Law Office of James Keenan
Help when you need it
Personal service since 1995
If you need an evening or weekend appointment to meet for a free bankruptcy consultation, that can be arranged. Call me today at (916) 448-6923 to see what your debt relief and bankruptcy options are.
In addition to the information provided in my website, it may be helpful for some considering bankruptcy, as well as those in an active bankruptcy, to access the court’s website. Bankruptcy is part of the federal court system which, for Sacramento, is in the Eastern District of California.
Click here for the court’s website.
Payday loans are the devil! Interest rates for such loans usually exceed 450% and, no, this is not a typo. If the postdated check you wrote for $350 you gave in exchange for the $300 you received is not honored, watch out. It will cost you! Often this results in the need to get another payday loan to cover the last one. Robbing Peter to pay Paul is not the answer.
Bankruptcy can eliminate payday loans. They are normally unsecured debts that can be eliminated in a bankruptcy discharge.
Linked here is an article from the Wall Street Journal illustrating the inequity of payday loans.
As is reflected throughout this site, bankruptcy is often a far better option than living with debt. It is better for your credit, financial standing and peace of mind. This CNBC video may help in your decision whether to file for bankruptcy.
Sacramento bankruptcy filings cover a broad area from the Oregon boarder to Fresno County, from the San Francisco Bay to Lake Tahoe. It’s a big area. Click here for a link to the district map for the Eastern District of California, the court covering Sacramento and the large surrounding area for bankruptcy filings.
All areas of Sacramento county are included within this filing district including, but not limited to, Arden Arcade, Carmichael, North Highlands, Rio Linda, Citrus Heights, Folsom, Orangevale, Rancho Cordova, Elk Grove and Rancho Murieta.
Selecting the best bankruptcy lawyer to overcome your personal debt problems can be complex. Who is the best attorney for you is the question to be asked and answered in the process. Whether you narrow your potential choices through Google, Yahoo, Facebook, Twitter or some other search strategy or referral, whoever you choose must be right for you. And only through personal interaction and communication with a prospective attorney can this be accomplished.
Ask questions, discuss your situation and be comfortable in your choice. The attorney-client connection is a relationship that must be right for you.
No. If a debt is forgiven or otherwise cancelled outside the bankruptcy context, that amount can be considered income on your taxes. Often people receive a 1099 (1099-C) for the amount of debt that is cancelled and must pay taxes on that amount.
Here is what a 1099 looks like for cancellation of debt income:
But if you file bankruptcy, the debt is discharged and, according to the IRS, cannot be considered income.
Declaring bankruptcy is not always complex or confusing, especially with the aid of an attorney. But the process is a bit more in depth than this "The Office" video makes out!