Sawin & Shea

JULY 29, 2020

One of the things that people hear about bankruptcy is that it usually doesn’t discharge some debts owed to the government, like taxes. Even if you have a large burden of tax debt that is making it extremely difficult to reconcile your finances, bankruptcy can’t always help. How Can I Wipe Out My Tax Debt?

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True Accord

NOVEMBER 1, 2023

It’s hard to believe that the year is already winding down, but consumer debt certainly isn’t. With this heavy reliance on credit, nearly 42% anticipate going into debt to pay for the holidays—especially when considering that US shoppers took on over $1,500 in holiday debt in 2022. Why Evaluate Your Collection Partner in Q4?

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Credit Corp

MARCH 3, 2023

Paying your taxes is never easy, especially if you owe a large sum of money to the IRS. In these cases, you may be tempted to pay your tax debt using your credit card. But can you pay your taxes with a credit card? It’s important to understand the benefits and drawbacks of using your credit card to pay your tax bill.

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American Profit Recovery

OCTOBER 20, 2022

The consumer will place a lower priority on resolving the debt the longer it stays past due without any contact other than a monthly “ Balance Forward ” notice. So, it is important to keep any unpaid debts in front of the consumer. . Consumers may even condition themselves to think the creditor is comfortable with them not paying.

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Roths Child Law

FEBRUARY 29, 2024

Personal bankruptcies do not cover all types of debt While Chapter 7 and Chapter 13 bankruptcies can help with many debts, they won’t necessarily cover all of your debts. It depends on what your debts are for. However, there are cases where a filing could rid you of some tax debt.

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Credit Corp

NOVEMBER 2, 2021

Yes, you might be able to get a home loan even if you owe taxes. Owing taxes or having a tax lien does make it harder and more complicated to get a mortgage. You can improve your chances of mortgage approval by actively working to resolve your tax debt even if you can’t pay it all off immediately.

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Sawin & Shea

JANUARY 12, 2021

As tax time approaches, it’s the perfect time to think about how you can make good financial decisions. One of the most common assets that bankruptcy trustees seize is your tax refund. One of the most common assets that bankruptcy trustees seize is your tax refund. We can help you maximize the benefits of your tax refund money.

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PDC Flow

JANUARY 29, 2024

Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax season is the best time to consider a debt settlement campaign within your debt collection agency. IS THE CONSUMER ON A PAYMENT PLAN?

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Sawin & Shea

MARCH 21, 2023

If you’re struggling with overwhelming tax debts, you should consider all of your financial options , one of which is filing bankruptcy Chapter 13. With Chapter 13, you can pool all of your debts, including some types of tax debts, into a three-to-five-year repayment plan. Does Bankruptcy Clear Tax Debt?

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American Profit Recovery

JANUARY 9, 2024

If you’re running a small business, you may be cleaning up your books anyway to hand them off to your CPA for tax season. Being clear on your credit policies to your customers will help manage expectations. You must consider debt collections an important part of the accounts receivable process.

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Taurus Collect

JANUARY 23, 2023

Tax season can be incredibly stressful for business owners, with many wondering how the financial decisions they make today could affect their future debt collection. In this article, we’ll explore what you need to know about taxes and debt collection to ensure that your organisation remains solvent as tax season approaches.

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Credit Corp

APRIL 19, 2024

Securing a post-graduate degree or attaining a highly in-demand position can help you earn six figures over time. Choosing this route can also help you avoid some of the most frequent student loan mistakes , such as borrowing more money than you need and slowing down your financial growth. How Much Money Is Six Figures?

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Student loans Student Loans Education Loans 59

UK debt collections

DECEMBER 2, 2021

The HMRC has surprising made a public statement asking for advice on modernising its Business Debt Collection methods. The statement issued a couple of days ago is asking for suggestions and advice on improving its current methods of tax debt collection from Businesses in the UK.

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UK debt collections

DECEMBER 19, 2023

A Welsh MP, Labour’s Jack Sargeant has led a debate in the Welsh Parliament calling for greater regulation of debt collectors in Wales. The Alyn and Deeside MS brought forward the proposal after The Times exposed British Gas debt collectors joking as they forced their way into the homes of vulnerable customers.

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UK debt collections

DECEMBER 19, 2023

A Welsh MP, Labour’s Jack Sargeant has led a debate in the Welsh Parliament calling for greater regulation of debt collectors in Wales. The Alyn and Deeside MS brought forward the proposal after The Times exposed British Gas debt collectors joking as they forced their way into the homes of vulnerable customers.

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Credit Corp

MARCH 8, 2023

While federal or state tax debt doesn’t show up on your credit report, it can have an impact on your credit down the line. Find out more about how tax debt impacts your credit , including your ability to pay debts and get loans, below. The IRS doesn’t report tax debt or payments to the credit bureaus.

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Taurus Collect

NOVEMBER 16, 2022

Tax return season is when consumers plan and prioritise their finances, whether to save money or pay their debts. This season brings a win-win situation for both consumers and debt collectors, as the consumers can use their refund amount to pay off their debts. Develop a Strategy. Incentivise. Negotiate Settlements.

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Credit Corp

MARCH 16, 2023

Taxes don’t directly impact your credit. However, how you manage your tax debt and pay your taxes can have an impact on your credit history and score indirectly. Find out more about taxes and credit below, including whether filing a tax extension can hurt you. However, tax debt doesn’t work the same way.

