Articles Archive

Are Life Insurance Benefits Taxable?

Written by J. Hirby and Fact Checked by The Law Dictionary Staff  



Simply stated, single lump-sum death benefits received from a life insurance policy that was not owned by the deceased is not taxable. One spouse can own a policy that bequeaths death benefits to the surviving spouse without the funds being taxable; but, this is not the case if the named beneficiary is not a surviving […]

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Are the fees I paid my bankruptcy lawyer and trustee tax deductible?

Written by J. Hirby and Fact Checked by The Law Dictionary Staff  



Basic Information Bankruptcy fees paid to lawyers and trustees can be either a tax deduction or not and it will depend on the type of bankruptcy filed, Chapter 7 or 13, and on the items included in the petition. In order to take any bankruptcy expense as a deductible item on your taxes, you will […]

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Are There Any Car Insurance Companies That Only Ask for 3 Years of History for Driving Convictions?

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



If you have a traffic citation or criminal conviction on your driving record, you're probably paying handsomely for your auto insurance. Most insurance companies will ask you to report driving convictions that occurred within five years of your policy's renewal date. These include less-serious offenses like traffic tickets as well as serious transgressions like impaired […]

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Are There Any Tax Benefits to Reinvesting Your Dividends from Mutual Funds?

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



If you're heavily invested in mutual funds, chances are good that you've thought through the tax implications of your holdings. For instance, you're probably aware that long-term capital gains are taxed at lower rates than short-term capital gains. As such, it's almost certain that you hold your mutual fund investments for longer than a year […]

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Are Up-Front Mortgage Insurance Premiums on FHA Loans Tax Deductible?

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



FHA loans are a crucial component of the country's nascent housing recovery. If you're finding it difficult to keep up with your monthly mortgage payments and worry that you might lose your house as a result, an FHA refinancing loan may be able to buy you valuable time and reduce the effective cost of your […]

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Are Workers' Compensation Settlements Taxable?

Written by J. Hirby and Fact Checked by The Law Dictionary Staff  



The United States has one of the most comprehensive and sophisticated workers' compensation systems in the world. Compared to the health insurance and unemployment benefits systems, workers' compensation is a straightforward method to manage the ever-present risk of injury in the workplace. In a nutshell, workers' compensation is a form of income that is made […]

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Are You Taxed on Inherited Life Insurance Money?

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



If you're named as the beneficiary of a life insurance policy, you may expect a substantial windfall upon the death of the policyholder. Depending upon the size and structure of the payout, this may feel like a sizable inheritance. After all, you'll summarily be awarded a six-figure sum of money simply for enjoying a relationship […]

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As a Sole Proprietor, Can I Write Off My Student Loan Payments?

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



If you're a sole proprietor, you probably write off hundreds or even thousands of dollars in business-related expenses each year. As a business owner, you're eligible for many tax breaks that regular taxpayers can't claim. When times are tough, these breaks can provide a much-need boost to your income and allow you to make essential […]

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Auto Insurance Definitions

Written and Fact Checked by The Law Dictionary Staff  



To improve your chances of getting an auto insurance policy that works for your needs, you will need to know how auto insurance works and what insurers typically provide. The following auto insurance definitions give you a brief overview of some of the most important terms you are likely to come across when shopping for […]

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Auto Title Loan, If I File Bankruptcy and Never Give the Car What Will Happen?

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



Like most loans designed to finance the purchase of new or used vehicles, auto title loans are secured loans. When you take out an auto title loan, your promise to repay your lender in a timely fashion is backed by their claim on your vehicle's title. In other words, they reserve the right to repossess […]

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Average Personal Injury Settlements

Written by J. Hirby and Fact Checked by The Law Dictionary Staff  



Civil complaints and lawsuits pertaining to personal injury constantly overload the dockets of courtrooms across the United States. Law firms that specialize in personal injury claims are part of a billion-dollar industry that produces tons of statistics, but this wealth of information is not exactly conducive to calculating average settlement amounts. The problem with discussing […]

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Avoid Paying Child Support Legally

Written by J. Hirby and Fact Checked by The Law Dictionary Staff  



In the majority of divorce actions where minor children are involved, child support payments are ordered. Usually, payments are made by the non-custodial parent to the custodial parent on a schedule and in an amount that is agreed to by both parties or is ordered by the presiding court. However, there are several circumstances under […]

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Bankruptcy and Foreclosures: Impact on Federal Security Clearance

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



Bankruptcy on its own cannot be the reason for a former debtor being refused employment at a federal agency.  It is a part of the Federal Bankruptcy law (FBL), section 525.  However, a former debtor can be declined employment at a federal agency because of a history of financial troubles that suggests that the candidate […]

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Bankruptcy Documentation: Number of Months of Reference Material

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



When a person files for bankruptcy and presents all of the expected information and documentation need at this initial filing, this person, the filer, becomes the debtor when the filing is accepted by the court.  Regardless of it being for whatever chapter, the debtor’s submission must all be the truth.  The penalty for lying or […]

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Bankruptcy Filing Minus a Missing Tax Return

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



Federal Bankruptcy Law (FBL) requires the debtor to file a specific package of information detailing the debtor’s financial situation some years prior to the filing, a listing of all of the assets belonging to the debtor, a listing of all of the liabilities that the debtor has, a list of the creditors who are owed […]

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Bankruptcy Impact on Money Owed to the IRS

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



The IRS itself, in IRS Publication 908 (P908), states that bankruptcy has no impact on monies owed the IRS prior to the bankruptcy filing.  However, after filing, depending on what type of filing the debtor made the rules on the continuing penalties and interest changes some.  P908 is the IRS explanation and expectations of the […]

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Bankruptcy Protection from a Civil Suit

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



When a person files for bankruptcy and the filing is accepted by the court, the person who now becomes a debtor receives immediate protection from any and all forms of collection and litigation due to financial liability.   Assuming that a civil suit was being initiated due to past due monies being owed a creditor, that […]

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Bankruptcy: Keep the House and Mortgage; Lose the Equity LOC;

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



The very short answer on this subject is that it is possible to enter into bankruptcy, retain one’s home and mortgage, and strip one’s equity line and lien.  It is not allowed in filing for bankruptcy to only list the assets or the liabilities that the debtor wants to make available.  A number of people […]

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Bankruptcy: Remedy for Foreclosure Deficiency Judgment

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



One of the most feared results of a foreclosure is having a court direct a deficiency judgment at the person or persons who lost the property to foreclosure.  A deficiency judgment is a legal method of identifying an amount still owed by the previous property owner to the mortgage or Loan Company after the foreclosed […]

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Beating a DUI Charge after Refuseing a Breathalyzer Test

Written by James Hirby and Fact Checked by The Law Dictionary Staff  



As most people, experts and those with experience related, the refusal to take a breathalyzer test is an automatic loss of license in most, if not all, states in the United States.  In these states there is a requirement that you knowingly, or unknowingly, accept when you sign an application for a license.  This requirement […]

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