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Posts tagged "Bankruptcy"

Benefits to bankruptcy's 'automatic stay'

Reclaiming your financial security is one of the most common reasons why people opt to file for bankruptcy. There are other benefits that occur when you file. One of these is the automatic stay. Many people who file bankruptcy find this order to be one of the most pleasant things that happens when their case is started.

5 ways to use your tax refund to pay down debts

Many people look forward to receiving an income tax refund because of the financial boost. If you are planning on filing for bankruptcy, you can use this extra money to augment your financial situation before the filing. Make sure you don't file for bankruptcy until you have your tax refund in your hand since the trustee will get the refund you file before you have it.

Chapter 7 bankruptcy may help you regain financial control

Some people who need to seek bankruptcy protection will file for Chapter 7. This is known as liquidation bankruptcy because your nonexempt assets will be handed over to the bankruptcy trustee and liquidated with the proceeds going to pay your creditors. If there are balances left on any of your accounts after this, those will be forgiven when the case is discharged.

Use bankruptcy to keep creditors in their place

When you file for bankruptcy, you have to think carefully about how it will impact your finances. For many people, filing for bankruptcy helps immensely because it does away with a lot of the debts that are crushing them. Sometimes, the best thing that you can do is wipe the slate clean and turn over a new financial leaf.

What are the automatic stay and exempt assets in bankruptcy?

Filing for bankruptcy isn't ever an easy decision to make. It is imperative that you have all the information you need to make the decision that is in your best interests. Many things can impact this, so be sure that you get answers to your questions as soon in the process as possible.

Can private creditors take tax returns?

Individuals who are in debt will sometimes look forward to tax season because they know they will receive refunds when they file. Unscrupulous debt collectors might claim that they are going to have your federal return intercepted or garnished. This isn't possible in most cases because the Internal Revenue Service doesn't seize tax refunds to settle private debts.

Common credit card marketing tricks to bait consumers into debt

It's no coincidence how turning 18-years-old can make you a visible target for credit card offers. The hype and allure is all over the marketing material that appears to give young consumers an easy way to get what they want apart from their parents help. Unfortunately, the debt trap is cunningly set for people of all ages, but especially those who are young and uneducated on personal finance.

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