Bankruptcy Through The Looking Glass

When Bankruptcy Meets Tax Debt: Evaluating Your Options with Barry Levine

Episode Summary:In this episode of Bankruptcy Through the Looking Glass, host Kevin Rosenquist is joined by bankruptcy expert Barry Levine to dive deep into the issue of tax debt and its intersection with bankruptcy. They discuss the complexities of dealing with overwhelming tax liabilities, including common reasons individuals find themselves in tax debt, options like bankruptcy, and the IRS’s approach to collecting taxes. Barry shares valuable insights on strategies like offers in compromise and asset liquidation, along with practical advice on how to navigate these challenges. With over four decades of experience, Barry also reflects on his many stories of clients and the realities of tax collection.
Timestamps:
00:00 - 00:05: Intro
00:05 - 00:31: Kevin introduces the topic and welcomes Barry
00:31 - 02:33: How common is tax debt and why it’s growing? Barry discusses real-life examples of individuals failing to file tax returns
02:33 - 04:06: Common reasons for falling into tax debt, including self-employment taxes and withholding issues
04:06 - 05:26: IRS tactics for dealing with tax debt: Estimated returns and tax liens
05:26 - 06:29: What is an offer in compromise? Barry explains how this process works
06:29 - 07:09: The importance of asset liquidation in resolving tax debts
07:09 - 08:33: Real stories from Barry's clients dealing with tax debt and the IRS
08:33 - 09:23: Bankruptcy vs. offers in compromise: How to evaluate your best option
09:23 - 11:35: Pros and cons of filing bankruptcy to discharge tax debts
11:35 - 13:43: Why people end up with years of tax debt and how the IRS handles long-term tax issues
13:43 - 16:20: The importance of being proactive with the IRS and avoiding mistakes like hiding financial transactions
16:20 - 16:44: Barry signs off with his trademark saying "Zygazook!"
About the Show:Bankruptcy Through the Looking Glass is a podcast hosted by Kevin Rosenquist and bankruptcy attorney Barry Levine, where they discuss real-life issues in bankruptcy law. Each episode dives into the intricacies of financial troubles, debt relief, and strategies to regain control over your finances. With Barry’s decades of experience in bankruptcy law, listeners get insightful, expert advice on navigating complex situations, including tax debt, creditor negotiations, and the nuances of various bankruptcy chapters.

Foreclosure Help: Tailoring Solutions with Barry Levine

Episode Summary:
In today’s episode of Through the Looking Glass, Kevin Rosenquist sits down with Barry Levine to discuss strategies for homeowners facing foreclosure. Barry shares essential insights on how to assess your situation and the key steps to take when you first realize foreclosure may be imminent. The conversation also clears up common misconceptions about the foreclosure process and bankruptcy, providing listeners with a clearer path to understanding their rights and options. Barry dives into the pros and cons of bankruptcy, what actually works to stop foreclosure, and why certain debt solutions—like mortgage modifications or debt consolidation—are often more trouble than they’re worth.
Time Stamps:
00:00 - Introduction to the episode00:05 - Kevin introduces Barry Levine and the topic of foreclosure solutions00:44 - Key steps homeowners should take when facing foreclosure01:34 - Common misconceptions about foreclosure03:30 - How Barry assesses clients' situations to prevent foreclosure05:37 - The reality of mortgage modifications and why bankruptcy might be a better solution07:16 - The importance of bankruptcy in stopping foreclosure07:39 - What happens when you file for bankruptcy08:37 - Debunking fears around bankruptcy and its long-term effects09:58 - Tips for rebuilding credit post-bankruptcy10:29 - Debunking myths about credit post-bankruptcy11:30 - The truth about debt consolidation companies12:43 - When is the right time to seek help from an attorney?13:01 - The importance of proactive steps before financial troubles get out of hand14:29 - Conclusion and signing off
About the Show:
Through the Looking Glass with Barry Levine is a podcast designed to help listeners navigate the complexities of bankruptcy, foreclosure, and debt management. Hosted by Kevin Rosenquist, the show features Barry Levine, an experienced attorney who shares his expert legal insights, practical advice, and no-nonsense strategies for those struggling with financial challenges.

