Please consult your legal and/or tax advisors to determine how this information may apply to your own situation.
Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared.
In Maine, the motor vehicle exemption is ,000 so if you live in that state and your car is worth say, ,500, the bankruptcy trustee will not be able to touch your car.
Financial Discuss are a business liquidation and general insolvency specialist.
But before you make that decision, it can be helpful to weigh the pros and cons that come with liquidating each type of investment. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to help you increase your financial literacy and reach your financial goals.
As previously stated, this type of bankruptcy gives the debtor a chance to reorganize debts.The business’s goal is to stay profitable while paying back debts, so they try to renegotiate contracts, leases, or other debts in order to get amounts reduced or discharged.If you find yourself short on cash, you might be tempted to cash in on some of your investments.Therefore, it helps for you to be conversant in both the pros and cons of buying gold as an investment.If, on the other hand, you're an investor who's considering the purchase of gold coins or bullion, you should know the potential risks and rewards.When businesses and individuals are failing to meet their financial obligations, they have the ability to file for bankruptcy protection.