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As Tax Day gets closer, you dread finding out how much more money you’re going to owe the IRS in addition to the tax debt you still haven’t paid. A common question that people ask is whether filing for bankruptcy can help them get out from under their tax debt. Some...
Life is nothing if not unpredictable, and you can’t control much of what happens to you. Even if you’re very prudent with your finances, a job loss, a withering economy, divorce or an illness in the family can all send your debt spiraling out of control. Years ago,...
Most homeowners spend a significant portion of their monthly income paying their mortgage. Lenders will typically allow people to finance as much home as they can reasonably pay for with a third of their monthly income. Additionally, unless you bought new construction...
It's very important to take bankruptcy seriously and to understand exactly how to make your case as strong as you possibly can. Some people are of the opinion that they should just spend money, once they know they're going to file, since all of their debts are going...
If you are considering bankruptcy, one of the things you might be weighing is the risk of being unable to take out a home loan if you try bankruptcy rather than other debt-resolution methods. It is possible to take out a Federal Housing Administration loan after...
In order to qualify for a Chapter 7 bankruptcy, you have to pass what’s known as the “means test.” This test looks at your countable sources of income and your normal monthly expenditures and seeks to determine whether or not you have the ability to repay some of your...
If you are contemplating filing for bankruptcy, you may wonder what happens to your debts when your bankruptcy is finalized. They don’t magically disappear, unfortunately. Your creditors are the ones who must absorb the hit. The good news is that most business models...
People talk about vehicles like they are a luxury and driving like it is a privilege, but driving and vehicle ownership are essentially necessary for professionals and those trying to support a family. Losing your vehicle could cause a ripple effect that impacts...
Often, debts are portrayed as something that can only happen to those who are reckless with their finances. However, this is certainly often not the case. In reality, many successful businesses operate with a number of different overheads, as well as small debts, much...
People often dread opening the mailbox or answering the phone if they know that they owe someone money. Creditors have used those two contact methods as the primary options for a long time. A new law lets them do even more. Creditors can now send text messages or...