Financial Fresh Start With Bankruptcy Vs. The Mess of Debt Settlement

Episode Summary 
In this episode, Attorney Barry Levine and LPN Host Kevin Rosenquist discuss the intricacies of bankruptcy, focusing on the differences between discharging debt through bankruptcy and the challenges of debt settlement. Barry provides insights into the types of debts categorized in bankruptcy, the process of discharging deficiencies, the reaffirmation of mortgages, and some legal nuances regarding collection practices in Massachusetts. The conversation also touches on amusing anecdotes, cryptocurrency pitfalls, and practical advice for navigating financial trouble.
 
Timestamps:
[00:00-00:30] Introduction and light-hearted banter about marrying rich for financial stability.
[00:30-01:45] Explanation of debt categories in bankruptcy: secured, priority tax claims, and unsecured debt.
[01:45-04:54] Deficiencies in foreclosures, discharging them in bankruptcy, and reaffirmation agreements.
[04:54-08:59] The process leading up to filing bankruptcy, including paying legal fees and credit counseling.
[08:59-10:56] Massachusetts litigation and the risks of ignoring court summons.
[10:56-14:43] Credit counseling requirements and practical tips for completing them.
[14:43-16:45] Filing the case and the 341 Meeting of Creditors—what to expect.
[16:45-18:38] Bitcoin and bankruptcy—how trustees address cryptocurrency holdings.
 
About The Show
Bankruptcy Through the Looking Glass is a podcast hosted by attorney Barry Levine, offering practical advice and candid insights into bankruptcy law and financial solutions. With decades of legal experience and a touch of humor, Barry breaks down complex legal concepts and shares real-life examples to help listeners understand the nuances of debt discharge, the bankruptcy process, and navigating financial challenges. Join Barry and his co-host Kevin Rosenquist as they explore strategies for a fresh financial start.
 

Understanding Bankruptcy vs Debt Settlement

In this episode of Bankruptcy Through the Looking Glass, Barry Levine breaks down the key differences between bankruptcy, debt settlement, and debt consolidation, explaining why bankruptcy often offers the most comprehensive solution. Barry shares real-life stories and practical insights to debunk common myths, alleviate fears, and guide listeners through the bankruptcy process. Along the way, Barry’s humor and candid advice shed light on how to face financial challenges with clarity and confidence.
 
Timestamps:
[00:30-01:01] Revisiting key differences between bankruptcy, debt settlement, and consolidation.
[01:01-03:24] Bankruptcy’s efficiency and why settlement options often fail.
[03:24-05:11] Case study: The pitfalls of debt consolidation and recurring debt.
[05:11-06:33] Unique challenges, including Bitcoin and custodial access issues.
[06:33-08:18] How bankruptcy impacts credit scores versus other debt solutions.
[08:18-09:39] Dischargeable debts and the challenges of settling debts outside bankruptcy.
[09:39-11:49] Legal protections bankruptcy offers, including the automatic stay.
[11:49-13:17] Misconceptions about bankruptcy and frustrations with debt settlement companies.
[13:17-15:35] Advice for those fearful of bankruptcy, plus Barry’s signature humor.
 
About The Show
Bankruptcy Through the Looking Glass is a candid and insightful podcast hosted by experienced attorney Barry Levine, aimed at demystifying the often misunderstood world of bankruptcy law. With his decades of expertise and a sharp sense of humor, Barry tackles complex financial topics like debt settlement, bankruptcy filings, and credit scores, while sharing real-life stories and practical advice. Whether you're navigating financial hardships or simply curious about the legal aspects of debt, this podcast provides a clear, empathetic perspective on achieving a fresh financial start.

The Dangers of Debt Settlement and Debt Consolidation

In this Bankruptcy Through the Looking Glass episode, attorney Barry Levine joins host Kevin Rosenquist to discuss the myths and realities of debt settlement and consolidation. Barry explains how these services often fail consumers and why bankruptcy can sometimes be a better option. They cover how debt settlement companies operate, the potential pitfalls of debt consolidation, and the emotional toll financial struggles can impose. Barry also shares insights on why bankruptcy shouldn’t be feared and how it can offer a fresh start for many people burdened with debt.
 
