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About Mark Rubin

Mark is dedicated to helping families in North Texas through difficult financial problems. He insists on a personal touch that most bankruptcy attorneys in Dallas are too busy to provide. Call today for a free consultation and speak directly with Mark.

Tax consequences of bankruptcy

eliminate income tax debt with bankruptcyIt’s tax season again, which means we’re hearing lots of questions from potential clients about the tax implications of filing for bankruptcy. It’s a fairly simple answer – it depends on whether the debt was discharged in bankruptcy or just forgiven by the creditor.

Tax implications of debts discharged in bankruptcy

If your debt is discharged as part of your bankruptcy case, there are no income tax consequences. Since the debt is excluded from your gross income, you don’t have to worry about anything with the IRS.

Many times, you’ll receive a 1099-C form , which is for debt that’s been canceled or forgiven. If your receive one, you’ll just need to file Form 982 with your taxes, which lets the IRS know that the debt was in fact discharged in your bankruptcy case.

What about debts cancelled outside of bankruptcy?

If you’ve borrowed from a commercial lender and that lender later forgives or cancels your debt, you’ll most likely have to include the canceled amount as income when you file your taxes. Typically, loan proceeds don’t count as income because you’re obligated to pay back the loan. Once the loan is canceled or forgiven, that makes the loan count as income.

If you’re in this situation, your lender will send out Form 1099-C, “Cancelation of debt to the debtor.” They’re required to send this form by the 31st of January of the year following the year when your debt was canceled.

The unpaid portion of your loan will be reported as income, unless:

  • You are insolvent when the debt is canceled.
  • You operate a farm and the debt results from your farm, more than half of your income from the last 3 years was from farming, and the loan was owed to an agency regularly engaged in lending.
  • It’s a non-recourse loan
  • It’s excepted by the Mortgage Debt Relief Act of 2007

If you’re in a rough financial spot and you’re considering bankruptcy – but wondering about the tax implications – call us today at 214-760-7777 and schedule a free consultation. We’ll walk you through the various parts of bankruptcy so you fully understand how things will work.

By |March 28th, 2017|Bankruptcy|0 Comments

Check out this review from a happy client

Rubin & Associates reviews from happy clients in DallasIt’s always great to hear from happy clients… Bad things can happen to good people, and we love to help hard working Dallas area residents get a fresh start. Here’s an awesome review left recently by Mr. Shaw:


Mr. Rubin was at the 341 meeting with me in Plano. Sitting there nervously waiting, I was relieved to see Mr. Rubin walk in. This process is new to me. I was very apprehensive and a bit depressed in the first meeting with Mr. Rubin. I felt ashamed and feeling I had failed in my responsibilities. I left the meeting feeling a bit better with the confidence and knowledge that Mr. Rubin showed.

The entire staff I have been involved with at your offices have all been very pleasant, helpful and respectful, and left me feeling much more comfortable about this whole process.

After leaving the meeting yesterday with Mr. Rubin in the Chapter 13 Bankruptcy Office, I wanted him to know how much I appreciate his efforts and his work. Being represented by someone so comfortable in his abilities and knowledge has put me and my family at ease and confident that we have done the right thing and the future looks much better.

In my work as a Commercial Pilot, I strive to be as knowledgeable, proficient and confident in my flying as I can be, so that my passengers are relaxed and comfortable and safe on their flight. I take that responsibility very seriously. Its a good feeling at the end of a difficult flight to see their appreciation. Not unlike what Mr. Rubin has done for me. I can see that he takes his job and responsibilities very seriously as well.

Please tell him and his staff, thank you, for me and my family. We are very grateful.

By |February 5th, 2017|Bankruptcy|0 Comments

6 Tips For Avoiding Bankruptcy

tips for avoiding bankruptcyThe proliferation of credit cards and the “gotta have it now” American lifestyle have lead to a problem: for many Americans, living with debt is par for the course. In many cases, debt spirals out of control until filing for bankruptcy appears to be the only way out.

Most of our clients are regular, hard-working people who simply had a bump in the road. Whether it was the loss of a job, reduction in wages, or an accident, a single speed bump on the road of life can really send you in a different direction.

Once you start living on credit and spending more than you can afford to pay off, the debt multiplies quickly until it seems like there’s no escape.

