bankruptcy

Boris Becker, Bankruptcy and You!

With the world still grappling with the news of tennis legend Boris Becker’s bankruptcy, it’s perhaps time for you to brush up the bankruptcy basics. The former coach of the current world number 2 Novak Djokovic has lashed out on Twitter against the recent media reports of him being declared a bankrupt though. Reportedly, Becker has failed to pay millions of dollars in debt which paved the way for bankruptcy proceedings against him. The man who earned $130 million in his career took to the social media site to express how “surprised” and “disappointed” he was with the news doing rounds and also asserted that he had the means to pay off the debt.

Bankruptcy among Celebs: Too Common?

Now, the world is no stranger to the instances of celebs going bankrupt and with Boris strongly contending the news of bankruptcy, even those who are shocked anew, can actually choose to view financial vagaries from a fresh perspective… instead of just psyching out!

When exactly can you be declared a bankrupt? When can bankruptcy proceedings be actually brought against you? When can you file for bankruptcy? We will explore answers in the course of the post. Read on to unravel.

It’s Time to “Acknowledge”

It is important to recognize and acknowledge the “financial alarm” at the onset. Are you only making minimum payments on your credit cards? Are you turning to your credit cards even for the basic necessities? Are you presently mulling debt consolidation? Have you already started getting calls from your bill collectors? Do you think that managing your finances is way out of your control now?

Red flags! Red flags! It is extremely important to resort to a through assessment of your personal finances from here onwards. Even if just two or three of the answers to the aforementioned questions are in an assertive you know that it’s time take charge of your finances.

Hereon starts your journey of financial epiphany—which – of course – will determine whether you should file for bankruptcy or not. Start off by creating an inventory of all your liquid assets that should ideally include bonds, retirement funds, student loans, vehicles and non-bank account funds. Calculate the total value of your assets against your debt. If the value of the former is less then you know that it’s time to re-evaluate your finances. Is your sticky financial situation reason enough for you to file for bankruptcy?

You can either declare yourself bankrupt or else wait for the creditors to initiate proceedings (that’s what happened with Boris Becker). Both these ways of filing for bankruptcy have their own set of pros and cons to contend with.

Chapters 7 and 13 of Bankruptcy

Acquaint yourself with the diktats of Chapter 7 and 13 of bankruptcy. There might as well be various reasons for you to file for bankruptcy but let us tell you that medical expenses, unemployment and over extended credit are just a few of the common reasons behind the same. The chapter 7 of bankruptcy liquidates as much as of your debts possible. Chapter 7 of bankruptcy will stay on your credit report for 10 years.

Chapter 13 is alternately known as reorganization bankruptcy since it allows you to pay off your loans in three to five years. Once the court approves your bankruptcy, the creditor has no legal right to contact you anymore.

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All Outta Dough: Why Do People Go Bankrupt?

The current statistics on bankruptcy in the US are sobering. We’ve seen a huge rise in the number of people falling into bankruptcy. What used to be an institution for the failed entrepreneurial class has now become a tool for the masses. Even Congress has had to step in and make bankruptcy more difficult to prevent it from being abused.

Here we’re going to look at the main reasons why people are going bankrupt. Does any of this speak to your personal situation? Let’s find out.

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You’ve Been Run Into The Ground By Medical Expenses

According to Harvard University, medical expenses are the biggest cause of bankruptcy. The data show that medical costs are the reason for 68 percent of all bankruptcies in the US. What was more interesting was the fact that many of those who went bankrupt had health insurance. Of course, now the deductibles in the US are so high, most people can’t afford healthcare. The insurance market has failed, and we’re likely to see even more problems in the future.

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When people come down with rare or severe conditions, they start spending their wealth. First, they dip into their savings. Then they sell off all the equity in their homes. Finally, they file for bankruptcy as a protection against mounting debt to pay for medical costs.

Avoiding medical costs in the US right now is almost impossible, thanks to recent policy changes. So the best way to protect yourself from costs is to take personal control of your health. Eat well, exercise regularly and stay happy.

You’re Separated And Just Lost All Your Stuff

The end of a marriage can cause tremendous financial distress for people involved. There’s the direct cost of the divorce itself, including the loss of wealth. Then there are the ongoing alimony and child care costs, which all add additional pressure. Right now, the courts can order wages to be garnished, making it even more difficult for a person to pay their other bills. This can eventually lead to bankruptcy.

