In the years following the Great Recession, consumer debt has steadily risen. Even as the economy has recovered a little bit here and there, our household debt has a way to go in terms of catching up. We’ve lost a job and it’s still been hard to find a new one. We have medical bills that are impossible to pay, credit card debt that continues to mount, or our homes are about to go into foreclosure. With family members struggling just as equally, it can seem like there’s nowhere else to turn. However, we do have options. Bankruptcy may be one of them. Learn more about consumer debt and bankruptcy from the National Bankruptcy Forum.
Should Filing Bankruptcy Be The Last Resort?
Is Bankruptcy Always a Last Resort? Although we’ve mentioned it time and again on the forum, it bears repeating: filing for bankruptcy is not a decision to be entered into lightly. In fact, it is important to get good information and carefully weigh your options. Having said that, delaying too long can cause unnecessary financial…Read more
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What is the Difference Between Surrendering a Home and Foreclosure?
What is the difference between surrendering a home in bankruptcy and losing a home to foreclosure? Many consumers are confused by the interplay between the two. When you file bankruptcy and surrender a home, you give the property back to the lender. When a lender forecloses on your home due to non-payment, they take the home…Read more
IRS Beats Debtor to the Punch; Assessed Taxes Not Dischargeable
Filing timely tax returns is key if you wish to discharge tax debt in bankruptcy It is possible to discharge income tax debt in bankruptcy, however, not all taxes are eligible and timing plays a very important role. If you’re anticipating tax troubles on the horizon, it is always best to go ahead and file…Read more
How Often Can You File for Bankruptcy and Receive a Discharge?
Last updated Sept. 19, 2017. While you can file bankruptcy as many times as you like, you can only receive a discharge every so often. Wiping away debts and getting a fresh start through the bankruptcy discharge is the primary goal of most debtors. The question then is not really “how often can you file…Read more
When Creditors Come Calling After Your Bankruptcy Discharge
You don’t owe anymore after bankruptcy. Let’s repeat that: You don’t owe anymore after bankruptcy. So why are creditors still bugging you? The bankruptcy discharge eliminates your obligations to pay debts included in your bankruptcy filing. If you listed it and you received a discharge, then you are no longer responsible or liable for that…Read more
What is an Offer in Compromise? Can It Help Me Avoid Bankruptcy?
What is an Offer in Compromise? Tax settlement firms love to advertise the offer in compromise, a method for resolving IRS back taxes that theoretically involves payment of a small portion of the outstanding tax bill owed and forgiveness of the rest. Tax settlement firms love to imply that the IRS will simply forgive the…Read more