Income Taxes And Chapter 13 Bankruptcy — 5 Valuable Tips

Are you planning to file Chapter 13 bankruptcy? While many people automatically think of Chapter 7, or debt discharge, when they think about bankruptcy, Chapter 13 preserves your assets while providing the breathing room you need to recover.  To achieve the best result for your Chapter 13 case, though, you must understand how income taxes fit into the picture. What effects do your income taxes have before and during your repayment plan?

Will Your Car Get Repossessed If You File For Bankruptcy?

If you own a car and are considering bankruptcy, you might be wondering if you will lose your car to repossession if you file. The answer to this will depend on numerous factors, and here are several important things you should understand about bankruptcy and car repossession. It will depend on the branch you use With all bankruptcy issues, it is important to know that the branch you are using will affect things in different ways.

The Importance Of Listing All Your Debts When Filing For Chapter 7

One key advantage of Chapter 7 bankruptcy over Chapter 13 is the discharge it offers. While it is possible to get some debts discharged in Chapter 13, you will not really know if this happens until you complete a three- or five-year plan. With Chapter 7, you will know right away what debts will be discharged and which ones will not. Because of the way this works, it is vital to list every debt you have when you fill out your paperwork.

What A Bankruptcy Lawyer Will Tell You About Handling Debts

Figuring out whether to file for bankruptcy and how to try to put the system to use for you can be challenging. Before you get too far into it, it's a good idea to think a bit about how a bankruptcy lawyer might encourage you to go about things. Let's look at some of the myths that a bankruptcy attorney may have to address with a client. Debts Don't Just Go Away

Debt Consolidation Dos And Don'ts

The average American is struggling under the weight of $6,375 in credit card debt. If you are dealing with massive credit card debt, mounting medical bills, or other types of debt and cannot see a light at the end of the tunnel, chances are you're looking for any way to find relief. For many, debt consolidation is the answer to a fresh financial start. If you're considering debt consolidation, here are a few dos and don'ts to keep in mind.