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August 2017 Archives

Pursuing debt relief by exploring the benefits of bankruptcy

Overwhelming amounts of debt can place you under a significant financial burden, potentially leaving you to face a multitude of challenges. In addition, constant phone calls and collection letters may only add to your current stress, and you could be suffering a lesser quality of life as a result.

What can I exempt under Chapter 7?

When a person chooses to pursue a bankruptcy under Chapter 7, he or she only usually has to forfeit some of his or her personal property in the process. In fact, many individuals are quite surprised to learn just how many types of property enjoy some sort of exemption under bankruptcy law. If you're considering using Chapter 7, be sure to take your time and fully understand the process so that you don't miss some of the many benefits this type of bankruptcy has to offer.

Improving credit after a bankruptcy

After you file for bankruptcy, you may worry that you'll never have good credit again. Fortunately, this does not have to be true, if you take proactive steps to improve your credit. A bankruptcy will certainly hurt your credit in the short term, but the damage does not have to last forever. With time and careful, consistent work, you can improve your credit score after a bankruptcy.

What qualifies as creditor harassment?

Contact from creditors is just one of the many consequences of overwhelming debt. You know that when you fall behind on your payments, it is normal to receive phone calls and deal with bills and late notices that come in the mail, but there are limits to what creditors can do. Even when in debt, you do not have to put up with certain types of harassing behaviors from debt collectors.

Can I choose the bankruptcy I want?

If you're considering a bankruptcy, it can feel overwhelming. This is a reasonable response to overwhelming debt, but not a helpful way to move forward. For many people, simply choosing a type of bankruptcy is a stumbling block in the path to a financial clean slate. For private individuals, Chapter 7 and Chapter 13 bankruptcies both offer financial relief, but do so in very different ways. Depending on the nature of your debt and other factors in your financial life, you may qualify for either or both. So how does a person choose between them?

Discharging tax debt through Chapter 7

If you're hoping to use a Chapter 7 bankruptcy to discharge tax debt, there's good news and complicated news. The good news is that discharging tax debt is possible through a Chapter 7 bankruptcy (or a Chapter 13 bankruptcy, to a lesser extent). The complicated news is that the matter is, well, complicated. While some types of tax debt are dischargeable, not all tax debt is dischargeable, and certain actions by the Internal Revenue Service (IRS) can place additional restrictions on how you liquidate assets.

Might one of these options keep you from losing your home?

Many people, including, perhaps, some in Ohio, go through life trying to avoid thinking about their problems in the hope that they'll eventually go away. Others, perhaps yourself included, prefer to meet their problems head on. You might consider yourself somewhere in between these two extremes, but when it comes to financial trouble, evidence suggests that waiting too long to do something about a potential problem may lead to utter disaster, especially where ownership of your home is concerned.