Tag Archives: chapter 7
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Undisclosed Bankruptcy can be fatal to Plaintiff’s Medical Malpractice case
On June 6, 2022, Crystal Deese and Sarah Godfrey appeared in the Circuit Court for Fairfax County, Virginia, for Day 1 of what was supposed to be a 5-day jury trial. Plaintiff had filed a suit against our client, a medical practice, claiming $2.3 million in past and future damages after a routine cataract surgery allegedly rendered her ... Read More
TAGGED: bankruptcy, chapter 7, Standing, Medical Malpractice, nonsuit
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Forgiven Debt – Taxable to the Borrower?
Generally, if a borrower is required to pay a sum certain at a specific time, the obligation is considered “debt” under the Internal Revenue Code. If the lender forgives a portion, it has “cancelled” the debt and the borrower must declare and take into income the dollar amount cancelled. A lender may unilaterally decide that a debt is not collectable ... Read More
TAGGED: bankruptcy, irs, taxes, 2016 taxes, 2017 taxes, chapter 11, chapter 7, debt, Federal taxes, tax