DEBT ALTERNATIVES

Culik Law Bankruptcy

What is a Bankruptcy 341 Meeting?

Some questions we receive regarding the bankruptcy process include how the court-appointed Trustees are involved, and what the Trustee meeting or 341 meeting is. Once a bankruptcy case is filed, a court-appointed Trustee is automatically assigned to your case. Their job is to represent your unsecured...

Debt and Taxes

How to Avoid Taxes on Cancelled Debt

With the tax return filing deadline less than a month away, you may be one of the millions of people struggling to figure out what to do with a 1099-C that you received. A 1099-C is a tax form issued by a creditor, which states that...

Culik Law Bankruptcy Taxes

How to Discharge Income Taxes in Bankruptcy

We’ve all heard the phrase that nothing in life is certain except death and taxes. Unfortunately, the popularity of that phrase sometimes leads people to incorrectly assume that taxes can never be discharged in bankruptcy.  While there are some types of debts that are never dischargeable...

Culik Law Loan Modification During Bankruptcy

Can I Apply for a Loan Modification During My Bankruptcy Case?

Homeowners often contact us for assistance with catching up on past due mortgage payments and preventing foreclosure. The best options for achieving these goals are sometimes (1) applying for a loan modification or (2) filing a Chapter 13 bankruptcy. A loan modification will automatically bring...

How Bankruptcy Can Actually Improve Your Credit

Did you know that bankruptcy might be able to improve your credit score quicker than not filing? Your credit report contains a detailed summary of your recent financial information. Among other things, it can list all recent payments, missed payments, civil lawsuits, tax liens, and...

When It’s Financially Responsible to File Bankruptcy

There are many life circumstances often out of our control including unexpected illness, unplanned loss of a job, bad investments, loss of the primary income due to death or illness, and many other reasons. Bankruptcy is intended to provide people with a fresh start by...

Not Your Father’s Bankruptcy: Stereotypes Then and Now

People have many outdated stereotypes about who files for bankruptcy that do not consider the real-life struggles many people now go through. In the past, the common stereotype of a bankruptcy filer was someone who lived large on credit cards and bought expensive luxury items...

5 Big Bankruptcy Myths Debunked

Bankruptcy is one option for debt relief that also brings concerns as to how it will affect one’s life and finances long-term. But, whether they believe they are going to lose their home, job, or the ability to obtain credit in the future, these “facts”...

What Can Bankruptcy Do For Me?

What Can Bankruptcy Do For Me? Depending on what type of debt you owe, bankruptcy is intended to provide you with an orderly process to either discharge or repay your debts. Whether you owe credit cards, taxes, student loans, car loans, mortgages, or are facing a...

Protecting Proceeds Home Sale in Bankruptcy

The Massachusetts Homestead Protection Law protects your home from being sold or seized by creditors in court proceedings or in bankruptcy for debts you might owe to them. If you intend to sell your home, and if you want to keep the sale proceeds safe...

Eliminating Second Mortgages Under Chapter 13 Bankruptcy

As home values continue to decline, more and more homeowners are finding that their houses are worth less than they owe on their mortgages. This negative equity is often referred to as being “upside down” or “underwater.” For some homeowners who have two mortgages, the...