Tag Archives: bankruptcy law

What to Expect When Filing for Bankruptcy

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. However, filing for bankruptcy is often the best option to reset your finances and move forward into the future without the burden of mounting debt. For individuals considering bankruptcy for the first-time, here is some important information that will prepare you for the process. The Difference Between Chapter 7 and Chapter 13 Bankruptcy Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, then you may be able to keep some of your assets. However, you will most likely have to give up the majority of your non-exempt assets. On the other hand, Chapter 13 bankruptcy involves creating a payment plan to pay creditors over a period of time. Chapter…
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This is My First Time Doing Taxes, Help!

Doing your taxes for the first time can seem intimidating. The biggest roadblock that keeps most twenty-somethings and beyond from filling them out for the first time is the amount of unfamiliar tax terms. If it’s your first time doing taxes and you’re scratching your head at a lot of the words, you’re not alone. With that in mind, here’s what you need to know about all the most basic tax vocabulary. Must Know Jargon for Your First Time Doing Taxes Withholding allowances – Each time you get your paycheck, you don’t get the full amount you’ve earned. Your employer withholds some of your earnings to pay the IRS the taxes you owe on your income. When you fill out your W-4 form for an employer, you control how much they subtract from your paycheck based on your withholding allowances. Tax bracket – More money, more taxes. That’s basically what…
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Why Would I Want to Reopen a Bankruptcy Case?

After filing for bankruptcy and receiving a discharge, the court will close your case. Sometimes, it may even close your case without issuing a discharge. If you need to reopen your case, you may be able to, so long as you have a valid reason to do so. Even though you may be able to later reopen a case, you should always take filling out bankruptcy forms seriously. If not, mistakes made can come back to haunt you by prohibiting you from getting your discharge or causing your case to be dismissed. That said, here are some situations where you might want to reopen a bankruptcy case. Common Reasons to Reopen a Bankruptcy Case Forgot to file a mandatory certificate – The credit counseling session is a mandatory requirement when filing for bankruptcy. The United States Trustee’s Office must approve this, and it is accompanied by a debtor education course….
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