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So what are the solutions? One is to get legal help. Divorce lawyers like Skillern Firm can help you keep your stuff. The other is to try to avoid the divorce and work through the problems in the relationship. There’s a good chance that your partner will also be a lot worse off following the separation.

You Don’t Know How To Use Credit

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Credit card debt in the US is at record levels. Why? Because right now, people can’t control their spending. It’s a big problem and one that could land the economy in a heap of trouble. The problem is that spending to excess has become normalized. With interest rates so low, it’s easier than ever before to shift paying for stuff into the future and just buying up stuff on credit.

The evidence suggests that most debt-consolidation plans don’t actually work. The problem isn’t that there are too many payments or that they are too complicated. It’s that people can’t defer gratification. The need to have stuff now is too overwhelming. Ultimately, this is what leads to bankruptcy.


Staggering changes to how you may apply for bankruptcy – The impact on debtors

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According to recent reports, applications for bankruptcy are now being taken out of the court and pushed online since the 6th of April, 2016. The process is all set to become cheaper and faster as the bankruptcy fee has also gone through a change. Are you a debtor who is looking forward to file bankruptcy in order to restore peace in your financial life? If you have submitted your application before the aforementioned date, your bankruptcy application will be submitted to the court and it will be handled by a judge. But if you submitted your papers after 6th April, 2016, you’ll probably require starting again utilizing the new online system. As per the new rules, fees and paperwork submitted before 6th April will be straightaway dealt in the court, irrespective of the hearing date.

From the 6th of April, you can fill out an online application form for filing bankruptcy and avert the requirement of attending a court hearing. The form will be submitted to the adjudicator at The Insolvency Service instead of a judge who would analyze your present financial situation and then make a decision.

The adjudicator

Remember that the adjudicator is not the judge. They are rather federal officials who work with the Insolvency Service. Their only role is to review the current financial situation of the person who files bankruptcy and make wise decisions about the bankruptcy applications of that person.

Changes brought into the bankruptcy fees

From the 6th of April, 2016, the cost that you needed to pay for bankruptcy application has dropped from £705 (that used to be paid in cash at the court) to £655 – £130 for the adjudicator to take into consideration your application and the fee has changed to £525 for handling the entire bankruptcy process. If you are not able to afford this amount of money, you can even get the permission of paying for your bankruptcy application in installments of as less as £5! While you can make online payments, your application won’t be submitted until you clear the outstanding amount.

Filling out the online form – Help

The only way in which you can apply for bankruptcy in Wales and England from the 6th of April is through an online form. In case you don’t have easy access to a computer or you’re not much comfortable using it, you may seek help of close family members and friends. You may also seek free advice and help from a legal debt adviser or from the Insolvency Service Enquiry Line.

Paper applications have already started before 5th April, 201

If you have already started a paper bankruptcy application but you haven’t yet submitted it to the court, you’ll probably require starting again with the help of a new online application. If you submitted your fee and paperwork to the court before the 6th of April, the court is liable to continue dealing with your bankruptcy case.

Bankruptcy changes – Its impact

This brand new system is being brought into effect as an initiative of the government to change public services, thereby making them simpler to use and saving the money of the taxpayer. People are of the opinion that such changes will assist the debtors in avoiding the stigma of going to the court for bankruptcy proceedings. The stigma associated with bankruptcy often puts people off from resorting to this option and instead they dig themselves deeper into debt. But thankfully the new application process online is created to be intuitive, personal and simple.

So, if you’ve been delaying the inevitable just because of avoiding the taboo associated with it, you can now go for it as the new changes have made the bankruptcy process more private and transparent.


In Need of a Sale? How Specialist Homebuyers Could Benefit You

Securing a quick sale can prove to be a minefield, but sometimes it’s the only way to get yourself out of a sticky situation without forfeiting everything. If your debts have mounted up and bankruptcy is on the horizon, your home could well be your only remaining source of equity. However, the UK housing market remains volatile, and it’s not unheard of for properties to take a year or more to sell. If things have progressed to the point of no return, you simply don’t have the luxury of waiting so long for capital to come through.

This is where specialist home buyers can be of benefit. Guaranteed to make you an offer and affect a quick sale, they can prove to be the lifeline that the desperate and the downtrodden so desperately need.

