Tag Archives: bankruptcy law
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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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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There are several likely outcomes that stem from trying to ignore debt collectors, and none of them are advantageous. To put it frankly, ignoring your debt won’t make it go away. Here are the most likely scenarios that ignoring your debt will lead to, though. Why You Shouldn’t Ignore Debt Collectors Your credit suffers – A collection account is likely to appear on your credit reports whether you work with debt collectors or not. If you attempt to speak with a collector, however, you will at least have the chance to present your side of the story and maybe work something out with them. Your debt grows – Failure to pay your debts could result in the collector adding interest and collection costs to your debt. It all depends on the contract you agreed to when you took out the loan or signed up for the given credit card. Generally,…
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