Timestamps:
[00:00] - Introduction to Episode 7 with Barry Levine and Kevin Rosenquist.
[01:10] - What is debt settlement? Barry explains how these companies operate and the fees involved.
[05:00] - The marketing of debt settlement companies and why it can mislead consumers.
[08:20] - Real-life example: A client who turned to bankruptcy after debt settlement failed.
[11:45] - What is debt consolidation? Barry describes how it differs from debt settlement.
[15:10] - Dangers of consolidating debt, particularly through loans secured by a home.
[20:30] - Risks of debt settlement: tax implications and the 1099 forgiveness of debt.
[25:00] - Consumer misconceptions about bankruptcy and credit score impact.
[30:45] - Barry’s take on overcoming the fear of bankruptcy.
[35:20] - Steps to stop automatic payments to debt settlement companies and move toward bankruptcy.
[40:50] - What to expect at a bankruptcy hearing (341 meetings) and dispelling common fears.
[45:00] - Final thoughts: Finding relief through bankruptcy over failed debt settlement and consolidation strategies.
About the Show
Welcome to Bankruptcy: Through the Looking Glass with Barry Levine. Delve into the intricate world of financial renaissance as we navigate the complexities and triumphs of bankruptcy.

Global Perspectives on Bankruptcy

In this episode of "Bankruptcy Through the Looking Glass," host Matt Sky engages with bankruptcy attorney Barry Levine, who shares his extensive experience navigating financial challenges. The discussion delves into the differences between U.S. bankruptcy laws and those in other countries, highlighting the unique practices that could inspire improvements in the U.S. system. Barry reflects on the complexity of insolvency processes and contrasts them with the more streamlined nature of U.S. bankruptcy laws. Tune in for insightful perspectives on debt relief, bankruptcy, and the international landscape of financial recovery.
Timestamps:
[00:01:12] International bankruptcy practices comparison.
[00:07:39] Chapter 11 vs Chapter 13.
[00:09:58] Chapter 13 bankruptcy advantages.
[00:15:17] Protecting assets during financial crises.
[00:16:50] Judgment proof explained.
About the Show
Welcome to Bankruptcy: Through the Looking Glass with Barry Levine. Delve into the intricate world of financial renaissance as we navigate the complexities and triumphs of bankruptcy.

Demystifying Bankruptcy: Chapter 7 vs Chapter 13 Explained.

Welcome to our latest episode, where we dive deep into the world of bankruptcy. We'll explore the essentials of what bankruptcy is and why it's a critical legal concept for both individuals and businesses. Join us as we break down the differences between Chapter 7 and Chapter 13 bankruptcy, from eligibility and process to outcomes. Key Takeaways: Understand the fundamental concept of bankruptcy and its significance. Learn the key distinctions between Chapter 7 and Chapter 13 bankruptcy. Discover the eligibility criteria for both types of bankruptcy. Gain insights into the bankruptcy process from start to finish. Debunk common myths about bankruptcy. Understand the impact of bankruptcy on credit scores and financial health. Explore strategies for rebuilding credit after bankruptcy. Hear a real-life example of bankruptcy providing financial relief. Whether you're facing financial difficulties or simply want to expand your knowledge, this episode is packed with valuable information to help you understand the complexities of bankruptcy. Don't forget to like, subscribe, and hit the notification bell for more insightful content!
Timestamps:
00:00:00 - Introduction to Bankruptcy Through the Looking Glass
00:00:26 - Understanding Bankruptcy for Individuals and Businesses
00:00:47 - Closely Held Corporations and Bankruptcy
00:01:20 - Dischargeable and Non-Dischargeable Debts
00:02:05 - Tax Debts and Student Loans in Bankruptcy
00:03:30 - Mortgages, Car Loans, and Foreclosure
00:05:02 - Types of Bankruptcy: Chapter 7 and Chapter 13
00:07:01 - Chapter 11 Bankruptcy for Individuals and Corporations
00:09:49 - Eligibility for Chapter 7 Bankruptcy
00:12:24 - Differences Between Chapter 7 and Chapter
13 00:14:35 - Common Misconceptions About Bankruptcy
00:16:46 - Impact of Bankruptcy on Credit Score and Business Standing
00:19:17 - Final Thoughts and Anecdotes
About The Show
Join Barry Levine on Bankruptcy Through the Looking Glass for insightful discussions, expert advice, and real-life stories that shed light on the complexities of bankruptcy law and financial recovery.

