Some people who file for Chapter 7 bankruptcy fail to take full advantage of its ability to discharge debt. For instance, you may not be aware that you can get your tax debt wiped out under Chapter 7. In truth, Chapter 7 can discharge some types of tax debt provided that they satisfy certain requirements. This effectively releases you from personal tax liability.
When declaring bankruptcy in Raleigh, be sure to always consult with Weik Law Office beforehand. With their help, you can make sure that you meet the following conditions.
Strictly Income Based Taxes
To qualify, your tax debt must first and foremost be income based. More specifically, they should be for federal or state income taxes or taxes on gross receipts. That means payroll taxes, fraud penalties and others that are similar can never be discharged. Read more from this article: http://bit.ly/2HFc6tR.
Filing for Chapter 13 bankruptcy allows you to keep your home in several ways. The first is through the automatic stay which prevents your creditors from harassing you while your case is under way. The second is through a repayment plan that allows you to repay the arrears on your mortgage over several years. The first offers a temporary respite, while the latter is a more permanent solution.
Chapter 13 bankruptcy and mortgage
When you file for Chapter 13 bankruptcy, you do not lose any property. If you are behind in mortgage payments, Chapter 13 allows you to keep your home and pay the mortgage average over 5 years.
In a Chapter 13 bankruptcy, if you are current on your mortgage payments, you can make your payments to your mortgage lender directly. Read more from this blog: http://bit.ly/2orerx9
If you are already stressed out due to massive debt, you may be seriously considering filing for bankruptcy. As the federal law defines it, declaring for bankruptcy is a legal proceeding that grants a fresh financial start for a debt-ridden individual.
Filing for bankruptcy can eliminate many types of legal obligation to pay most of your debts, stop foreclosure/repossession of assets, give you a chance to catch up with your payments, and put a permanent break on debt collection harassment and wage garnishment among others. Read more from this blog: http://bit.ly/2lvcVNW
For many people dealing with debt, filing for bankruptcy is often the only option. This process helps consumers or businesses re-organize their debts under the protection of the bankruptcy court. Chapter 7 bankruptcy is one of the two types of bankruptcy you can file for. This falls under the liquidation category. Under this arrangement, a bankruptcy trustee may take and sell the debtor’s property, if it is not exempted or protected, as payment for their debt.
If you are considering filing for a Chapter 7 bankruptcy, it is highly recommended that you work with an experienced lawyer in Raleigh, NC. Beyond that, however, there are a few steps you should take to prepare. Read more from this blog http://bit.ly/2kEu8zp