Monthly Archives: July 2023
Can You File Bankruptcy on IRS and State Taxes?
Many Illini are behind on their taxes, mostly because the era of the pure 9-to-5 job is gone. In the United States alone, freelancers now earn more than $1.3 trillion per year. Since this income is uneven, it’s easy to fall behind on estimated tax and other such payments. Taxing authorities, especially in cash-strapped… Read More »
How Are Chapter 7 and 13 Bankruptcies Similar?
Overall purpose might be the biggest similarity between Chapter 7 and Chapter 13 bankruptcy. Both federal debt relief programs offer a fresh start to honest yet unfortunate debtors. Honest debtors have pure motives when they accurately complete and file all bankruptcy forms and other paperwork. Unfortunate debtors usually have excessive debts primarily because of… Read More »
How Much Can You Usually Settle a Debt For?
It’s very difficult to say, since these matters are so fact specific. Generally, debt negotiation reduces a UPB (unpaid principal balance) between 10 and 50 percent. Clear evidence of lender fault, like lender fraud, generally means a large reduction. Mere inability to pay generally means a smaller reduction. The bankruptcy bluff, which is outlined… Read More »
Bankruptcy and House-Buying: What You Should Know
Most mortgage banks follow the Fannie Mae rules, which include a two- or four-year waiting period for a home mortgage that applies in most cases. Usually, the clock begins ticking after the judge issues a dismissal or discharge order. Generally, Chapter 13 filers must wait two years and Chapter 7 filers must wait four… Read More »