The best advice we can give when it comes to bankruptcy is to simply avoid the situations that could lead to bankruptcy in the first place. These 6 tips can help you stay on a solid financial foundation and avoid bankruptcy:

1. Pay off your debt over time

If your debt isn’t too far beyond your control, sit down and take a look at how much you owe. If you can re-adjust your budget and stick to a plan, you might actually be able to pay down your debt on your own.

2. Sell some assets

If you’re like most Americans, you probably have lots of “stuff” that you don’t really need. Instead of hanging on, sell off the items you can live without to get some extra cash to pay off your debts. You can sell furniture, jewelry, or even electronics.

3. Ask creditors for help

The credit card companies would rather get something from you than nothing at all. Call your creditors and let them know you’re struggling to pay your bills. You might be able to lower your monthly payments or even decrease your interest rate. It’s important to stay responsible if you go this route – you’ll have to be sure to stick to your plan and pay off your debts.

4. Ask friends or family for help

It might be embarrassing to let your friends and family know about your struggle with debt, but a bit of moral support can go a long way. If your loved ones know that you’re trying to stay on the straight and narrow, they can help you avoid temptation. You won’t have to put on a show so that everyone thinks your financial situation is problem-free.

5. Live within your means

We’ve said this many times before – you simply can’t spend more than you earn. Credit cards make it far too easy to spend money you don’t have. Avoid the temptation and adjust your spending habits, and don’t buy things you don’t need.

6. Set a budget and stick to it

The single most important tip for avoiding bankruptcy is to set a budget – and stick to it. Obviously, a budget won’t matter if you’re not going to follow it. You’ve got to look at how much money you bring in, how much you spend, and what’s left over. Include your payment plan for paying off your debts.

By |January 26th, 2017|Bankruptcy, Debt, Personal Finance|0 Comments

5 Signs that you’re living beyond your means

signs you're living beyond your meansBankruptcy is more common than most of our clients think… in today’s world, it’s far too easy to run up overwhelming debt and lose control. While an unexpected bump in the road (like an automobile accident or loss of a job) can lead to a bankruptcy situation, many times people start down the road because they’re simply living beyond their means.

If you’re spending more money than you’re making, then you’re living beyond your means. Society pushes for instant gratification and a “you only live once” mentality – but that’s not a great strategy for handling your debts.

It doesn’t take much to start living beyond your means, and many times, it’s the beginning of a downward spiral that can’t be stopped. Once the debt starts to multiply, it’s harder and harder to find your way out of the difficult situation you’ve put yourself in.

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By |November 28th, 2016|Bankruptcy|0 Comments

8 Holiday Shopping Tips To Avoid Racking Up Debt

holiday shopping tipsThe holiday shopping season is almost upon us. Notoriously, holiday shopping is one of the largest contributors to increased credit card debt – people get in the holiday spirit and spend much more than they should.

This year, you can shop smarter and still get gifts for everyone on your list, all while avoiding additional credit card debt. With a bit of planning and a smidgen of self control, you won’t have to be afraid of this year’s holiday shopping season. (more…)

By |October 20th, 2016|Personal Finance, Saving Money|0 Comments

Bankruptcy Do’s and Don’ts

bankruptcy tips for Dallas residentsIf you’re on our site, you’re either considering bankruptcy or in the process of filing. Don’t be intimidated – we help tons of Dallas area families just like you every year with their bankruptcy cases. It’s an unfortunate truth of life – sometimes bad things happen to good people.

Sometimes, all it takes is one financial bump in the road – the loss of a job, a reduction in salary, or an unexpected medical expense – and you’ll be forced to file for bankruptcy. The bankruptcy laws were put in place for just this reason… Everyone deserves a fresh start.

You’ll definitely want to consult with your bankruptcy attorney once you’ve decided to file, but these are a few guidelines that can help you prepare for your bankruptcy. We’ve shared several tips to help you get ready to file, so you’ll have a better understanding when you discuss your situation with your attorney.

