Civil lawsuits are used in a civil court to resolve a dispute regarding a private matter, typically seeking compensation for damages or a court order to rectify a situation, rather than criminal punishment. A civil judgement (or “judgment” in American courts) is the...
Chapter 13 bankruptcy is a reorganization of debts, allowing you to repay all or some of your debts over time through a repayment plan. It is often considered preferable to the alternative, chapter 7 bankruptcy, as it allows you to keep all of your assets and avoid...
When debt is cancelled, such as by a credit card company or bank, that is not the end of the story. A canceled debt is actually considered income and, under the treasury regulations, must be claimed as taxable income. This is where form 1099-C comes into play. What...
In today’s world, your average person is likely to take out multiple loans in order to live a comfortable life. Cars, houses, and other big-ticket items are just too expensive for most people to pay for out of pocket. Oftentimes, when a loan is taken out, collateral...
