Paul Johnson

Attorney at Law

[Legal Calculators @legalcalculator]

New updated documentation for the #Colorado #Alimony #Calculator. Learn how to calculate Colorado alimony using the Colorado Alimony Calculator and the 2018 Colorado alimony formula. https://t.co/3Ma2HK4plI

[Paul Johnson @pauljohnsonlaw]

Simply stated, the Chapter 7 automatic stay relieves debtors of the financial pressures caused by their debt.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore #AutomaticStay #DebtRelief

[Paul Johnson @pauljohnsonlaw]

The purpose of the automatic stay is to give debtors a “breathing spell” of relief from their creditors. It stops all #collection efforts, all #harassment, and all #foreclosure actions.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore #AutomaticStay

[Paul Johnson @pauljohnsonlaw]

When you file a Chapter 7 bankruptcy your creditors are automatically prevented or “stayed” from attempting to collect the money that you owe them.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore #AutomaticStay #DebtCollection

[Paul Johnson @pauljohnsonlaw]

A Chapter 7 bankruptcy case may be dismissed if an individual with primarily consumer debts has enough income to repay creditors a certain portion of the debt.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore

[Paul Johnson @pauljohnsonlaw]

Even after a Chapter 7 bankruptcy is completed, some debts are not discharged such as most taxes, most student loans, domestic support obligations, and most fines and penalties.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore #Taxes #StudentLoans #ChildSupport

[Paul Johnson @pauljohnsonlaw]

@SaraKubik Hi, thanks for checking out the site! I appreciate your input and will take it into consideration.

[Legal Calculators @legalcalculator]

The #ColoradoAlimonyCalculator has been updated to add the new #Colorado alimony guidelines formula. The new Colorado #alimony formula accounts for the repeal of the deduction for alimony payments under the #TaxCutsAndJobsAct. https://t.co/8KzcSuSIog

[Paul Johnson @pauljohnsonlaw]

Even after debts are discharged in bankruptcy, some creditors may still have the right to enforce certain liens on property, such as foreclosing a home mortgage or repossessing a motor vehicle.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore #Foreclosure

[Paul Johnson @pauljohnsonlaw]

Individuals may still be required to pay back certain debts, such as student loans, even after a bankruptcy discharge.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore #StudentLoans

[Paul Johnson @pauljohnsonlaw]

If you obtain a bankruptcy discharge, then you do not have to pay many, if not all, of your pre-bankruptcy debts.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore

[Paul Johnson @pauljohnsonlaw]

The primary purpose for filing bankruptcy under Chapter 7 is to have your debts discharged and obtain a “fresh start.”

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore

[Legal Calculators @legalcalculator]

The #IllinoisAlimonyCalculator has been updated to add the 2019 #Illinois alimony guidelines formula. The new 2019 Illinois #alimony formula accounts for the repeal of the deduction for alimony payments under the #TaxCutsAndJobsAct. https://t.co/bsaaK4tDqj

[Paul Johnson @pauljohnsonlaw]

Chapter 7 bankruptcy is for individuals who have financial difficulty preventing them from paying their debts and who are willing to allow their nonexempt property to be used to pay their creditors.

#Bankruptcy #Chapter7 #Debt #Creditors #FreshStart #CreditScore

[Paul Johnson @pauljohnsonlaw]

Under the TCJA, #homeowners with existing mortgages may continue to deduct interest on a total of $1,000,000 of debt for first and second homes.

#Tax #Taxes #TaxReturns #TaxCutsAndJobsAct #TCJA #Homeowner #HomeOwnership

[Paul Johnson @pauljohnsonlaw]

Under the TCJA, you are no longer able to deduct home equity interest, even if it is currently existing.

#Tax #Taxes #TaxReturns #TaxCutsAndJobsAct #TCJA

[Paul Johnson @pauljohnsonlaw]

If a #divorce is finalized after December 31, 2018, then a former #spouse receiving #alimony will not have to include alimony payments for income tax purposes.

#Tax #Taxes #TaxReturns #TaxCutsAndJobsAct #TCJA #SpousalSupport #SpousalMaintenance

[Paul Johnson @pauljohnsonlaw]

A change under the TCJA is that joint taxpayers with $315,000 to $415,000 of taxable income, subject to restrictions, are phased out of the pass-through deduction.

#Tax #Taxes #TaxReturns #TaxCutsAndJobsAct #TCJA
#Business #SmallBusiness #SmallBiz #Entrepreneur

[Paul Johnson @pauljohnsonlaw]

A change under the TCJA is that single taxpayers with $157,500 to $207,500 of taxable income, subject to restrictions, are phased out of the pass-through deduction.

#Tax #Taxes #TaxReturns #TaxCutsAndJobsAct #TCJA
#Business #SmallBusiness #SmallBiz #Entrepreneur

[Paul Johnson @pauljohnsonlaw]

Beginning in 2018, all the various itemized deductions including legal fees, investment advisory fees, and tax preparation fees are disallowed.

#Tax #Taxes #TaxReturns #TaxCutsAndJobsAct #TCJA