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Can You Still Discharge Tax Debt In Bankruptcy If You File Late?

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Tax debt that’s over three years old can be eliminated in a chapter 7 bankruptcy. However, among other requirements, the debt is only eligible for discharge if you filed the tax returns on time. There’s still value in filing old tax returns, though, and here are two reasons why you should. You’ll Reduce the Amount You Owe When you fail to file your taxes, the IRS may do it for you.…

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What To Know About Lawyer Fees When Filing For Chapter 13 Bankruptcy

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Bankruptcy is a great way to bail you out of your current financial challenges. However, you likely need a lawyer to get you through the process. Here are some things that you need to know about those lawyer fees that you need to pay.  The Lawyer Fees Can Be Rolled Into The Monthly Payment Plan While a Chapter 7 bankruptcy is simplified and often a flat fee that is paid up front, Chapter 13 is a little bit different with there being hourly and itemized costs.…

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Can That Bankruptcy Debt Be Discharged? How To Know

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The goal of chapter 7 bankruptcy is to rid yourself of as much debt as possible and make a new start. To that end, knowing what can be discharged might be helpful for those still undecided about declaring bankruptcy. When a debt is discharged, it simply goes away never to be seen again. If that interests you, read below and learn about some common consumer debts that can be discharged.…

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3 Advantages Of Chapter 13 Vs. Chapter 7 Bankruptcy

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When you compare Chapter 7 bankruptcy and Chapter 13, you might feel that Chapter 7 is more advantageous. The truth is that Chapter 7 is more beneficial in certain situations, but Chapter 13 is better for others. As you compare these options, you will find that Chapter 13 offers three huge advantages over Chapter 7. Here are the three. 1. It Stops You from Losing Your Home Each branch of bankruptcy helps in specific ways and for certain situations.…

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How The Repayment Plan Works When You Choose Chapter 13 Bankruptcy

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Struggling to pay debts and facing a foreclosure or repossession are events that can rob you of peace and contentment in life. Living with debt problems is a stressful way to live for most people. If you choose to get help for your debt problems through Chapter 13 bankruptcy, you can find relief. This branch requires a repayment plan, though, and here is how this repayment plan works. Your Payment Amount Depends on Your Income and Debts…

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3 Things To Know About A Discharge In Chapter 7 Bankruptcy

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The way that Chapter 7 bankruptcy offers relief is through the discharge it provides. The discharge is the main reason people use Chapter 7, and it is very important to understand how this works if you plan to file for bankruptcy. Here are three things you should understand about the discharge before meeting with a lawyer for an evaluation of your finances and situation. What it means The discharge you receive when your case is complete is a legal term that states that you no longer owe the money for the debts included in the discharge.…

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Did Your Spouse Accumulate Tons Of Debt Behind Your Back? Get A Lawyer Now

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Have you recently found that your spouse has been spending on credit cards or other accounts that you didn’t know about? If the two of you are now so far in debt that you don’t know how you will get out or what you can do to try to turn things around, you may want to see a bankruptcy lawyer. If the bills are so high that you don’t think you will ever be able to pay them off and you are afraid that now you are going to lose your home or other assets that you have, you shouldn’t wait to the appointment for consultation.…

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Times When Chapter 13 Bankruptcy Is Better Than Chapter 7

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Chapter 7 bankruptcy and Chapter 13 bankruptcy are both commonly used by people who are struggling with major financial problems, and many people prefer the first over the second. There are also times, though, when Chapter 13 is the more advantageous one for people to file; here are some of the situations in which this is true. A person is facing foreclosure When foreclosure is in the picture, the only branch of bankruptcy that will help is Chapter 13.…

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When Should You Consider Chapter 13 Bankruptcy?

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Considering filing bankruptcy is never an easy decision, but if you’re finding it difficult to keep up with your debts, a bankruptcy might be the best option for your wallet, your credit and your stress levels. Chapter 13 bankruptcies won’t discharge all of your debts as quickly as Chapter 7 bankruptcies will, but Chapter 13 is a better option for some people. If you choose to go forward with Chapter 13, you’ll receive a proposal for a repayment plan with monthly installments to be paid over a 3- to 5-year period.…

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Tips For Those Considering Bankruptcy Protection

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Debt can have a devastating effect on your quality of life and financial future. Unfortunately, individuals can amass far more debt than they can reasonably pay off. When this happens, a vicious cycle can be created where individuals gradually fall further into debt. Understand The Various Types Of Bankruptcy Protection You Can Seek There is a misconception among many individuals that there is only one type of bankruptcy. However, there are many different types of bankruptcy protection that can be sought by individuals and companies.…

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