Single or married farmers or fisherman, farm or agriculture corporations, LLCs, or partnerships are eligible to ask for debt relief and reorganization under Chapter 12 bankruptcy.
When filing for Chapter 7 bankruptcy, you can forfeit your vehicle, whether you bought the car or leased it, which relieves you of the liability. However, if you still need your car to get to work and take the kids to school, depending on your situation and financial viability, you may be able to hold on to the car under the following circumstances:
When faced with significant debt, one kind of response that people give is to deny the situation. They might not look closely at the numbers. They might leave their bills or other correspondence unopened and shoved to the side. Their spending habits might continue unchanged.
Denial serves a temporary benefit, providing stress relief. But the debts still accumulate, bringing you closer to the time when you might have to face serious consequences, such as frozen bank accounts, garnished wages, and legal action.
Forbes recently came out with an article on retail bankruptcy in January; when holiday sales have failed to boost a store’s sagging profits and ease its debts, the company might file for bankruptcy. It’s also important to note that, in addition to seeing a possible spate of business bankruptcies, January might also be a time when individuals consider bankruptcy because of debts that exploded over the holidays.
As discussed in a recent article from Cleveland.com, the Consumer Financial Protection Bureau released a report analyzing various kinds of debt. What types of debt show up most frequently on people’s credit reports?
As it turns out, unpaid medical bills top the list, accounting for roughly 52% of the debts reported to credit bureaus.
What does this mean?
The IRS has a reputation as a strong-armed bully that won’t release people from tax debts no matter what the circumstances. However, the truth is that some tax debts are dischargeable in bankruptcy if they meet specific conditions outlined by the IRS. If you are considering bankruptcy, it is important to consult with a Sidney, Ohio bankruptcy attorney first.
Going through bankruptcy is not something that people look forward to doing, but it is the correct decision for many individuals as it allows them to start fresh with their financial situation. Using a Dayton, Ohio bankruptcy attorney is ideal because an experienced professional can provide their knowledge and expertise to assist with the entire bankruptcy process
Is your desk covered with a stack of unopened bills? Have you been struggling to make your mortgage but instead keep falling further behind? Do you wake up every day and immediately start worrying that you will never be able to pay off a mountain of accumulated debt? If any of these sounds like you, it may be time to consider bankruptcy.
From time to time, it’s worthwhile to look at high-profile bankruptcy cases in the news in order to learn from them. Maybe there are lessons for what to avoid when it comes to our own financial decisions or for what to do when you experience money troubles.
Life is unpredictable and sometimes married couples find themselves facing vastly different credit situations. It could be one spouse came into the marriage with a large amount of debt or it could be that an impending separation has caused one partner to make unwise financial choices. Whatever the reason, sometimes one spouse considers filing for bankruptcy alone. A Xenia, Ohio bankruptcy attorney offers advice on things to consider when choosing to file for bankruptcy solely or jointly.