Advantages & Disadvantages To Filing Chapter 13 Bankruptcy

Posted by on April 24, 2015 in Uncategorized | 0 comments

Chapter 13 bankruptcy is a type of bankruptcy that allows you to repair your credit by repaying some of your debt. Chapter 13 bankruptcy is best for those with a high income or with many assets that can be liquidated. If you are trying to decide whether or not to file chapter 13 bankruptcy, here are some of the advantages and disadvantages for you to consider.                ...

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How To Protect Social Security Disability Payments From Garnishment

Posted by on April 13, 2015 in Uncategorized | 0 comments

Most people who receive Social Security disability (SSDI) payments are living from one paycheck to the next. Unfortunately, sometimes the disability payments are not enough to cover all the bills they have accumulated. Because of this, sometimes people who are receiving SSDI are threatened with garnishment by creditors for debt repayment. Thankfully, there are several ways you can protect your SSDI from garnishment. Here’s what you need to know. Set Up an Electronic Transfer Account If you are currently receiving your SSDI payments on...

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Non-Priority Versus Priority Tax Debts In Chapter 13 Bankruptcy: How To Know The Difference

Posted by on April 9, 2015 in Uncategorized | 0 comments

Chapter 13 bankruptcy is an option for Americans seeking relief from a variety of debts, and that includes tax debts in most cases. In general, debts of all kinds, including back taxes owed, are divided into one of two categories: non-priority and priority debt. The laws providing for Chapter 13 bankruptcy delineate how tax debts are categorized. Below is more information on how to know if your tax debt will be considered as non-priority debt or priority debt: Non-priority tax debt Non-priority tax debt is the favored category among...

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What Happens To Tax Refunds In Chapter 7 Bankruptcy Cases?

Posted by on April 6, 2015 in Uncategorized | 0 comments

Filing for Chapter 7 bankruptcy is a great solution for becoming debt-free if the majority of your debts are unsecured. When you are approved for a discharge in Chapter 7, all of your unsecured debts will be forgiven, but you may have to surrender some of your assets, including your tax refund. Before you file, you may want to know how the trustee will handle your refunds, and here are three things you should know. Why the Trustee Takes Refunds The first thing to understand is that a bankruptcy trustee will be assigned to your case. The role...

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