The current economic condition since 2009 has been bad and this is the reason why a lot of people end up filing for bankruptcy as an answer to their financial problems due to the burgeoning credit card debts, consumer debts and mortgage. Filing for bankruptcy has some benefits as it erases your bad credit history so that you can start anew. However, while this particular option is tempting, it does not provide a one size fits all solution to your financial problems.
While bankruptcy can be a tempting solution to your problem, it is not advisable for people who have financial problems to file for one. In fact, it requires careful consideration before you opt to file for one. And the only way to learn whether bankruptcy is a good option or not, you need to learn what your options are. This chapter teaches you some decision checklists that you should to determine whether bankruptcy is really good for you or not.
Although there is no standard test that you can do to find out whether filing for bankruptcy is good for you or not, there are some ways to find out whether it is a good option for you. This chapter will help you decide whether bankruptcy is a good option for you or not.
Facing Foreclosure? How bankruptcy can help?
Are you in a financial distress or facing foreclosure? Is your wage enough to pay for your debts? These are some of the things that you need to consider. Bankruptcy can help you when you are facing foreclosure. This chapter gives you an in-depth discussion on how bankruptcy can help alleviate your credit rating and rid you off your debts.
The debt discharge in bankruptcy
How can debt be discharged? There are several ways to discharge you off your debts and this chapter discusses important facts that you need to know on how to pay your debts.
The automatic stay
Just because you owe your creditors big time, does not mean that you no longer have the right over your properties or possessions. With the automatic stay, you can still exercise your rights as your creditors will be halted to collect your possessions until the bankruptcy proceeding is over. Learn more about automatic stay for your benefit in this chapter.
Bankruptcy tools available to you
Filing for bankruptcy is not a decision that you make based on the level of your debt or the amount of money that you earn which makes you incapacitated to pay your debts. Moreover, bankruptcy is not a one-size fits all solution to your financial problems. This chapter will teach you alternative ways to be able to pay your debts.
Eliminating tax debts in bankruptcy
After a bankruptcy proceeding, the debtor is liable for tax debt and this amount can be insurmountable. However, there are ways for you to discharge your tax debts and this Chapter will give you complete details on what to do to reduce your tax debts after bankruptcy.
Will filing for bankruptcy send up the red flag for an IRS audit?
People fear bankruptcy with the belief that it will send up a red flag for an IRS audit. However, what is really the truth about this claim? To find out, this Chapter will give you a scoop whether the IRS will be tailing you or not after filing for bankruptcy.