Understanding Bankruptcy : Laws and Exemptions

On this episode of Bankruptcy Through the Looking Glass, Barry Levine and Sam Heninger discuss exemptions in bankruptcy, highlighting how they are the same in both Chapter 7 and Chapter 13 bankruptcies. They explain the option to choose between federal and state exemptions, focusing on real estate exemptions in Massachusetts. Barry shares a personal experience about the importance of recording a new homestead after turning 62 to protect equity up to a million dollars. Tune in for valuable insights on navigating bankruptcy exemptions.
Timestamps:
00:00:26 - Understanding Exemptions in Bankruptcy
00:01:10 - Federal vs. State Exemptions in Massachusetts
00:01:31 - Real Estate Exemptions and Homestead Rules
00:02:25 - Other Common Exemptions
00:02:57 - Exemptions for Savings and Stock Holdings
00:03:28 - Homestead Exemptions in Different States
00:03:59 - Case Study: Homestead Exemption Strategy
00:05:02 - Trustee's Role and Compensation
00:05:34 - Misconceptions About Bankruptcy Abuses
00:06:41 - Defining Dischargeable Debts
00:07:57 - Automatic Stays Explained
00:10:13 - Rights of Creditors in Bankruptcy
00:16:18 - Closing Remarks and Personal Anecdotes
About The Show
Join Barry Levine on Bankruptcy Through the Looking Glass for insightful discussions, expert advice, and real-life stories that shed light on the complexities of bankruptcy law and financial recovery.

The Human Side of Bankruptcy

In this episode of "Through the Looking Glass with Barry Levine," Matt Sky speaks with experienced bankruptcy attorney Barry Levine about the emotional and psychological challenges individuals face when going through bankruptcy. Barry emphasizes the common tendency for people to avoid their financial problems, likening it to sticking their heads in the sand. He stresses the importance of addressing debt issues head-on and highlights that dealing with creditors, while sometimes unpleasant, is manageable and not the end of the world. Barry's 43+ years of experience in the field provide valuable insights into navigating financial challenges with resilience and understanding.
Timestamps:
[00:02:36] Recognizing early signs of distress.
[00:05:23] Managing people's stress levels.
[00:09:12] Bankruptcy affecting personal relationships.
[00:14:08] Rebuilding credit after bankruptcy.
[00:15:23] Filing for bankruptcy advice.
About the Show
Welcome to Bankruptcy: Through the Looking Glass with Barry Levine. Delve into the intricate world of financial renaissance as we navigate the complexities and triumphs of bankruptcy.

Navigating Financial Challenges: A Conversation with Barry Levine

In a podcast episode, Barry Levine emphasizes the critical importance of facing reality when dealing with financial issues and creditors. He advises clients to understand their exposure and assets clearly. Barry's approach is rooted in realism and practicality, as he believes in dealing with the facts as they are. He mentions that many debtors ignore their financial problems, likening them to ostriches sticking their heads in the sand. However, Barry's experience has taught him that avoiding creditors and financial challenges only exacerbates the situation.
Timestamps:
[00:01:50] An old hippie lawyer.
[00:07:26] Small business financial struggles.
[00:08:56] Bankruptcy business challenges.
[00:13:10] High income Chapter 13 filings.
[00:18:45] Bankruptcy misconceptions explained.
[00:19:59] Bankruptcy and pension plan changes.
About the show:
 
With over 43 years of experience in bankruptcy law, Barry Levine has cemented his reputation as a seasoned professional in the field. Throughout his career, his primary focus has been on guiding debtors, whether individuals or small businesses, through their financial challenges. His legal journey began in the last century during law school, where he gained valuable experience under a seasoned attorney specializing in creditor relations.
Barry's client-centric approach involves a pragmatic assessment of their financial circumstances. He stresses the importance of facing reality and addressing the facts directly. Whether it's strategizing to keep a business operational, restructuring debts, or navigating the complexities of bankruptcy, Barry advises clients on the best course of action tailored to their specific needs.
Don't forget to like and subscribe for more insightful discussions like this on "Bankruptcy Through the Looking Glass."