Your small business may be your financial lifeline to earn money and survive in the world, but that doesn't mean it will always be successful. Just like people, small businesses can fail to pay their bills as well, and if a business falls into serious debt problems because of this, bankruptcy may be the best course of action.
Having to go to the emergency room is a frightening event for most people. Do you know what's even scarier? Getting the medical bills for that emergency room visit. Even if you have insurance, there is a good chance that you are going to get some considerable bills in the mail.
A report, recently released by the federal government, shows that during the final half of 2016 on into the first six months of 2017, there was a 3 percent decline in bankruptcy filings among Americans. While that may sound good, as many as 772,594 people filed for bankruptcy during that same time frame. Three key reasons seems to dominate in terms of why they chose this option as a way of addressing their debt.
Millennials are often being touted and lauded for their financial acumen, their lack of reliance on credit cards and also their wise relationship decisions about marriage. However, one area that has certain financial analysts concerned is that millennials don't appear concerned about their partners' existing debt levels. Eighty-eight percent of Americans 65 years of age and up believe that debt levels are an area of concern to be looked at when choosing a romantic partner, whereas only 67 percent of millennials think so.
Chapter 7 bankruptcy is a liquidation program. Some assets are sold off, and the money is then used to pay down the debt of the person filing. Any remaining debt will be forgiven.
Trying to pay off the holiday purchases you made on a credit card is likely going to be a priority right after the holiday is over. You have to think about the ways that you are going to handle the situation so that you don't make errors that could cost you dearly in the long term.
Many people think that having money means that they aren't going to ever run into financial troubles. This isn't anywhere close to the case. Think about professional athletes. These individuals make millions of dollars to play ball, but many of them end up having to file for bankruptcy protection.
Bankruptcy protection has a negative stigma attached to it. This shouldn't be the case because bankruptcy is a valuable tool for people who are swimming in debt because of reasons they can't control.
You had a lot of credit card debt when you got out of college. You were just too busy to work, you didn't really grasp what all of that debt would mean, and you put everything on your cards.
One of the federal requirements for Chapter 13 bankruptcy filers is that you have filed all of your tax returns within the last four years of your filing. You must also file all tax return that are due following the initiation of your bankruptcy proceedings.