Archive | Bankruptcy

Automatic Stay

November 22, 2013  |   Posted by :   |   Bankruptcy   |   0 Comments

What is the automatic stay in bankruptcy?  It is an order issued in a bankruptcy court which prohibits creditors from making any collection efforts, to include prohibiting garnishments of wages or bank accounts, seizures, foreclosures, telephone calls, collection letters etc.  The automatic stay is enforced by a federal bankruptcy judge.  If creditor violates the automatic […]

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Taxation of Cancellation of Indebtedness for Mortgages

October 13, 2013  |   Posted by :   |   Bankruptcy   |   0 Comments

Under the Internal Revenue Code Section 61(a)(12), cancellation of indebtedness (known as “COD”)  is considered taxable gross income.   People with distressed mortgages may be issued a 1099 by their mortgage company in several situations. (If you get the 1099, then the IRS presumes that it is income that must be reported on your tax […]

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46th Circuit Trail Court

Sentencings for June 2013 before  Hon. Janet M. Allen, Crawford County 27 yr old Grayling man-Plead guilty to stolen property and for a prbation violation; sentened to serve 282 days in jail with credit for 282 days served; ordered to pay $30 crime victim rights fee, $68 state minimum costs, $500 penal fee and $139.60 […]

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Property Law 101

May 08, 2013  |   Posted by :   |   Bankruptcy   |   0 Comments

We frequently get calls from tenants and persons losing their homes to foreclosure who are concerned that their landlord or mortgage company can show up and simply lock them out.   It is an absolute rule, that you cannot be evicted from your home without a court order.  Period.  In fact, if your landlord or […]

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IRS Tips Regarding Mortgage Debt

March 18, 2012  |   Posted by :   |   Bankruptcy   |   0 Comments

Mortgage Debt Forgiveness: 10 Key Points First, if you have filed bankruptcy then forgiven debt is not taxable income and simply filing IRS Form 982 with your federal taxes will cancel that debt. For non-bankruptcy filers, the following may be applicable to your situation: Canceled debt is normally taxable to you, but there are exceptions. […]

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Nye Approved for Access to Bankruptcy Courts Program

February 22, 2012  |   Posted by :   |   Bankruptcy   |   0 Comments

Nye & Associates, PLLC was approved by a special committee affiliated with the United States Bankruptcy Court for the Eastern District of Michigan as an approved law firm for the Access to Bankruptcy Courts Program.  This program is a privately funded legal aid program to assist low income persons with paying for attorneys to prepare […]

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