First-Time-Homebuyers1How Quick Buyer Companies Work

Quick buyer companies tend to be an online estate agent like House Buyer Bureau. These companies work by buying houses outright for a cash sum, and ensuring that the whole sales process is completed within a week or less, quickly freeing up a large equity source for the seller.

This is quite different to selling your home through an ordinary agent, where the property would first have to be marketed then sold to an independent party before a final sale was achieved. This process frequently takes months, and it is not unheard of for it to run to years.

It is for this specific reason that quick buyer companies were invented. Where there is no time for a cash buyer to be found, they step into the role of purchaser. All that you, as a seller, need to do is contact them and tell them what you’re offering. The process is very quick and simple. Generally, you’ll fill in a form online telling them a little about you and your property. You’ll receive a return call almost immediately, from an experienced professional who can discuss your situation in more detail. Following your conversation, they should come back to you with a cash offer within a matter of hours. Provided that you’re happy with it, the transaction should take no more than a week from start to finish, ensuring that you have money in the bank when you need it most.

The Benefits of Quick Buyer Companies

As you can see, quick buyer companies have many benefits, the most important among them being speed. For those who need a quick injection of capital into their account, they pose a much more reliable solution than traditional alternatives.

Aside from this, the sales process is far more straightforward, and almost totally stress-free. There is no question of whether or not your house will sell, nor or how long it will take, nor is there a middleman to complicate things. There is only you and the company who need to negotiate with each other, and you know that there is no way that your sale can fall through.

Many will argue that a downside to the process is that the amount you’re offered for your property will be less than market value. However, if you weigh things up, you’ll see that this is balanced out by the welcome fact that, cash-strapped as you are, you will not need to lay out for commission, solicitor’s or legal fees.

When you look at it like that, isn’t it a wonder that we’re not all turning to quick buyer companies to sell our homes for us?

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When & Where to Seek Financial Help

While people will have to face a variety of extenuating circumstances throughout the course of life, dealing with a financial hardship can be particularly difficult. Despite the challenges that result from financial hardships, however, people who are interested in attaining financial freedom can implement several strategies to accomplish this objective. The key to attaining financial freedom when attempting to overcome a money hardship is knowing when & where to seek financial help. Here are several strategies that can help you:

When & Where1. Know When To File For Bankruptcy.

Although many individuals are apprehensive about filing for Chapter 7 bankruptcy, doing so can be beneficial for several reasons. Some of them include the fact that filing for bankruptcy can enable you to wipe out unsecured debts and credit card debt, eliminate various types of liens, and stop credit collection activities as well as harassment from credit representatives. The trick to bankruptcy is knowing when to file and attaining assistance from a professional such as an attorney. According to industry experts, the best time to file for bankruptcy is when you’re unable to meet your financial obligations as a result of the fact that you haven’t been able to work for an extended period of time, have delinquent taxes, have a home that is on the verge of foreclosure, or have pending lawsuits resulting from bills that have become delinquent. If you find yourself in any of these situations, consider filing for bankruptcy and ensure that you attain the services of an attorney who has education and experience in this sector.

2. Bank Representatives.

Irrespective of the type of financial challenge you’re experiencing, bank representatives (who often go by the title “financial representatives for X bank”) can generally help you. In some cases, your goal is to attain a loan in order to purchase a car or pay for your child’s tuition. Although you may be precluded from accomplishing either of these objectives as a result of poor credit, bank representatives can provide you with easy, practical strategies that can help improve your credit. Additionally, bank representatives can provide you with wonderful, implementable strategies to help you slowly but surely build wealth such that you don’t have to worry about experiencing financial hardships in the future. By providing you with information regarding low-risk investments such as CDs and money markets, bank representatives can help you begin working towards a secure financial future.

3. Accountants.

Individuals who own small or large businesses will typically have an accountant who is responsible for measuring, evaluating, and disclosing information regarding the financial state of the organizations they represent. In the event that an individual experiences personal or professional financial challenges, they can often refer to their accountant for assistance. Because these individuals generally have education and experience in the field of accounting, they can often provide you with the tools and information necessary to ensure that your personal and professional financial affairs remain intact.

Conclusion

Although grappling with a financial difficulty can be a difficult thing to do, knowing when and where to seek financial help will often preclude you from experiencing unnecessary complications. By implementing some or all of the strategies outlined above, you can increase the likelihood of avoiding financial complications while also building a strong financial future for yourself.


