Getting out from under a large amount of debt can feel impossible at times. However, with the help of Chapter 7 bankruptcy relief, it is possible for individuals to get out from under their debts and enjoy a fresh start. If you think that Chapter 7 bankruptcy may be the answer to your financial problems, there is one very important fact that you need to know. This fact is that it is always in your best interest to pay a visit to a local law office before filing your bankruptcy petition with the court.
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It may not be the first thing that comes to mind when filing for bankruptcy, but your tax situation may affect your chapter 7 filing. Tax situations can be complex, and filers need to rely on the advice of their bankruptcy attorney, but an overview of what might happen with your taxes can still be informative.
Back Taxes and Debt Discharges
Chapter 7 has the reputation of eliminating debt in a way that is unparalleled.
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Despite your best attempts to stay ahead of your bills, you may find yourself seriously behind on what you owe. You may accumulate debt from medical bills, credit card expenses, payday loans, and other costs that you cannot pay.
Instead of risking your creditors garnishing your wages or placing a lien on your bank account, you can take legal steps to resolve your debts. You can start by hiring an experienced and assertive bankruptcy lawyer to represent you.
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Filing for a divorce is one thing, but adding bankruptcy to the mix can be extremely stressful. This is a process that is going to involve both you and your soon-to-be ex-spouse, and you're trying to do everything correctly to get it done before you end up having to be responsible for debts you may not have even had much to do with. If you are going to be filing for divorce and also need to file for bankruptcy, you need to be sure to discuss everything with both of your attorneys to ensure your bankruptcy ends as planned and you aren't stuck with debts after all is done.
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Are you filing for bankruptcy and hearing a lot of legal terms that you are unfamiliar with? Here are some common terms that you should know before you move forward.
Debtor
The debtor will likely be yourself in a personal bankruptcy case since it is referring to the person that the bankruptcy case is about. When a business is filing for bankruptcy, then the business is the entity that is referred to as the debtor.
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