What Is Chapter 13 Bankruptcy?

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Chapter 13 bankruptcy is a form of debt relief, but you do pay back your debts to your creditors. You are not forgiven of your debts, but instead, you are offered a way to pay back your debts with a plan that works best for your income. Chapter 13 bankruptcy is not for everyone; some people do not have the means to qualify for a chapter 13 bankruptcy and instead file a chapter 7 bankruptcy.

7 April 2020

What Can You Accomplish With A Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy law is designed to make it possible for folks who see no light at the end of the financial tunnel to get a fresh start. Chapter 7 accomplishes this by taking two drastic steps. First, as much of the debtor's non-essential assets are liquidated as possible, with the proceeds of the sales going to the creditors. Second, any outstanding unsecured and non-exempt debts are then discharged. You may be wondering how exactly that would help you.

31 March 2020

What You Should Do if the IRS Is Auditing You

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The IRS selected 1 million tax returns from 2017 for audits. While this means that they audit roughly 0.5% of all taxpayers, there is always a chance that you will be next. If you already received a document from the IRS that informs you of the audit, you should follow these steps. 1. Address the Letter Receiving a letter in the mail that is from the IRS is never something people anticipate with joy, except when they know it is a tax check.

25 March 2020