4 Reasons To Consider A Consumer Proposal Instead Of Bankruptcy

Most people in the modern world live with some sort of debt looming over them. Those that have the means and the determination can use that debt to their advantage while those that struggle regularly with making ends meet can get buried by their debt.

The most difficult part of having debt involves getting too far behind and being unable to catch up. For some people, bankruptcy really is the only option for getting out from under their financial burdens. However, there is another option: consumer proposal. Whether you are looking for debt help in Toronto or in Calgary, you should consider this alternative. Here are a few reasons why.

1. Your Credit Will not Be Damaged as Much

One of the big drawbacks to using bankruptcy law to end your debts is the significant damage it does to your credit score. Bankruptcy can follow you for up to seven years, and makes it difficult to for you to get loans, rent houses, and obtain credit cards.

A consumer proposal is a settlement offer that is proposed by you and your bankruptcy trustee to your creditors. It can be a lump sum payoff amount or an agreement to reduce your monthly payments.

A consumer proposal will also damage your credit score. After all, you are changing the terms of your original agreement, and paying less than you had said you would. Still, paying some or most of your debt off looks a lot better than asking your loan company to forgive it all.

2. You Can Keep Your Case out of the Courts

Most lawyers will tell you that it is advantageous to keep your case out of court. Court decisions can be unpredictable. They are also fairly permanent. With most bankruptcy cases, you will have to present your filings before a judge or jury, and you will be at their mercy in a lot of ways.

Instead of taking things to court, you can make proposals to your creditors, and settle things without having to present anything to a judge or jury. In this way, you keep a lot of the bargaining power, and you can ensure that you agree with the terms before the agreement is finalized.

3. Proposals Have More Options than Bankruptcy

Consumer proposals have far fewer restrictions than bankruptcy. This is largely due to the fact that the proposal is essentially a settlement offer agreed upon by both the creditor and the borrower. Proposals never even have to go court, and the settlement meetings can often take place over the phone. However, the terms are different for each unique situation, and are subject to the whims of each party involved.

4. Consumer Proposals are More Acceptable for Creditors

Most creditors want all of their money back plus the interest that was originally agreed upon. If it becomes clear that they are not going to get that much from you, they usually become more willing to negotiate. They almost all prefer getting paid some money instead of getting nothing after a bankruptcy filing.

An article at nomoredebts.org says that if your creditors do not agree on the terms of your proposal, you will be left with few alternatives other than bankruptcy. Also, there is still a lot of paperwork involved, and there are many things you need to know to navigate this successfully.

For these reasons, it is paramount that you find an experienced bankruptcy trustee to help you with your debt. They can tell you which options you have, navigate the bankruptcy system, and negotiate on your behalf. If you are buried under a seemingly insurmountable amount of debt, call a bankruptcy firm today.

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Edson Senna is a business student. He enjoys applying what he has learned by writing about investing, finance, entrepreneurship, and other business-related topics. He relies on Harris & Partners for his financial information.


The 5 most common areas of law and how can they help protect your assets

protect your assetsWhen you think of a lawyer, which area of law comes to your mind? Most people need the services of a lawyer from time to time, including family lawyers, consumer bankruptcy/foreclosure specialists, civil litigators, criminal lawyers and personal injury attorneys. These five areas are the most common areas of law, and here’s a brief description of how they may help you protect your assets:

  • Family law: assists with family-related matters, such as divorce and custody issues and adoption;
  • Consumer bankruptcy and foreclosure: helps people to manage consumer financial matters. Bankruptcy is the only government-approved solution for the discharge of consumer debt. Foreclosure may occur when an individual or couple fails to make mortgage payments on a timely basis;
  • Civil litigation: concerns all law cases or disagreements other than those filed in a criminal court. Civil litigation includes real property lawsuits, contract disagreements and class action suits, among others;
  • Criminal law: includes minor (misdemeanors) or felony (major issues)that may include DUI/DWI, homicide, theft, weapons charges, traffic violations or juvenile law.
  • Personal injury law: involves recovery of money or compensatory damages for crimes or psychological injuries suffered by an individual or individuals. Damages that may be recovered by an attorney include property damages, medical expenses, lost wages and income, emotional distress, and pain and suffering. The personal injury attorney defends individuals in car accidents or auto collisions, motorcycle accidents, slip and falls, wrongful death and many others types of injuries and accidents. The lawyer defends his clients from the misconduct or liabilities caused by another party or parties.

