Remorse about debt may help bankruptcy filing, study suggests
Bankruptcy judges are appointed to apply the law evenhandedly. Their job is to remain objective and make sure the law is followed. Could it be, however, that judges are more likely to approve a repayment plan in a Chapter 13 bankruptcy if the debtor includes an apology with his or her petition? The answer has […]
Tax Debt: What Effect Will a Bankruptcy Filing Have?
There are many types of debt. When health problems occur, even people with good insurance can find themselves in medical debt. And in this challenging economy, problems with credit card debt and mortgage debt are very common. And then there’s tax debt. If you owe money to the IRS or the Texas Department of Revenue, […]
Tax Debt: Beware of Liens and IRS Levies
Tax debt is a recipe for trouble – unless you respond proactively to the problem. Don’t just let your wages become the object of an IRS tax levy. Here are some things to think about, as you consider filing for bankruptcy and other debt relief options. First, let’s consider the word “levy” and distinguish it […]
Bankruptcy Defined
The laws of bankruptcy have changed over the past ten years. Although, even with the amendments made, bankruptcy is still simply defined as a tool to assist individuals and businesses overwhelmed by debt in having a government-backed solution. This process allows either a business or an individual to regain financial control of their life by […]