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According to the American Bankruptcy Institute and National Bankruptcy Research Center, the number of personal bankruptcy filings filed in the United States last month was 14.8 percent lower than the number of personal bankruptcies filed in April.  114,803 personal bankruptcies were filed in the month of May.

When comparing the first 5 months of this year and the first 5 months of last year, personal bankruptcy filings have declined by 8.4 percent.  Compared to May 2010, personal bankruptcy filings in May 2011 were 15.7 percent lower.

Last year, the total number of personal bankruptcies filed in the United States was the highest it had been since significant changes were made to bankruptcy laws in the U.S. in 2005.

There is more to the Affordable Care Act than the individual mandate. There are also, for example, taxes. And since this is TaxVox, I thought it would be useful to think about some of those revenue provisions in the wake of the Supreme Court’s three-day hearing on the fate of the ACA.

The law includes both tax increases and tax cuts. Even if the controversial individual mandate is struck down, most of those tax changes would survive—unless, of course, the High Court grants the law’s critics their fondest wish and kills the entire act.

The only tax—if it is a tax at all—that relates directly to the mandate is the penalty people would owe for failing to buy insurance. Whatever High Court does to the mandate, it will be interesting to learn whether the justices decide this levy is in fact a tax or a penalty. The Obama Administration is firmly on both sides of this question, as are the opponents of the law.

The ACA also includes some important tax cuts—generous credits aimed at subsidizing small businesses that buy insurance for their employees. You might n

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Getting payday loans is generally a convenient and simple process. You can easily get a loan without putting down any deposit, up-front charges, collateral or even a credit check. You need to just fill the application online right from the home computer. Upon the completion of easy payday loan application, you can submit it on the website. Although the questions asked in the form and the requirements to fulfill are very easy but still some people may find difficulty in completing the form. For this purpose, you can find help in filling the payday loan application by checking the frequently asked questions section regarding the application on the same website. Just a few things should be kept in mind while filling out the application:

You must be the citizen of the country: It depends on the country where you live. If you are living in U.S., the lenders are licensed to offer the loan services just to the U.S. citizens. Read more…

Have you ever heard the phrase “throwing good money after bad?” It means spending money on something that has little chance of success. When you get into financial trouble, the sensible thing is to fight to work your way out of trouble. Unfortunately, many people fail to recognize that point when it no longer makes good sense to continue throwing money at a problem. Some will eat through savings and retirement accounts hoping to delay the problem long enough for something good to happen. In the end the savings and retirement accounts are gone, and the debt is still there.

Bankruptcy is a legal process than can reorganize your finances and eliminate your overwhelming debt. In bankruptcy most retirement funds are protected, so if you’re facing a debt that you cannot pay, consider filing bankruptcy instead of draining your retirement accounts.

Whether a retirement account is protected first depends on if the account is “property of the bankruptcy estate.”. The U.S. Supreme Court in the case Paterson v. Shumate,

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After going through a bankruptcy process you may find yourself in a dead end. And though it may seem impossible to continue, to get back on track, it is not impossible to start over again. Bankruptcy loans can help you do exactly that, they’ll help you put your finances in order and they’ll also aid you in recovering your credit score and history.

Loans after bankruptcy are difficult to obtain due to the high risk that lending to someone who has gone through a bankruptcy implies. However, if you know how to get prepared and what you can expect of bankruptcy loans, it is possible to find the means of getting approved for a loan even after going through a bankruptcy process.

Risk Implications Explained

Bankruptcy implies a great risk for any lender. Most lenders won’t even consider lending to someone who has gone through a bankruptcy process and those you would, will be skeptical as regards to your payment capacity and willingness to honor your obligations. Thus, in order to compensate for the high risk implied in the transaction, the loan’s terms won’t be very advantageous. Read more…

Most people dont think about taxes on their way to the casino. But what might seem like nothing more than a fun night in Las Vegas actually carries significant tax consequences if you win. As is often the case, the federal and state governments single out casino winnings for unique taxes of their own. Failure to properly report your haul can result in serious penalties and headaches you just dont want.

Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet its important to know the thresholds that require reporting. As Bankrate.com explains, winnings in the following amounts must be reported:

• $600 or more at a horse track
• $1,200 or more at a slow machine or bingo game
• $1,500 or more in keno winnings
• $5,000 or more in poker tournament winnings

All of these require giving the payer your Social Security number, as well as filling out IRS Form W2-G to report the full amount won. Read more…

With the economy the way it is today mistakes are made on our credit from either not having the funds to pay on our debt or just not being able to make ends meet. Don’t let this stop you from getting the loan that you need. With the competition on the rise in the marketplace for loans the UK has some of the best loan options for you and your family. UK payday loans can offer you a chance to get the money for that unpredicted expenses that fell in your lap. Some UK payday loans even offer special loans for someone with bad credit. These bad credit loans are usually an unsecured and on a short termed lease.

The lender doesn’t run a credit check therefore minimizing the criteria that you need for being approved for a loan. You can obtain a loan with a simple bank account and proof that you work. Making sure to only get a loan for the amount of cash needed will help you with your credit and the chance of getting a payday loan again if something was to happen in the future. You never know what can happen but having a safety net to fall back on can help in tough times.

Its frequently, and unfortunately necessary, to point out that student debt is nearly immune from discharge in Chapter 7 bankruptcy. This causes enormous problems for debtors and can stymie those filing Las Vegas bankruptcy. As a result, many student debtors find themselves considering filing in Chapter 13 when they otherwise wouldve filed in Chapter 7. Chapter 13 allows petitioners to arrange 3-5 year payment plans for their debts. Often, after the plans conclude, the debts are discharged. Additionally, the debtor benefits from the automatic stay for the duration from the plan.

For student loans, though, things work differently. True, in some instances, creditors will consent to discharging the debt, and there is the option of filing successive Chapter 13 bankruptcies if the debt is permanently unmanageable, but for the most part, the creditors will resist your attempts to avoid full payment. The question, though, is what happens to interest that accrues onto the sudent debt subject to the Chapter 13 plan.

In one case, In re Girard (243 B.R.

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It may sound logical that, if you pass away after filing a bankruptcy case, your banrkutpcy proceeding will terminate along with you. This is not so, however. A bankruptcy case will continue after the death of a filing debtor in either a Chapter 7 or a Chapter 13 context, though there are steps your attorney might take to either shepherd the case through to a successful, post-mortem discharge or to terminate or dismiss the case, if necessary.

Bankruptcy Rule of Procedure 1016 governs the bankruptcy process after the death of a Debtor. Rule 1016 states that, in a Chapter 7 liquidation bankruptcy, death does not cause the case to be dismissed. Rather, the case continues onward as if the Debtor had not died. Because Chapter 7 is a liquidation bankruptcy, meaning that there is the possibility that assets of the Debtor may be sold off by the Chapter 7 Trustee administering the case for the benefit of the Debtors creditors, those assets remain even where the Debtor has passed on.

In a Chapter 13 reorganization bankruptcy, the death of a filing Debtor will allow the Debtors attorney to file a notice dismissing the case.

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