Consider the following two scenarios.

1. Successful individual with six figure income and significant assets hires tax attorney/account to ensure every deduction and technique to reduce tax liability is explored and taken advantage.

2. Same situation as above but individual encounters serious financial downturn due to job loss or failed investments. Decides to exercise bankruptcy protection and hires attorney to ensure he is able to protect as many of his assets as possible and reduce financial liabilities as allowed by the legal process.

Both have acted legally. Is there an ethical difference between them? Is there an ethical duty to pay taxes as required by a democratically elected government? Is there an ethical duty to pay private debt? Is there a difference between the two?
Good answer; I ask because I recently heard an argument that people who use bankruptcy law to their advantage to resolve a financial problem are unethical or immoral.

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A few people online have stated that if a bill collector agrees to forgive the interest on a loan, and only requires that I pay monthly on the principal debt, I will eventually receive a 1099 form for the amount over 0. However, the collector says since I am paying off the original amount due(principal), minus the interest and late fees, I will not receive a 1099 form since they are willing to settle for payment on the principal. Is this possible for a collector to do? Or is this a trick, and I’ll receive a 1099 form eventually? I will be making low monthly payments on the debt for the next few years and I’m currently on a fixed income without valuable assets.

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Is it ok to seek a consultation with a lawyer if you are contemplating divorce but not sure if you really want to go that route yet?
Yes it would be to find out about rights, assets, etc not for counseling. While info on websites at times is helpful it’s not enough when you have very specific issues.

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I’m looking to incorporate my company in nevis so that I can keep my assets for the company private. While I live in Pennsylvania, my company is run completely online so I don’t have a physical business operating presence in pennsylvania. What type of tax ramifications do I need to look out for. Note: I will pay income taxes on the money that I transfer - it just wouldn’t be the corporate taxes. Thanks!

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I have the title and I am the only one listed on it. However, there was a federal tax lien filed about a month ago. How do I find out if the lien affects my car? I do not have any other assets.

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For example, if I used a cash advance to
1. buy stocks,
2. invest in bonds/fixed income assets
3. "refi" my personal mortgage
4. buy investment property

or any other situations where credit card interest is tax deductible?
Thanks for all you responses. Just to clarify -

Say I borrow 0 from my credit card at 10%.
I owe 0 at the end of the year.

I put this same 0 into a stock (or some other investment). It goes to 0 and I sell, gaining .

1. Do I have to pay taxes on , or ( gain minus interest)?

2. If I didn’t sell, can I deduct the interest against my other income?

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I want to dissolve my marriage with wife. I don’t have a whole lot of money and already did a consultation with my fathers attorney and he said it would be 2k. I need some help and recomendations. We have only been married one year and don’t have many assets and have no children. Names and phone numbers would be great, Thanks!

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I want to file, but can’t afford the filing fee. I am trying to save for that plus an attorney’s services if I can afford that too. Creditors and law firms are calling me non-stop. I tell them my plans but that I haven’t yet filed. They threaten to sue, but I have no assets. What can I do?

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I have a pending lawsuit but do not know which schedule to list it on in a bankruptcy case.
The bankruptcy is over, but I now have an adversary proceeding. The other side says I should have added the lawsuit to my bankruptcy since its open for the adversary proceeding. I know I need to schedule it as an asset, but their are schedules a - j for assets. I need to know what schedule to use for lawsuits pending.
Its an adversary proceeding I am winning. They requested the judge make me schedule it as an asset and assign a trustee.

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I am deliquent on 7 cards but only one has been harassing me since it was 2 days late. The others have just kept adding it to my bill each month. This card company called me 8 or 10 times a day from 8 am till 10 pm and even on sunday mornings. Mostly automated caling things and since I have an answering machine, they were all hang up calls. This is a card that I closed 3 years back because they just kept raising the interest although I paid my bill 2 weeks early everymonth. I made timely payments for almost 3 years but can no longer do it. They have turned it over to an attorney and I got a call sunday morning and today. I have written the credit card company and explained my situation but they have ignored it. I was sending a small payment to them but it made no difference to them and I can no longer send it anyway. I have no money for anything except rent and food, and feeding my child. I am a few weeks away from not even having rent money, so I’m in serious trouble.
I have no one to turn to, no friends, family is at a distance and the main reason my life fell apart and I got into this situation of not having enough money. I don’t own anything, not even a car so I have no assets. They have called twice. How long will it take them to actually take me to court? This law firm is from another state.
I am 3 months deliquent on my cards.
I have called various numbers to get legal assistance and only got automated recordings and have been told that they don’t handle bankrupcty cases. I have zero money for an attorney to file bankruptcy and there doesn’t seem to be any legal assistance available to me in HOuston. Plenty of free consutlations available, but actual legal representation assistance, zero.

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