Regardless of the reason for owing back taxes, failing to pay can lead to accrued interest, making it even harder to settle. Without a means to pay, taxpayers could lose a portion of their wages or assets through liens. Those drowning in tax debt might see bankruptcy...
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Chapter 13 Bankruptcy
Facing lawsuit from debt collectors: Options for newlyweds
In the excitement of a newlywed life, dreams of building a home and future together can overshadow the financial challenges ahead. Accumulating debts from loans taken to furnish this new life can lead to unexpected issues. This includes the possibility of facing a...
What If I Start A Chapter 13 Bankruptcy And Then Lose My Job?
Chapter 13 of the federal Bankruptcy Code is what others refer to as the wage earner’s plan. It allows wage earners or business owners who earn a stable monthly income to feasibly repay their loans. They have the money. What Chapter 13 bankruptcy gives them is time....
2 Important Facts About Chapter 13 Repayment Plans
Many people who are struggling with debt will choose to file for Chapter 13 bankruptcy. Those with higher income levels can qualify for Chapter 13 bankruptcy and don't have to worry about losing any of their property in the process. One of the main differences between...
Can You Spend Money When Filing For Bankruptcy?
Filing bankruptcy can help you gain a fresh financial start by eliminating or reducing existing debt. It can force you to give up some control financially, but the court will not heavily watch over your expenses. Instead, the court will only use its authority to...
What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
In these economically challenging times, filing for bankruptcy can be a smart move to help relieve you of some creditor pressure. Maybe you’re stuck with a debt or mortgage that you’re unable to pay immediately, or you’re faced with insurmountable medical costs....
Filing for bankruptcy can alleviate wage garnishment
When general creditors attempt to collect and fail, they can sue the debtor. If a court rules in favor of the creditor, the court may force your employer to withhold as much as 25% of your net monthly salary. This is a wage garnishment order. It is a devastating way...
Are you eligible to file for Chapter 13 bankruptcy?
When you are in debt that you can no longer pay, filing for bankruptcy may be your best option. You can choose to either file for Chapter 7 or Chapter 13 bankruptcy. The former liquidates assets, while the latter reorganizes debts. Therefore, with Chapter 13...
3 signs you might need to file for bankruptcy
Life can be quite unpredictable. And part of this unpredictability may involve going through a rough patch – financially speaking. If you are going through a difficult time, with creditors and collection agencies in hot pursuit, you need to figure out a solution. One...
Can you file for a chapter 13 bankruptcy after chapter 7?
Filing for a chapter 7 bankruptcy can offer you relief from debt that you’re struggling to repay. It means that certain debts are discharged and you can become debt-free as a result. There may be debts that cannot be discharged under chapter 7 which you need some...