Navigating the Complicated World of Bankruptcy

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Bankruptcy And Your Tax Returns

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You might be startled at the interest the bankruptcy courts show in your tax filing status. Your income, the taxes you might owe, and other aspects of your tax situation play a role in your bankruptcy in several ways. Read on to learn more. Chapter 7 and Tax Return Status In most cases, the bankruptcy trustee will want to see a copy of your most recent tax return. If you have not yet filed your taxes, be ready with an explanation as to why not.…

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Payday Loans And Bankruptcy

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When you faced a tight financial situation, a payday loan seemed like a lifesaver. However, while the loan might have offered you an immediate relief, the loan likely left you in an even worse financial situation. With the excessively high interest rates and strict payment guidelines, it’s no surprise. If your payday loan concerns have spiraled out of control and you are facing financial catastrophe — bankruptcy might be an option.…

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Three Signs That You May Be Ready For A Chapter 7 Bankruptcy

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Chapter 7 bankruptcy refers to a specific type of personal bankruptcy. A type of bankruptcy where your debts are discharged, and you are given a fresh start. This bankruptcy is not for everybody, and you may not qualify for one. Your annual income will need to be below the median income for your state. But the following are a few signs that you are heading in that direction of a Chapter 7 bankruptcy.…

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Should You File For Bankruptcy?

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Whenever a person is experiencing severe financial problems, he or she might wonder whether to file for bankruptcy. Determining whether or not to file is not an easy decision for most people, as there are consequences of filing, but you might be able to find the answer to this question by analyzing the following three questions. How Much Will It Cost to File? The first thing you might want to evaluate is the costs of filing for bankruptcy.…

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Too Rich To Fail: Meeting Income Requirements For Chapter 7

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When things go wrong with your finances it may not matter how much income you have coming in. People of all income levels get their financial situations in a mess and a high level of pay might not mean you are immune to making mistakes. The problem is that if your income is too high you won’t be able to file for a chapter 7 bankruptcy. Read on to learn more about this unfortunate situation and how you can cope with it.…

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Live To Use Credit Again

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Dark days can seem never-ending when your finances are in trouble, but a decision to file for bankruptcy is your first step towards sunshine. Not only will you find some immediate relief, you will have one of those rare “do-overs” where you can review and makes changes for the better. Read on to learn a bit more about recovering after a chapter 7 bankruptcy filing. How did you get into such a mess?…

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4 Important Factors To Take Into Account Before You Pay Back A Business Debt Early

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If you’re in the process of paying a business loan off, you may be wondering if paying the debt back early is going to be to your advantage. There are a variety of different factors you need to consider before paying off a business loan early. Below are four things you need to think about to determine if it’s in your best interests to pay your loan off early rather than follow the pre-established repayment schedule:…

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Understanding Your Debt-To-Income Ratio And Its Effect On Bankruptcy

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Just about everyone has debt, and those with a high debt amount may think that their only choice is bankruptcy. But it may be possible to manage this situation if your debt-to-income ratio is at a reasonable level. Understanding your debt-to-income ratio and its effect is crucial for managing your financial health. The Nature Of Debt-To-Income Ratios Debt-to-income ratios indicate how much of your monthly income goes to your debt payments.…

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Two Things You Can Do When You Fall Behind On Credit Card Payments

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People think they’ll never fall behind on their debt payments until the day they do. Although getting caught up on past due payments can feel like an impossible task, it is possible to get your finances back on track. Here are two options you can take advantage of to help you resolve your past due balances and start fixing your credit: Ask About a Forbearance Program Creditors don’t like it when people fall behind on their debt payments.…

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Easier Than You Think: Your Bankruptcy Appearance

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Just the act of a bankruptcy filing can make some people feel embarrassed, but that might pale in comparison to the thought of making an appearance in public before a bankruptcy judge. You already feel a bit sheepish about your financial situation, and you know that taking responsibility for your situation is important. Fortunately, this dreaded appearance in bankruptcy court is usually nothing to be worried about, so read on to learn more about your chapter 7 federal meeting, known as the creditor’s meeting.…

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