BE DEBT FREE

There are several different kinds of personal bankruptcy. Of all of those options, Chapter 7 bankruptcy is the most restrictive. Only individuals who meet very strict financial requirements can file for Chapter 7 bankruptcy. You have to pass a means test before you even file. The means test involves comparing your household income to the

Income taxes stop for no one. Even after you die, someone will need to file a final income tax return for you. If you recently filed for Chapter 7 bankruptcy, you may wonder how it will affect your income tax filing this year. First, it’s crucial to understand that you are still responsible for submitting your

Bankruptcy can help those struggling financially relatively quickly. It can be a powerful debt solution that stops aggressive collection activity and even discharges the amounts you owe on unsecured debts. Despite these benefits, many people enduring financial hardship try to avoid bankruptcy. While filing for bankruptcy might benefit them, they have heard so many frightening

Some people’s debts reach such a high level that they can’t envision paying them off within a reasonable amount of time, if ever. Those who find themselves in that situation often have to endure non-stop calls from creditors. Foreclosure proceedings, repossessions and other aggressive collection efforts may get underway as well. Debt collectors are legally

One of the most irritating things when you owe money to a business is getting the calls or letters saying that you need to pay them. Your nonpayment probably isn’t because you don’t want to pay them, but rather because you can’t. When you realize that you just can’t make ends meet and pay your creditors, you

When you’ve got more bills than money, those persistent calls from debt collectors can weigh on your mind. You don’t know whether to send them straight to voicemail or answer them. Both seem equally distressing. How should you handle these calls? You don’t want to make a mistake that will lead to bigger problems. Some

Chapter 7 bankruptcy is also referred to as liquidation bankruptcy. As the name implies, it can require that you sell or liquidate some of your property. It’s faster and more aggressive than Chapter 13 bankruptcy. Thankfully, the equity in your home, your vehicles and certain other personal possessions are at least partially exempt from liquidation

If you are drowning in insurmountable debt, it can paralyze you into complete inaction. In other words, you may be so troubled by your circumstances that you end up doing nothing to improve your situation. When you finally decide to get a handle on your debt through a Chapter 7 bankruptcy, you may ask others

Whether it was a pile of unexpected medical bills or maxed-out credit cards, you somehow got mired in debt. Usually, filing for a Chapter 7 bankruptcy is viewed as a last resort for those struggling with debt, but that doesn’t make it all bad. While it can have some long-lasting effects on your credit score,

The language used around bankruptcy can be offputting. It is often described as a “last resort” or said that you are “staring bankruptcy in the face.” However, bankruptcy is more common than you may realize. More than 3,000 people filed for Chapter 7 in Alabama between March 2019 and March 2020. Some states had ten times that