Cherry Hill, NJ Debt Lawyer Helps Clients Manage Complex Tax Issues in Bankruptcy
As a consumer, you likely have questions about bankruptcy that need to be answered by a skilled attorney. Without the help of an experienced attorney, you may find yourself facing significant tax obligations or other complicated issues. I am here to help alleviate the stresses involved in your situation by providing quality legal advice on bankruptcy.
My name is Joel R. Spivack, and my entire law firm is dedicated to handling bankruptcy and bankruptcy-related issues. Located in Cherry Hill, I serve clients throughout the surrounding New Jersey areas. I have more than 25 years of experience in consumer bankruptcy law and am fully committed to my clients.
At my firm, I take a comprehensive approach to educating my clients about all issues relating to bankruptcy. I review bankruptcy do’s and don’ts with my clients and advise of an appropriate strategy for seeking debt relief that effectively avoids potential pitfalls.
Worried about State and IRS Tax Debt and Issues Relating to Bankruptcy?
Many people are surprised to hear that there can be significant tax issues relating to bankruptcy, foreclosure and personal debts. Much of the confusion stems from the fact that people are not fully educated about the tax issues that are involved in bankruptcy. For instance, some tax debts can be discharged in a bankruptcy. However, many of them cannot be. Additionally, there can be tax penalties if you drain your retirement or IRA savings accounts before a bankruptcy. Retirement savings accounts are considered exempt in a bankruptcy.
Bankruptcy is an option that many people do not want to consider. The reality is, bankruptcy gives you a fresh start and the opportunity to start a new financial path. If mortgage arrearages have caused you to think about walking away from your mortgage, you should learn about the negative impact that this could have.
One of the biggest mistakes people can make is to walk away from their mortgage. Here’s why. In New Jersey, you can be stuck with significant tax obligations if you abandon your mortgage. This is because the IRS considers canceled debt as income. The debt you could have otherwise gotten rid of in a bankruptcy now becomes taxed debt that you are obligated to pay.
When you surrender your house in a bankruptcy proceeding, you will not have these tax obligations. In many instances, you can avoid this type of obligation by working with a skilled bankruptcy lawyer early in the process. This is where I step in. To learn more about this topic, read the Wall Street Journal article titled, “A Surprise Tax Hit on Foreclosures” by Jeff D. Opdyke.
Contact New Jersey Consumer Bankruptcy Lawyer Joel R. Spivack
At my firm, initial consultations are free of charge. To schedule a meeting, please contact me at 856-488-1200 or 866-488-2196. I can also be reached online via e-mail. My office is located in Cherry Hill, and my regular business hours are 8 a.m. to 5 p.m., Monday through Friday. Free parking is available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.