Most often individuals enter into a bankruptcy because they are being threatened with legal action from their creditors. They may be at risk of losing their home, or having their vehicle repossessed. Once the financial problems get to this point then the individual...
Has Debt Taken
Over Your Life?
Month: October 2015
What is the Marital Adjustment Deduction in Bankruptcy?
To qualify for a bankruptcy you have to complete a means test. This determines whether you quality for the chapter 7 or chapter 13 bankruptcy. It may be that you are the only one that is filing for bankruptcy relief which means your spouse isn't. Filing Considerations...
Things to Think About Before Filing for Bankruptcy
Going bankrupt is not something that you should jump into quickly. You want to give it a great deal of thought and think about what other options may be available to you. At the same time it is a resource that you want to consider if you are in a tight financial...
Your Credit Score Before Going Bankrupt
It is not uncommon for many people to want to go bankrupt simply because they are burdened with all of the collectors that may be harassing them. Before making this decision the first thing an individual should do is check their credit score. This may not directly...
Debt in a Chapter 13 Bankruptcy
In a Chapter 13 bankruptcy tax debt is handled a little differently. In most cases you will end up having to repay any of your tax owed while your Chapter 13 repayment plan remains in place. How much you will have to pay is decided by whether it becomes classed as a...
Tax Debt in a Chapter 7 Bankruptcy
Bankruptcy can help with some tax debt but not all of it. For those that are going into a Chapter 7 bankruptcy, the tax debt that can be discharged is only that which is income based and applies to federal or state taxes or gross receipt taxes. There are also special...
Converting a Chapter 13 Bankruptcy to a Chapter 7
Many times when an individual files for bankruptcy it ends up that they qualify for a Chapter 13 bankruptcy. This is also a good form of debt relief. Rather than having all or most of the debts discharged, it allows for a debt repayment plan. It entails comprising a...
Tax Implications Of Debt Settlement vs Bankruptcy
Most people only decide to go bankrupt as their last resort. A lot of people try to reach some type of debt settlement rather than going the bankruptcy route. This can have some tax implications to it that you really need to consider before making a decision on debt...
Getting Through the Holidays In Bankruptcy
Many individuals hate the thought of going bankrupt but even detest it more around the festive season. It is a really stressful time because many individuals want to be able to do some gift buying, but their finances are in such a bad state that this makes it most...
