Monthly Archives: June 2024
Bankruptcy and Tax Discharge: Basic Rules
Most people voluntarily pay all their taxes on or before the due date. But 15 percent of taxpayers either don’t pay in full or don’t pay at all. That percentage may seem small, but given that the American IRS bill is over $1 trillion a year, that’s a lot of money. And, the IRS… Read More »
Chapter 13 and Chapter 7: What’s the Difference?
One of the biggest differences between Chapter 13 and Chapter 7 is the statement they make to the court. People who file Cahper 13 basically state that they can pay all their debts, but they cannot pay them at once, and they need a payment plan. Chapter 7 files essentially state that they cannot… Read More »
Debt Settlement or Bankruptcy: Which One is Best?
Usually, bankruptcy is hands-down more effective than debt settlement. Bankruptcy is a court-supervised process that’s guaranteed to provide relief to distressed debtors. The general bankruptcy process is outlined below. Debt settlement works on the simple principle that something is better than all of nothing. But during non-bankruptcy debt settlement, creditors usually decide how much… Read More »
Bankruptcy, Home Ownership, and Lasting Protections
Many people file bankruptcy because they’re behind on mortgage payments and need the protection of the Automatic Stay. Regardless of the amount of delinquency, and even if the foreclosure sale is scheduled for later that day, Section 362 of the Bankruptcy Code stops foreclosure in its tracks. The Automatic Stay is only part of… Read More »