Of these five types of lawyers, the personal injury lawyer must provide immediate, responsive services to all kinds of clients in need of help. According to Michael Pines, a long time San Diego personal injury attorney, potential clients should consider the lawyer’s experience, the kind of law firm he or she works for, office location, communications style, and success record. Clients want to know “How much is my case worth?” and ethical personal injury lawyers may not have an immediate answer. However, their response to a client’s need for representation should be as close to immediate as possible.

How personal injury lawyers protect clients’ assets

Individuals and families work hard to accumulate assets, such as a home, car, motorcycle or other ‘big-ticket’ item. In an accident that involves property & casualty damage, such as a car accident, the driver determined ‘at-fault’ for the accident must arrange payment for the other driver or drivers’ losses. The total amount of losses owed by the at-fault driver can mount quickly. A serious medical injury, combined with a ‘total loss’ of car, means medical bills, lost wages, recovery time and perhaps a chronic or long-term injury. In other scenarios, an at-fault driver can cause wrongful death of another driver or passenger.

Labor-intensive, detail-oriented work involved in collecting information relating to the client’s car accident, including police reports, photos, witness statements and the like, requires the personal injury law firm’s immediate attention. The attorney interacts with opposing counsel, and brings any offers of settlement to the client. Although the attorney provides recommendations to the client on settlement and all issues relating to the case, agreement to settle the injury claim remains with the client. Some cases must go to jury trial, and the personal injury attorney helps his client navigate all steps necessary to successfully conclude and win the case.


Avoid Bankruptcy with these Helpful Tips

Avoid Bankruptcy with these Helpful Tips

The decision to file for bankruptcy should never be taken lightly and should only ever be considered as a last resort. Dealing with unmanageable debt, before it’s too late, is the key to avoiding bankruptcy. For some great tips on how to regain control of your finances, follow our guide for avoiding bankruptcy below.

Devise a Money Plan

The reason why most people become in debt is simply because they are spending more than they are earning. Understanding the incoming and outgoing of your money can help you to determine where you are spending too much and where you could be saving. Create a budget that outlines your expenses for monthly, weekly and daily intervals. Creating the most straightforward approach to understanding your money is the key to success.

Take Steps to understand your Finances

Money calculators and professional advice can help you to better understand your finances. While budgeting is a step in the right direction, for better understanding your finances, taking measures to compare existing loans and investments can help you to save a great deal of money. If you’ve had the same personal loan and credit cards for many years, for instance, you may be surprised by what is now on offer in the market. Finding better value loans and credit cards can save you thousands of dollars each year.

Understand Bankruptcy

While in some cases bankruptcy is unpreventable, it is important to understand the seriousness of filing for bankruptcy. In Hollywood movies, bankruptcy is often glamorised, making it appear to be a win-win situation for people struggling financially. The reality is, however, that bankruptcy comes with many consequences that may affect your life for many years to come. If you do become bankrupt, many of your assets are likely to be sold, such as your house, motor vehicles and any shares you might own, including assets which have been purchased with another person.

As aforementioned, sometimes bankruptcy is unavoidable, but understanding the consequences can help you to see the importance of staying out of debt.

Create a Plan of Action

Plans are basically useless until they are put into action. Creating a budget and analysing various loans is great, but you must take the steps to ensure that changes are being made. Your budget, for example, will only be successful if you stick to it. If you are having trouble maintaining your new budget, make a plan to talk to a debt solution specialist who can assist you in creating a budget that works for you.

Determining your financial goals and planning around these will help you to discover what needs to be done. There are a number of different ways to eliminate existing debt, so be sure to explore every avenue. Debt consolidation lenders can provide invaluable assistance for reducing your debt, while saving you thousands of dollars each year, through decreased interest rates and lower repayments. Once you have devised your plan of action, it is time to set the wheels in motion.

Tara Blair is a personal finance, business and travel writer from Brisbane, Australia. She says that the decision to file for bankruptcy should never be taken lightly and she recommends people consider looking at debt consolidation lenders as a solution to their problems.


Taxes and Bankruptcy: What You Need to Know

Taxes and Bankruptcy: What You Need to Know

There are so many intricacies in bankruptcy law that is can be very overwhelming, especially considering that getting to the point of having to file for bankruptcy is overwhelming in itself.  Often what affects what and how can get lost in the shuffle.  It is much easier to go forward with something, and less overwhelming, if you know all of the details beforehand.  Liken it to a doctor explaining each step of process as he does it so the patient always knows what is coming.  It may still not be pleasant, but it is at the very least not a surprise.  Consider your bankruptcy attorney your bankruptcy doctor.

