Ocala, FL attorneys

Ocala Florida Bankruptcy Help

Discharged Debt and Tax Liability

Jun 01st 2015

Approaching tax season each year, we get a common question about bankruptcy and tax liability for discharged debt. The short answer is this: if you cut a deal with a creditor to “charge off” a portion of your debt, the charged-off portion is taxable and subject to a 1099-C filing with the IRS. On the other hand, an advantage of a Bankruptcy filing is that discharged debt is typically not taxable as income. Please call our office at if you have any questions.

Continue Reading

The New Means Test

Jun 01st 2015

The income levels for the bankruptcy “means test” have changed significantly as of November 1st, 2011. For a consult with an experienced attorney regarding a potential Chapter 7 or 13 filing, please call our office.

Continue Reading

When Should I File Bankruptcy?

Jun 01st 2015

The decision to file bankruptcy is a difficult decision, and timing is often the most important factor to consider. A variety of considerations can affect the outcome of your case. Please call or email Ken Hesser, Bankruptcy attorney with Schatt Hesser Mcgraw, and set up a free initial telephone consultation.

Continue Reading
(352) 789-6520