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Personal loans Loans Lender Bankruptcy 97

Hudson Weir

AUGUST 21, 2023

In this guide we explore HMRC debt management and collection, including the options if your business is struggling to make a repayment. The National Audit Office reports the total tax debt reached £42bn in September 2021, up from £16bn in January 2020 before COVID-19. If that’s the case, your company isn’t alone.

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Nexa Collect

NOVEMBER 12, 2021

However, the majority of health-related costs from hospital or regular doctor’s visits are covered by government insurance, allowing Canadians to seek help for their ailments without fearing they will fall into debt. Lower National Debt. The United States has an estimated 13 times more debt than Canada. Tax Benefits.

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Sawin & Shea

SEPTEMBER 14, 2022

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. Your consumer and non-consumer debts impact your ability to file Chapter 7 bankruptcy, and your debt types also determine what’s protected by an automatic stay when filing Chapter 13 bankruptcy.

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Credit Corp

JANUARY 5, 2021

From early January to mid-February, you might receive a number of tax documents in the mail. Make sure to consult with your tax professional for your specific situation. Make sure to consult with your tax professional for your specific situation. Not every debt cancellation involves a 1099-C form. What Is a 1099-C Form?

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Fraser

DECEMBER 12, 2022

For tax years beginning in 2022, research and experimental (R&E) expenditures are no longer immediately expensed but rather must be amortized over five years (15 years for foreign expenditures). To illustrate, if a business spent $1,000 on domestic research activities in 2021, it could deduct the full $1,000 on its 2021 tax return.

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Government 92

Sawin & Shea

FEBRUARY 28, 2024

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you are filing for Chapter 13, personal loans will be combined with any additional debt and used to calculate your monthly payments.

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Roths Child Law

MARCH 12, 2021

If you’re going to go through bankruptcy or to look for other methods of having debt cancelled, it’s important to know how your taxes are affected by that decision. When a lender cancels any part of your debt, that debt becomes income in most cases. Here are three to think about as you look into canceling out your debts.

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Sawin & Shea

JULY 28, 2021

You need to know exactly which debts can be discharged and which debts can’t as you begin the process. Some debts are definitely dischargeable: Medical bills: This is a lifesaver because ? Make sure that you list this debt with your other obligations when you file. Unfortunately, this isn’t exactly the case.

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Taurus Collect

JANUARY 24, 2023

It’s tax season, and consumers across the country are filing their taxes in order to get the return they’ve been hoping for. But while it can be exciting to think about that refund cheque hitting your bank account soon, there’s another equally pressing reason why you should pay attention this tax season – debt collection!

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Credit Corp

MAY 17, 2021

The American Rescue Plan Act is a federal law that was passed to help provide a third round of relief to Americans during the COVID-19 crisis. But those who are struggling with debt might wonder: Can my stimulus check be garnished for credit card debt or other money owed. Federal or State Tax Debt: No.

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Hudson Weir

MARCH 22, 2024

If your company is struggling financially, it helps to have a broad understanding of the different business recovery options that are potentially available. Try to identify any major non-essential costs that could improve your cash flow and help repay the debts. However, alternative financing has its risks.

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Taurus Collect

OCTOBER 21, 2022

Tax season is known as winter holidays in collections. It is considered the busiest time of the year to pay off debts. However, it is also a great time to recover debts from overdue accounts. People become more aware of spending their money wisely with increased cash flow due to their tax returns. Do you want to know how?

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UK debt collections

AUGUST 24, 2022

This is based on data analysed by tax and advisory firm Mazars. Historically, CVA agreements have offered a lifeline to businesses in financial peril and helped save jobs. But Mazars said that a 2020 change to the law to the way that HM Revenue & Customs can recover tax debts has made CVA a more difficult option for firms.

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Debt Recoveries

OCTOBER 18, 2020

As a credit control expert, I often come across the accounts of “high-turnover” businesses, who are nonetheless, drowning in debt and struggling to show a profit. Usually it’s because they don’t have good systems in place to ensure bad debt is reduced or illuminated. You can also read Proactive Debt Collection to Improve Cash Flow.

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UK debt collections

NOVEMBER 9, 2023

Apart from cash flow, other issues businesses were facing included supply chain disruption (26%), inflation (24%), recruitment (20%), building overheads (15%) and unexpected tax bills (8%). Small Business Debt Collection is one of the most efficient ways to boost cash flow, and will help ensure that businesses get paid more quickly.

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Credit Corp

FEBRUARY 9, 2024

Understanding what you can do if your house is in foreclosure can help you mitigate the damage done to your credit and overall financial health. They can then sell your house to help repay the debt you owe on it. Many lenders will work with you if you need help making your loan payments. What Is Foreclosure?

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Sawin & Shea

JULY 15, 2020

When you’re considering Chapter 13 bankruptcy, you’re also wondering how much of your debt you’d be obligated to pay back. Chapter 13, also known as personal reorganization bankruptcy, helps you create an affordable repayment plan to settle your debts. There are debts that have to be paid such as priority tax claims.

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UK debt collections

FEBRUARY 22, 2022

Council Bosses in Lancashire are to discuss abandoning the use of Debt Collection Agencies to collect rent arrears or council tax. South Ribble and Chorley councillors will discuss bringing in a ‘fair collection charter’ which is aimed at adopting a more ethical, kinder approach to debt collection in Preston and Chorley.

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Sawin & Shea

NOVEMBER 1, 2023

Rising healthcare costs are continually leaving thousands of Americans drowning in medical debt. In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021.

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