At the Law Offices of John A. Sterbick, we occasionally meet clients whose financial circumstances have deteriorated past the point of inability to stay current on their bill payments. Sometimes, clients have assumed long term debt for assets that have depreciated below the remaining balance of the loan that the client owes the lender.
Similarly, clients may incur years of federal tax debt that the IRS will demand to be paid once the IRS becomes aware that that client has delinquent tax debt. The combination of personal and IRS debt owed is often overwhelming.Read More
Many people think that when they see a notation on their credit report that one of their debts is “charged off” that “charged off” means that the debt is forgiven or that for some unknown reason, they no longer have to repay that debt. That is incorrect. Read the article to learn more about charge offs on your credit report, how charge off dates and intermittent payments work, and how not to be fooled by unscrupulous debt collectors.Read More
Kevin L. served his country honorably for 22 years in the U.S. Army, including tours in Afghanistan and Iraq. After 22 years, Kevin retired at the rank of technical sergeant, and despite suffering combat-related injuries that left him fully disabled with PTSD, Kevin looked forward to his new life as a civilian.
Unfortunately, fate intervened. Kevin was involved in a significant auto accident after his honorable discharge. Kevin suffered a significant head injury that required brain surgery. Debts quickly piled up afterward. Even worse, Kevin’s partner left him after she added even more debt to his already heavy load.
Fortunately, Kevin came to the Sterbick firm for help this Spring. Kevin’s debts included his home and a truck, among others, and he had fallen behind in his payments.Read More
Filing a Lower Cost “Chapter 5” Bankruptcy Case Could Save Your Business Why did it take so long for Congress to pass a law providing a “better way” to reorganize financially troubled small businesses? The Small Business Reorganization Act of 2019 (SBRA) created a new Subchapter V of Chapter 11, which enables small businesses to…Read More
With the exception of a home mortgage, if you cannot pay your debts off completely within the next three years, you may consider filing for bankruptcy in order to protect your income and assets. If you file for bankruptcy, you may free up income so that you can begin to pay off your mortgage, save…Read More
Internal Revenue Service (IRS) or State of Washington tax problems cannot be wished away, and do not just disappear! It is common for people in this situation to just ignore the IRS letters they receive, and hope their IRS or State tax problems will just go away on their own. The fact is that they only worsen,…Read More