One misconception people have about Chapter 7 bankruptcy is that it eliminates all debts. While there are situations when this is true, this is not the typical result. A common result of Chapter 7 bankruptcy is the forgiveness of some debts but not all. If you are thinking about using this option and want to know the effects it has on debts, keep reading to learn how
- If you received a letter from the IRS telling you that you owe them money, this letter will be the first of many attempts from the IRS to collect the debt you owe. You should not ignore the letter hoping it goes away because it will not go away. The IRS will begin using other methods to collect the money you owe. Therefore, you should act right away to find a way to s
- Both main branches of bankruptcy offer benefits and advantages to those who use them, but one branch is likely more beneficial than the other. When you meet with a bankruptcy lawyer for the first time, the lawyer will discuss the two branches with you and will aim to determine which is the right choice for you. How do lawyers do this, you may wonder? They do this by e
- If you are in debt and need a way out, you could evaluate bankruptcy. If you discover that you would only qualify for Chapter 13, you should learn as much as you can about it before you decide to use it. Here are some crucial things to know about the way this branch of bankruptcy works. You Find Relief Through an Automatic Stay One vital thing to understand is the aut
- Before using bankruptcy to get out of debt, you should do two things. First, meet with a lawyer to find out how it will help your financial situation. Two, figure out how declaring bankruptcy will affect your future. As you discuss these things, you can also talk about the effects that Chapter 7 will have on your credit. If this is something you are wondering, here ar