Will Bankruptcy Affect Your Children? What You Need to Know
Anyone can suddenly discover their debt has overtaken their ability to repay their bills. Many people have more than their credit to worry about when they decide to file bankruptcy. Parents that avoid the process often do so because they believe the filing could make life difficult for their children. Bankruptcy may cause complications, but it does not have to end any dreams.
Student Loan Applications
Students have the same access to financial aid after a parent files bankruptcy because grants, scholarships, and federal loans do not rely on credit scores for approval. The difficulty arises if the parents hoped to co-sign a personal loan or take out a PLUS (Parent Loan for Undergraduate Students) loan. The expected family contribution may also be higher due to bankruptcy.
Do you owe back taxes? Have you received payment demands or other worrying letters from the Internal Revenue Service (IRS)? Owing money to the IRS can be scary and confusing, but luckily, you have options. Here is a look at just five of the potential routes you may be able to take with your tax payment.
Any single parent knows the struggle of trying to raise a child, but that difficulty only increases when bills begin to pile up. You may find that you are not able to afford the lifestyle you once had, or perhaps you realize that your child is suffering because of it.