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Personal injury settlements could be taxable depending on the situation. And that’s where Bononi and Company can help our clients. Along with being a law firm, we have full time accountants on staff to help guide our clients through this type of issue. For instance,...
The recent economic downturn and global crisis left many small business owners in Pennsylvania and across the country struggling to stay afloat. You may be among those whose new or burgeoning businesses suddenly fell on hard times. Like many, you sought creative ways...
The accumulation of assets can have a more significant effect on the futures of loved ones and other parties than some Pennsylvania residents may initially realize. However, when they begin estate planning, they may start to see just how their assets -- and the...
How often can you file bankruptcy? The simplest answer to this question is you can receive a discharge, in chapter 7, every eight years. The eight year time-frame starts to run from the date that the previous case was filed. It is important to remember that you can...
You probably had goals for the future -- maybe you imagined taking a trip with your spouse, downsizing the house or taking ballroom dancing classes together. However, with just a few years left until retirement, your spouse blindsided you and asked for a divorce. You...
This is a question that comes up a lot with clients and the short answer is there is not a magic number or the perfect time. Our clients need to file bankruptcy for many reasons. For some clients, it can be: loss of income, divorce or separation, foreclosure, ...
Anyone taking on the endeavor of starting a business knows that there are many details to consider. In addition to needing a good idea and resources to turn the idea into something tangible, it is also necessary to decide which type of business structure could best...
A common question that we get asked all of the time is “What happens when you declare bankruptcy?” When a person or spouse files for bankruptcy, the first thing that happens is a notice goes out to all of the creditors. The notice notifies the creditors that the...
A chapter 7 bankruptcy will stay on your credit report for 10 years and a chapter 13 bankruptcy will stay on your credit report for 7 years. Even though bankruptcy can stay on your report for up to 10 years, the effects on your credit can and will diminish over...
Parents often say that they would do anything for their children. Of course, most draw a line at certain points before a situation gets out of hand. Unfortunately, some parents may think that they are carrying out actions to help or protect their children, but those...