Back Tax Returns

Filing for bankruptcy will affect your tax situation, but likely not in the way you expect. First thing first, before you can even file a bankruptcy claim all back taxes must be completed and filed.  If you happen to not realize this and file a claim while you still have unfiled tax returns from previous years, the clock starts ticking. You have a limited amount of time at that point to get those returns filed before the claim is thrown out.  This is where a CPA comes in very handy, as they can file the forms in the most effective, efficient manner possible.

Tax Debt

Tax debt is exempt from discharge.  This means that even when a bankruptcy claim is approved, tax debt will still be owed including any penalties and late fees. There is a possibility that collection efforts could be paused for a bit, but they will eventually start up again and fees and interest continue to accrue even when collection efforts are not being made.  Basically, bankruptcy is not a way out of paying the IRS. Other debt may be discharged, but tax debt will not be.  In fact, tax debt can even grow during this time if payments are not made during the proceedings.  A bankruptcy lawyer can help you come up with a plan of attack for this debt growth so that it does not get any more out of hand than necessary.

The Best Advice

If you see bankruptcy in your future, visit a Las Vegas bankruptcy lawyer and keep your taxes up to date. Go ahead and get back taxes filed or at least get them started so that does not hold up the process. Also, even if other debts have to be ignored, keep paying your tax debt as much as possible.  Those other debts may fall under discharge, so use what you can to pay the IRS and avoid as much in penalties and interest as possible.

This article was written on behalf of Top Nevada Bankruptcy Lawyer Anthony Deluca of Deluca & Associates.


The Top 5 Reasons to File for Bankruptcy


No one really wants to file for bankruptcy. It’s not fun and it doesn’t feel good to have to admit that you simply don’t have the money to pay your debts. However, in spite of the fact that it may not be an enjoyable experience, it’s also one which is extremely important and which can provide some real and tangible benefits to those who do it. Here are five great reasons why you may want to consider declaring bankruptcy:

It Will Get the Creditors Off Your Back

While it is possible to file a cease and desist letter to get collection agencies to stop calling you all day long, the reality is that doing so doesn’t mean that you don’t owe the money anymore. You still owe all the money and the collection agencies, now deprived of their most potent weapon in the effort to make you pay up will likely engage in more aggressive tactics, including filing a lawsuit against you to collect damages and garnish your wages. Filing bankruptcy puts a stop to all that and lets you finally get back on your feet.

It Forces Creditors to Take a Deal

Most credit gurus will tell you that if possible, you should try to contact your creditors directly and make a deal with them to repay what you owe. The reason is simple: doing so will be less damaging in the long run for your credit. The bad news is that creditors aren’t required to take a deal. If they feel they can get more money out of you through a lawsuit, they have the right to refuse your offers and requests for a lower interest rate or other repayment deals.

Once you file for bankruptcy, they will no longer have that option. An impartial judge will instead work with you to come up with a realistic budget and, if necessary can void any and all debts that you owe to allow you to start fresh.

Tax Benefits

Here’s a little known fact about bad debt: if you owe a lot of money, your creditors may decide after a certain point that the money is simply not recoverable. If they decide that is the case, they can legally write it off as a tax deduction. However, there is a huge catch: if they write it off, then you are on the hook for income taxes on the money since the money that was written off is considered to be taxable income by the IRS. Getting your debts discharged in bankruptcy will avoid this problem, allowing you to truly start fresh.

Protect What You Have

If you can’t afford to have your wages garnished, you simply need to prove that to a bankruptcy judge (your lawyer will help you with that) and then your creditors will not be able to touch your income or your savings. However, if you don’t declare bankruptcy, then it’s all fair game. They still have to go before a judge to get an order to garnish your wages or seize your property, however without bankruptcy protection, it’s much easier for your creditors to do so.

Peace of Mind

Finally, probably the best reason for filing for bankruptcy is simply that it provides you with peace of mind. You won’t have to worry about creditors calling you, you won’t have to worry about how you’re going to pay the bills and you won’t have to worry that they’ll take your savings. You’ll then be free to begin rebuilding your financial life in peace, which is definitely a worthy reason for filing for bankruptcy.


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