Filing for Chapter 7 bankruptcy offers a fresh financial start for many struggling with mounting debts. However, understanding which debts are wiped out and which ones remain is pivotal to planning for a debt-free future. As with all legal processes, the intricacies can often be overwhelming. This guide will break down the typical debts that can and cannot be discharged, allowing individuals to make informed decisions and navigate their financial journey with clarity.
Whether you’ve made an innocent mistake on your tax return or intentionally avoided paying your taxes, the IRS has a range of penalties to enforce compliance. Understanding these penalties and their potential financial ramifications is crucial for taxpayers seeking to avoid costly consequences. In this guide, we delve into the world of IRS tax penalties. (more…)
The tax season is among the most frustrating times of the year. From doing complex calculations to filing returns, the tax season can be challenging. Unfortunately, tax issues don’t always go as planned. Sometimes, you’ll make mistakes that have dire consequences. However, you can always engage a tax attorney, especially when you are in any of the following situations. (more…)
When your financial situation gets difficult, help is available. Bankruptcy is not for everyone, but few other methods exist of dealing with debt that are expedient and efficient.
There are many benefits to filing Chapter 7 bankruptcy and getting a discharge. A fresh start is one of them. Stopping phone calls is another.
Despite what you might have heard, Chapter 13 bankruptcy is helpful. If you file for Chapter 13 bankruptcy, you can actually improve your life. Of course, bankruptcy affects different people in different ways, but these are five major ways that filing Chapter 13 can help you.
1. Save Your Home (more…)
If you’ve filed for bankruptcy to try and settle overwhelming financial debt, you might be concerned about the possible actions debt collectors might still try to take against you. You can fight against any possible illegal actions of debt collectors if you understand your rights and learn what these collectors can and can’t do legally.
Phone Calls Should Stop (more…)
Though debt can help you acquire property or grow your business, it can also lead to stressful situations if you struggle to repay. What’s more, the amount you pay as interest depends on how long you take to repay your debt.
Therefore, if you have no money to repay your debts and are not ready to lose your assets to debt collectors, you might consider filing for bankruptcy. While bankruptcy may adversely affect your credit score, it can offer the debt relief you need to rebuild your finances.
When you need to consider bankruptcy, you need to take into account all of the ramifications of such a decision. One of the most important decisions you will make is who will represent you in court. The choice of an attorney is critical, so you must select the right one for your specific situation. Discover the steps of hiring a bankruptcy attorney so that you can make an informed decision.
1. Determine Which Type of Bankruptcy Is Appropriate for Your Situation (more…)
The decision to file for bankruptcy protection is certainly a big one, and it’s rightly a primarily financial decision. But a borrower using bankruptcy gets more than just help with their financial obligations. You also get nonfinancial benefits that could be just as helpful as the financial ones. What are some of these nonfinancial aids? Discover a few of the most important you can look forward to.
1. Freedom From Harassment (more…)
One of the most common reasons that many Americans turn to bankruptcy is the accumulation of medical debt. When faced with rising medical care prices and insufficient insurance coverage, some people find their other debts and financial problems growing as well.
Can bankruptcy help resolve your medical debt load? What challenges can bankruptcy cause for medical debt? And where should you start? Learn the answers to a few of your most important questions about medical debt and bankruptcy.
Does Bankruptcy Discharge Medical Debt? (more…)