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Tax Liabilities and Implications with Filing Bankruptcy

Filing bankruptcy often involves tax implications, but not in the ways you might think.  Filing bankruptcy itself is not a taxable event.  However, there could be tax implications if property is sold to pay creditors, or if debts are forgiven by creditors. Typically, when you owe someone $600 or more and they cancel or forgive… Read More »

What is a Subordination Agreement and How Does It Apply to Bankruptcy?

Like other specialized fields, bankruptcy contains many terms and financial concepts that can be confusing or unfamiliar.  Subordination agreement is often one of these terms. To subordinate something means to place it lower in rank or importance.  In bankruptcy, creditors are subject to subordination, meaning some creditors take priority for payment over others. A subordination… Read More »