Any kind of overwhelming debt can weigh heavily on your mind – but when you owe back taxes to the federal government, the stress can be tremendous. The Internal Revenue Service (IRS) can be aggressive when it comes to collections. Will filing for bankruptcy wipe out...
Many people who end up struggling with debt have previously been very responsible about their spending and use of credit. All it takes is a single medical emergency to cause financial devastation. A heart attack while on vacation might lead to thousands of dollars in...
One of the first decisions people must make when contemplating a personal bankruptcy filing is the type or chapter of bankruptcy that they will pursue. Most individuals choose between Chapter 13 bankruptcy, sometimes called a wage-earner’s plan, and Chapter 7...
Some people refer to Chapter 7 bankruptcy as liquidation bankruptcy. That nickname comes from the obligation to sell off certain assets or liquidate them to repay creditors. Before the filer is eligible for a discharge of the balance that remains on the account, they...
If you and your spouse are overwhelmed by debt, filing for joint bankruptcy can be a practical and strategic way to reset your financial future. Joint bankruptcy allows married couples to file a single bankruptcy case together. Instead of two separate filings, you...
When people think about bankruptcy, they usually focus on the financial aspects, such as debt, assets, income and credit scores. But for many people, the emotional side of filing for bankruptcy can be just as significant. Debt doesn’t just affect your bank account. It...
People who are considering bankruptcy often look forward to the financial freedom that will come, but they may also have some concerns about how the filing will impact their lives. One question that often comes up has to do with the assets they’ve accumulated. When a...
Divorce can create intense financial pressure on otherwise successful individuals. The cost of divorce, the need to provide support and the division of property can all significantly alter an individual’s economic circumstances. A recent divorce is one of the more...
Filing bankruptcy is a way that you can reclaim control of your finances, but it isn’t a magical tool that will suddenly make everything change. Instead, you’re going to have to do some work so you can rebuild your creditworthiness after the bankruptcy is over. One...
People who need to file for bankruptcy are often dealing with frequent contact from creditors. This can be stressful and disheartening, especially for those who know they need to pay their bills but simply don’t have the ability to do so. If you’re in this position...
