There is a fine line between good credit and bad credit. One of the biggest concerns for individuals in West Palm Beach, FL. who file for bankruptcy is the impact on their credit score. This is the same reason that discourages many people from even considering filing for bankruptcy in the first place.
It’s true that the label of being bankrupted will stay with you for at least 10 years on your credit score history, and can damage your credit score to quite an extent; however, not filing for bankruptcy will adversely affect your credit report too – essentially a catch 22.
What should you do? Let’s take a look. Continue reading
In most scenarios, you might be liable for tax debt after declaring bankruptcy. But in some very special cases discharge of tax debt is also allowed.
Forgiveness of a debt or cancellation of a debt is called debt discharge.
In taxable income to the debtor, debt discharge is the result; except, in case, the forgiveness of the debt is a bequest or a gift.
Chances are, you as a debtor, are likely to have the discharge of debt in Chapter 7. Chances look very bleak in Chapter 13 bankruptcy because in Chapter 13 you have opted to repay all your debts on a slower pace. Not to eradicate them. So that means that in Chapter 13, the tax debt goes in your repayment plan.
Separating Truth from Fiction
Bankruptcy is usually the last resort for a debtor; however, this step should not be taken lightly. Going bankrupt with full knowledge might save you a lot of trouble later. There may be many myths floating around about being broke, but not all of them are true, and differentiating between them might make all the difference. Continue reading
Hard times hit everyone. They hit some harder than others.
No one wants to file for bankruptcy. Sometimes there is just no other alternative. It’s just the last resort.
Losing the place you live in because of bankruptcy can be a huge nightmare. A home is your sanctuary, your base of operation and a lot more things. Even the thought of losing it might make it seem like it is the end of the world as you know it.
If you live in West Palm Beach Florida and have filed for bankruptcy, then this thought must surely have crossed your mind.
Can you possibly keep your West Palm Beach home through bankruptcy? Continue reading
Many fears come with filing bankruptcy.
- Will you lose your house?
- Will you lose your business?
- Will it take a very large portion of your life?
Some of these fears are valid and some are not. Mostly it depends upon your circumstances and the type of bankruptcy you have filed for. Continue reading
Chapter 13 Bankruptcy in West Palm Beach, FL
The Pros and Cons of Filing Chapter 13 Bankruptcy
Bankruptcy may be a dreaded state for many; however, thankfully Chapter 13, under Title 11 of US code, offers debtors a little leeway. But before going into it, it is necessary to find out all of its pros and cons. Knowing your potential gains or losses will enable you to determine whether filing Chapter 13 Bankruptcy will be worth the efforts. Continue reading
Should You File For Bankruptcy?
Individuals as well as families that are crushed under mountains of debt are given the opportunity of filing for bankruptcy by federal law; to put an end to the harassing calls of creditors and so that they can pay-off the debts gradually. Thus, people can file for bankruptcy and effectively eliminate their debt to get a new start in life. Continue reading
Have Bankruptcy Questions? Ask Us Today!
A survey revealed that each year, more than 1.5 million people file bankruptcy in the United States. Not only this, every year, the numbers are increasing at an exponential rate. The increasing bankruptcy statistics highlight the tough economical conditions that people are facing, throughout the world. Not only small firms; but even large multinational companies face such downfalls, in spite of having professional accountants. When individuals get buried under severe debts and start receiving threats from the creditors; they turn towards the bankruptcy court to help them. Continue reading
The Different Types of Bankruptcy
Whether you own a small scale industry or a huge multi-national company or you are just a real estate agent; none of you will ever want to face a bankruptcy. Bankruptcy is the state, when a business or individual loses all of its potential assets and claims itself to have become bankrupt. Before filing a bankruptcy, the filer must have ample knowledge about the types and procedures that are involved in different bankruptcies.
Basically, the bankruptcy code has been divided into several chapters; each of which deals with a distinct case or issue. Not only this, these different chapters also have their own discrete interpretations, which varies from business to business. The four most important chapters of bankruptcies are chapter 7, chapter 11, chapter 12, and chapter 13. Continue reading
Local Attorney in West Palm Beach
If you are a business owner, who is struggling with severe debt, then filing for bankruptcy can be your way out from your debt problem. When companies face a market crash or a downfall; owners start to panic. The unstable financial situation, with harassing calls and threatening letters from creditors, cause significant stress; making your life miserable.
This is the time when they need a professional and a skillful attorney to handle the situation for them.