When you know that you are about to make a major financial move, you may be wondering what the differences are in the two main types of consumer bankruptcy. Most people are more familiar with chapter 7, but chapter 13 has several advantages over 7. To help spare the confusion, read on for a quick and easy guide to each type to help you make the decision. Chapter 7 There is no substitute for the way a chapter 7 bankruptcy literally wipes out the majority of most people's debt.
1 March 2018
The decision to file bankruptcy was difficult, but you likely had very little choice. Once your financial situation gets out of hand, it's like a domino effect of mounting penalties, interest and misery. Part of the big decision is about the after-effects of such a move. Will you ever be able to get credit again? The answer to this question is "yes", so read on to learn more about recovering from your chapter 7 bankruptcy.
16 January 2018
While the need to file for bankruptcy can be in itself demeaning, the very thought of having to stand in court and admit to your financial failures can be devastating. Fortunately, your bankruptcy appearance is probably not as bad as you may be imagining. Once you read the information below, you should be somewhat comforted about your upcoming appearance and ready for the new start that this chapter 7 filing will provide.
26 October 2017
Bankruptcy laws are clear in stating that any property acquired within a specific period, usually 180 days, after filing for bankruptcy must be included as personal assets. In the case of a personal injury settlement, you may need to surrender some of the money awarded to you even if you don't actually receive it until after the 180 period and the case is closed. How Can a Settlement That You Haven't Yet Received be Included in a Bankruptcy Case?
15 August 2017
When you're a parent, you have to consider how your children will be affected by every move that you make. Your finances most definitely impact your child, and if you suspect that you might need to file for bankruptcy in the near future, then you'll definitely want to know how that decision will affect your kids. Take a look at some things that you need to know about Chapter 7 bankruptcy and your children.
27 May 2016
Filing for personal bankruptcy can help you get out of debt; however, if you own a small business and operate the company as a sole proprietorship, you may want to consider how your business may be affected by this bankruptcy if you decide to file. In this situation, you may end up losing some or all of your business assets, which is why you should thoroughly discuss your situation with a bankruptcy attorney before you file.
31 March 2016
As the owner of a small business, you will want to increase your tax savings to ensure you are putting as much money as possible back into your business. Unfortunately, many small-business owners make big mistakes on their tax forms that end up costing them significant amounts of money. Therefore, to help you with your next tax return, consider the following tips: Deduct the Cost of Your Home Office If you plan on running your business from home, you will be able to deduct the cost of this space from your final tax bill.
14 March 2016
Millions of Americans, from ages 19 to over 90, file for bankruptcy every year with chapter 7 bankruptcy being the most popular of them all. For your application to be approved, you must pass the means test and also get your filing reviewed by a judge. Just because you passed the means test, it doesn't necessarily mean your application will be approved. This article will look at 3 common reasons, with historical precedence, for why your chapter 7 bankruptcy application may still be denied.
8 July 2015