Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

Chapter 11 Bankruptcy Could Help Sears Survive

Posted on March 21, 2019 by Admin
Problems with Chapter 13 payments?

Sears was recently granted a $5.2 billion reorganization plan. Under the plan, Sears can continue operating 425 department stores. The plan also allows 45,000 workers to keep their jobs. Chairman Eddie Lampert entered Sears into Chapter 11 bankruptcy in October. Lampert’s bid fought opposition from several unsecured creditors, including mall suppliers and owners. These creditors tried to stop the sale and requested for liquidation of the company. U.S. Bankruptcy Judge Robert Drain for the Southern District of New York rejected the creditors’ claims. He disagreed that the sale would shut out other parties who wanted to purchase the company, and he rejected the idea that Sears has more value to creditors if it failed. Sears argued that the sale was the best solution, and they explained the need to save thousands of jobs. Although Sears’ long-term fate is murky, Chapter 11 bankruptcy will help provide the retailer a lifeline while…
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5 Smart Ways to Spend Your Tax Refund

Posted on March 8, 2019 by Admin
taxes

Many people are expecting smaller tax refunds this year due to the recent overhaul of federal tax laws. In some cases, filers who are used to receiving a refund are discovering they owe money this year. For those of you who are going to receive a sizable refund this year, we encourage you to stick around and read our blog. If you do manage to receive a tax refund without difficulty this year, then you could use the extra funds to bolster your finances. Depending on your situation, even a few hundred dollars can go a long way. If you want to be more financially responsible this year, then use your tax refund wisely. How You Could Spend Your Tax Refund This Year Add to an emergency fund. Hopefully, you already have an emergency fund. If you do not, this year is a perfect time to start one. Without adequate…
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Can I File for Bankruptcy If I am Behind on My Taxes?

Posted on January 24, 2019 by The Sader Law Firm
behind on taxes

If you’re behind on taxes, you’re not alone. Millions of Americans incur tax debts each year. Fortunately, bankruptcy can discharge certain non-priority income tax debts. Many people turn to bankruptcy if they are swamped with tax debt, as it can get rid of eligible back tax debts. In other cases, it may allow you to pay back tax debts over a long period of time. But, if you haven’t filed your taxes, you can’t file for bankruptcy. Copies of your previous tax returns are required during the bankruptcy filing process. Just keep in mind that filing taxes isn’t the same as paying them. Not filing taxes is the only setback when filing for bankruptcy. Can Filing for Bankruptcy Clear My Tax Debts? Depending on the circumstances, filing for bankruptcy can potentially clear your tax debts. The bankruptcy court can look at several factors and criteria before deciding if you can…
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