else you buy. The rules for non-vehicle collateral are similar to those for vehicles. But the timing is different. You can read the article below to learn more about this bankruptcy gem.
https://greenwelllawoffice.com/secured-debts/timing-of-non-vehicle-collateral-cramdown/

03/04/2024

Bankruptcy protects people from the commencement and continuation of collection activities, but that protection may be short-lived if a creditor requests relief from the automatic stay through the bankruptcy court. https://greenwelllawoffice.com/automatic-stay/a-creditor-requests-reilef-from-the-automatic-stay/

09/14/2023

Crucial Question: When Can I File Another Bankruptcy? Read our latest blog post to determine when you can. https://greenwelllawoffice.com/bankruptcy/crucial-question-if-i-filed-a-bankruptcy-once-before-but-am-now-again-in-serious-financial-trouble-can-i-file-again/

08/24/2023

Chapter 13 Can Buy You Time To Sell Your Home

Chapter 13 enables you to use the pandemic's mortgage payment forbearance process and sell your home if and when you're ready to do so.

08/17/2023

What do you do and not do if you owe income taxes or have ongoing tax liabilities? Our latest blog post will provide an understanding of where to begin.
https://greenwelllawoffice.com/income-taxes/if-you-owe-income-taxes/

07/18/2023

The phrase medical bankruptcy is thrown around a lot, but legally there is no such thing. The designated types of bankruptcy are labeled according to their Chapters in the U.S. Bankruptcy Code. Chapter 7, the so-called “straight bankruptcy,” and Chapter 13 “adjustment of debts,” are the most common forms of personal bankruptcy. Both Chapters 7 and 13 can deal effectively with medical debts that caused the person to file for bankruptcy and other financial problems arising from medical events.

Although there is no such thing as medical bankruptcy, medical debt causes many people to file bankruptcy. Below is a Q&A about these issues.

05/18/2023

About one-fourth (26%) of American adults (18-64 years old) reported that they or someone in their household had problems paying medical bills during the previous year. This is according to a 2016 survey by the highly reputable Kaiser Family Foundation, The Burden of Medical Debt. Not surprisingly, more than half of people who did not have health insurance reported such problems. However, more than one-fifth of people who had health insurance still had trouble paying medical bills. So if your medical bills are a challenge for you, you’re not alone.

Borrowing to pay medical debts creates new potential risks. A debt that was easy to discharge in bankruptcy becomes one that you often can't.

07/25/2022

The Housing Market Is Slowing Down

The AP News published an article about the Federal Reserve's decision to raise short-term interest rates in order to fight inflation. Due to the rate increase, the interest rates on credit cards, mortgages, and auto loans have also increased. The added economic pressures on the consumer have caused the housing market to decline over the past five months which have typically been the busiest times for home purchases. Today, the average mortgage rate has doubled from 2.78% last year to the current 5.54%. These added costs have provided consumers with very few options that include buying smaller homes, living in other neighborhoods, or abandoning the purchase until the market stabilizes. [article published July 21, 2022. To read the article, please visit: https://apnews.com/article/housing-market-cools-6618d543a9c0ac4ff6562b586cf96c9f]