Things to do before filing bankruptcy

1. Take a deep breath and try to relax. Filing bankruptcy is a scary process, and most people are incredibly stressed out from the overwhelming debt and relentless calls from debt collectors. Your bankruptcy attorney is there to help you through the process. They’ll help explain the process so you understand what’s happening and what’s coming in the future. Take a deep breath and think about how much better your life will be once you’ve got a clean slate. (more…)

By |September 20th, 2016|Bankruptcy|0 Comments

The 4 Dumbest Money Mistakes, According to Shark Tank’s Mr. Wonderful

4 dumb money mistakesWe read an amazing post yesterday, and just had to share it here on our blog. Shark Tank’s Kevin O’Leary, known as “Mr. Wonderful”, shared the 4 most common money mistakes that people make.

According to O’Leary, the most important question you need to answer about your life is “How much does it cost you to be alive?” If you can’t answer that question, you’ll be in serious financial trouble soon.

Common money mistake #1: Buying crap clothes you don’t intend to wear

Far too many people buy clothes they don’t end up wearing. Most people wear the same 20% of their clothes 80% of the time. Stop buying clothes just to buy clothes – instead, invest in high quality clothes and wear them out. (more…)

By |July 14th, 2016|Money Management, Personal Finance|0 Comments

Recent Testimonials for Rubin & Associates

testimonialsWe can talk all day long about our experience helping local Dallas residents get a fresh start through bankruptcy, but sometimes our clients say it better than we do.

Here are a few of the notes and emails we’ve received from recent clients:


God Bless You –

Thank all of you for being there to see me through it, from day one until the last day.

Thank you, thank you!

– Barbara


Mark,

I wanted to thank you for taking time to meet with me in person on Tuesday 4/5. I now have a better understanding of the issues with my case. It was important to me to be able to do this, and I can’t thank you enough. Even though I’m aware that the Chapter 13 was the right decision for me, I still have some anxiety about the unknown. You answered all my questions and broadened my understanding of how these things work. It can be very complicated for a lay-person, and I appreciate your plain English.

I’m glad I have you representing me!

Thanks again,

Joey


Thank you so much… PRAISE GOD and Mark Rubin and Associates!!! A HUGE SPECIAL THANK YOU TO KELLI JOHNSON – now it bought me time… I’ve got connection to guy/friend who does home equity loans for those that are challenged. Says he should be able to get it done for me for 50-60k. I’d pay off bankruptcy stuff with it – what do I need to start doing or do is my next question? THANKS AGAIN MY ANGEL KELLI

Craig

By |May 12th, 2016|Texas Bankruptcy|0 Comments

How old do you have to be to file for bankruptcy?

Dallas bankruptcy attorneySometimes, we’ll have younger clients come in for their free consultations and ask if they’re old enough to file for bankruptcy. While there are government-set age limits for driving, voting, and drinking, there’s no age restriction for bankruptcy.

In fact, the absence of an age limit for bankruptcy made the news back in 1998, when a 10 year old in Maryland filed for Chapter 13 bankruptcy. Yes, you read that correctly – a 10 year old filed for bankruptcy.
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By |April 19th, 2016|Bankruptcy|0 Comments

What are the Texas bankruptcy exemptions?

bankruptcy exemptions in TexasMany of our clients wonder how a bankruptcy proceeding will affect their property and their family’s future. Contrary to popular myth, bankruptcy will not result in the loss of all of your property.

Each state decides on the available “exemptions”, which are basically lists of things that you can keep and isolate from a bankruptcy proceeding. In other words, the exemptions are removed from the estate – so the trustee and court are not able to touch them.

In Texas, the following exemptions are available:

Homestead exemption

If you live in a city and your home in on 10 acres or less OR if you’re in the country on 100 acres or less, your home is protected. If you sell your home, the proceeds from the sale are exempt for six months after the sale.

Motor vehicle exemption

You can protect the entire value of one vehicle per each member of your household who is licensed to drive.

Personal property exemption

If you’re a single adult, you can exempt up to $50,000 worth of personal property, or up to $100,000 worth if you’re married. Personal property can include home furnishings, clothing, food, jewelry (which can only account for a quarter of the total exemption), sporting equipment, up to two firearms, burial plots, and health savings accounts.

Retirement account or pension exemption

Most tax exempt retirement accounts and pension accounts are exempt in a bankruptcy proceeding.

If you’ve got more questions about exemptions or how your property and possessions can be protected in a bankruptcy case, please call us today at 214-760-7777 for a free consultation. We’re happy to take the time to sit down with you and explain the ins and outs of your potential bankruptcy proceeding.

By |March 12th, 2016|Bankruptcy|0 Comments