Bankruptcy doesn't mean you get off the hook from paying back anything at all that you have outstanding. There are a few things you aren't going to be able to include in your bankruptcy, things that you're going to still be responsible for. There are some things your bankruptcy trustee may require that you pay back. Read on for a few things you will not be able to include in your bankruptcy.
27 May 2020
Are you currently receiving paychecks that are lower than they should be due to wage garnishment? If so, are you struggling with other debts, too? If a creditor is garnishing your wages, and if you have other debts you cannot pay, you should consider evaluating bankruptcy as a way out of debt. Bankruptcy has the potential to stop wage garnishment and provide relief in other ways, and here are some things you should know as you consider this option.
29 April 2020
Seeking help from a bankruptcy lawyer is a smart move if you reach a place where you don't know where to turn for financial relief. Bankruptcy can help you in this position, but you may need to choose whether to file under Chapter 7 and Chapter 13. If your lawyer tells you that you qualify for both, you'll have to learn the differences between these two branches. Here are the top differences to know about as you make your decision.
22 April 2020
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
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
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