Bankruptcy and divorce are very common yet unfortunate events especially during this recession. Although common, very specific and important implications occur when bankruptcy and divorce occur at the same time.  The law states that a bankrupt either the bankruptcy proceeding is resolved, an exception to the stay applies, or the bankruptcy court authorizes the divorce proceeding to continue while the … Continued

With the current economic crisis, foreclosures have become commonplace.  That is why, in 2007, the Mortgage Forgiveness Debt Relief Act was enacted.  This Act generally allows homeowners who have up to $2M of debt on their principal residence ($1M if filing taxes as “married filing separately”) to avoid having to pay taxes on debt that is forgiven or cancelled by … Continued