(Topic ID: 181575)

Bankruptcy Help Needed


By Azmodeus

2 years ago



Topic Stats

  • 90 posts
  • 49 Pinsiders participating
  • Latest reply 1 year ago by PiperPinball
  • Topic is favorited by 1 Pinsider

You

Topic Gallery

There have been 3 images uploaded to this topic. (View topic image gallery).

IMG_4458 (resized).PNG
IMG_4457 (resized).PNG
IMG_4459 (resized).PNG

You're currently viewing posts by Pinsider Radius118.
Click here to go back to viewing the entire thread.

#58 2 years ago
Quoted from MrBally:

Keep in mind that when something is written off, you get a W2-C. Then you pay income tax on every dollar written off.

That doesn't apply to Chapter 7 or Chapter 11 bankruptcy.

It also does not apply to any type of "unsecured" debt - credits cards being the major type of unsecured debt most people hold.

However, you *will* get a W2-C for any debt that is secured - usually this applies to real property (real estate) - in the event of a write down/write off, forgiveness of a portion of the debt or whatever in the event of a short sale.

As for the OP... BK is the correct choice in this matter... There are lots of forums dedicated to bankruptcy discussions and I am sure there will be some recommendations for you for representation. Don't just go through the yellow pages. This is really important and complicated. If it gets screwed up YOU are the one paying the consequences. So do your due diligence in finding representation.

Promoted items from the Pinside Marketplace
$ 159.99
Lighting - Other
Lighted Pinball Mods
From: $ 99.99
Cabinet - Other
Lighted Pinball Mods
£ 32.00
$ 99.99
Playfield - Toys/Add-ons
Lighted Pinball Mods
$ 159.99
Lighting - Other
Lighted Pinball Mods
$ 5,799.00
Pinball Machine
Great American Pinball
$ 62.00
From: $ 21.95
Apparel - Unisex
Pinball Wheezer
From: $ 5,599.00
Pinball Machine
Great American Pinball
$ 86.95
Cabinet - Shooter Rods
Super Skill Shot Shop
$ 90.00
Lighting - Under Cabinet
Rock Custom Pinball
$ 129.00
Displays
Pappy's Pinball Palace
$ 59.95
Playfield - Toys/Add-ons
pinballmod
$ 24.75
Playfield - Toys/Add-ons
The MOD Couple
$ 24.00
Electronics
Yorktown Parts and Equip
$ 48.00
Cabinet - Other
ModFather Pinball Mods
$ 76.95
Cabinet - Shooter Rods
Super Skill Shot Shop
$ 7,999.00
Pinball Machine
Nitro Pinball Shop
$ 349.00
Flipper Parts
Mircoplayfields
$ 29.00
$ 142.00
Playfield - Toys/Add-ons
The MOD Couple
$ 21.00
$ 9.99
Eproms
Matt's Basement Arcade

You're currently viewing posts by Pinsider Radius118.
Click here to go back to viewing the entire thread.

Hey there! Got a moment?

Great to see you're enjoying Pinside! Did you know Pinside is able to run thanks to donations from our visitors? Please donate to Pinside, support the site and get anext to your username to show for it! Donate to Pinside