Bankruptcy may stop collection attempts from the Internal Revenue Service (IRS), but depending on taxes owed and the chapter you file, it may only be temporary. The automatic stay in bankruptcy helps halt collection attempts from creditors including the IRS. It also helps stop legal proceedings such as wage garnishment . The automatic stay prevents [...]
Bankruptcy and Retirement Over the past few years more consumers over the age of 65 continue to struggle with outstanding debt. Studies have shown that more seniors are turning to bankruptcy to help deal with their debt troubles. In 2007, close to 7% of debtors who filed for bankruptcy were senior citizens over the age [...]
Credit card use may be a concern for debtors experiencing job loss or those finding it a challenge to make ends meet. While juggling daily expenses many have a hard time meeting debt obligations. Bankruptcy may be the next step for those who are considering the option. Many consumers understand they should stop using their [...]
Debtors who fall behind on making spousal or child support payments may be under the impression they cannot file for bankruptcy. In fact, if you meet qualifications and requirements to file, you can seek bankruptcy protection when you fall behind. Yet, keep in mind that bankruptcy may not discharge debt related to back child support [...]
Can Home Owner's Due's be Discharged in Bankruptcy? When it comes to Home Owner Association (HOA) dues in a bankruptcy case they can often present challenges even for legal experts to tackle. The topic isn't discussed often which has led many to be misinformed. Chapter 7 bankruptcy allows a variety of debts to be eliminated, [...]
Jackpot amounts in recent months have caught the attention of millions hoping to get a piece of the prize if they don't win it entirely. With jackpot amounts reaching historical heights many dream about what they would do with such a windfall. Lottery wins have been known to change lives dramatically. With that being said, [...]
Your Chapter 13 bankruptcy payment should be a priority each month and as a debtor, that is an important responsibility to uphold. This includes knowing when your payment is due and the amount. The repayment plan helps in getting finances back in order and upon obtaining approval, you make good on your promise to the [...]
Chapter 13 bankruptcy is a court-approved repayment plan that helps debtors regain control of their finances. Depending on outstanding debt the plan can last anywhere from 3 to 5 years. The payments are created based on the affordability of the debtor. Most debtors find payments scheduled in the plan to be more affordable than what [...]
Texas is the base of operations for some of the largest nationwide payday lenders. With its lax regulations, Texas is estimated to provide the industry with more than 60% of its national profit.
One of the most common reasons why bankruptcy is filed includes obtaining protection for personal assets from creditors. When you file bankruptcy assets such as bank accounts will likely be protected. Some debtors worry if their account will close once the petition is filed. Mostly likely your account will remain open and you won't lose [...]