Bankruptcy Celeb Spotlight: Nicholas Cage
A San Jose bankruptcy attorney comments on the debt level of Nicholas Cage...
In my San Jose bankruptcy office, I note bankruptcies in the news, as well as bankruptcy candidates. You may have read that Nicholas Cage owes the IRS $6.6 million in income taxes. How could this happen to someone who is as successful as he is? Cage is certainly not having trouble finding work – according to the IMDB he was in 4 films in 2009 alone and has 4 more coming up in 2010. It is tough to see why he is having trouble paying his taxes, but it shows that it can happen to anyone.
What should the Hollywood celebrity do? Does he need to go bankrupt? How about others in his position? Can bankruptcy help them eliminate debts to the IRS?
Cage isn’t the only one struggling to pay his taxes. In our current economic climate, many people are having difficulty keeping up with all of their debts, including taxes. The good news is that while many of us think of bankruptcy as being for debts such as credit cards and auto loans, taxes are often dischargeable in a bankruptcy.
Whether or not your taxes can be discharged depends on various factors. When the taxes were due to be filed and when they were actually filed are two of the major factors involved in determining whether or not the taxes can be discharged, though the courts will also look at other aspects of your situation, such as whether or not you intentionally evaded the IRS.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
