Browsing Category
Bankruptcy : Business & Finance
What Do I Do at Tax Time If I Cashed a 401k?
Individuals who cash in 401k plans and receive lump-sum distributions must report their withdrawals as forms of income on their tax returns. This means that they may have to pay tax on the distributions. If they withdraw the retirement funds before they reach the age of 59 1/2 or without meeting oth
Medical Debt Responsibilities
The rising cost of care is too much for many to afford.Hospital image by Raulmah?3n from Fotolia.comMedical costs and medical debt are one of the largest causes of bankruptcy in America, says bills.com. The high cost of health care is a significant portion of the problem. However, loss of...
Do You Really Need a Lawyer When Filing For Bankruptcy?
If you're the kind of person who likes to do everything by yourself, you may be tempted to take the same approach when declaring personal bankruptcy. After all, why go through the hassle and expense of hiring a bankruptcy lawyer to help you with your case if you can simply go through the proces
Laws Made By Bankruptcy Courts To Help People In Financial Crisis
Before opting for bankruptcy, it is important to know the various advantages and disadvantages involved in the process to evaluate its worth as a debt solution. Hence it is essential to know the various laws made by the bankruptcy courts to help people in debt crisis.
What Is a Debt Reduction Plan?
There are several kinds of debt reduction plans available to those who can no longer handle their consumer debts. Whether you wish to restructure some of your money to credit card and loan repayment, personally negotiate with your creditors, hire a firm to help you negotiate with your lenders, or fi
My House Is Going Into Foreclosure: Can I File Chapter 13?
The United States Bankruptcy Court calls Chapter 13 a "debt adjustment" plan; it allows you to restructure payments to your creditors so you can hang onto and catch up with secured loans that you want to keep. Most debtors file for Chapter 13 protection because they want to save their homes from for
Commercial Debt Recovery - What Is the Right Way for It?
There are several reasons when a business needs money. Basically, the business recommends to another business whilst it dictates funds. In some case the business who owes money becomes incapable to return money back. At ...
How to be Completely Debt Free Like the Duggar Family (from 17 Kids and Counting)
Jim Bob and Michelle Duggar have eighteen kids who all still live at home, yet this couple manages to live completely debt free. Here are some tips to help get your household living debt free like theirs.
Debt Drawdown Definition
A drawdown is the act of reducing a party's account by a specified amount. Debt drawdown is the act of slowly issuing funds instead of the entire amount at once. By slowly drawing down the debt, lenders can verify that funds are not misspent before providing more money.
How Can I Buy a Motorcycle After Bankruptcy?
Bankruptcies are bad but it is not as bad as you think. In fact, most people who have filed their bankruptcy are doing great in boosting their points and gaining back their credibility. Lenders often ...
Creating A Path For Debt Relief
When you are burdened by debt and feel like there is no way out, it can be a stressful time for you and your family. Often times, the road out of debt is much more ...
What Happens to a Mortgage When the Owner Has Died?
When you pass away, your mortgage debt could be paid off by your estate or it could pass on to your spouse. The mortgage debt does not simply disappear and it has to be paid in one way or another. Some people purchase products like life insurance or mortgage protection insurance to take care of this
State of New Hampshire Chapter 7 Bankruptcy Rules
New Hampshire allows residents to exempt some assets from seizure and liquidation by the courts.a poor purse image by Maria Brzostowska from Fotolia.comA Chapter 7 bankruptcy allows you to get rid of your debts by liquidating and distributing any assets to creditors. Once the assets are...
Can They Take Your Car in a Bankruptcy if You Did Not File Your Car?
A bankruptcy court cannot take possession of your car if you failed to include it in your bankruptcy petition. However, the court can dismiss your bankruptcy petition because you failed to disclose all debts and assets as required by federal law. Further, the judge could threaten to charge you with
How Long Before a Debt Is Written Off?
A debt that is written off is one that businesses will take on their tax return as a loss, meaning that the IRS will subtract the amount of that debt from any income that the business received during that tax year. It benefits the business to either write off an unpaid debt during the current tax ye
How to Get a 95% Home Loan for a Discharged Bankrupt
It is a widely held belief, that a discharged bankrupt can only apply for a home loan up to 80% of the value of the property, this is totally incorrect, there are lenders who will lend up to 95% of the value of the property, even if you have only been discharged for as little as one day. You will ne
Bankruptcy Chapter 13
The aim of filing for bankruptcy under chapter 13 is for a debtor to get a chance to repay some or all his debts, in more favorable terms like low or no interest. The debtor also gets a repayment period of three to five years.
Bankruptcy Services - Overview and How They Can Help
If you're even considering bankruptcy as a way to free yourself of overburdening debt, then it's probably a good idea to what types of bankruptcy services are available and what they can offer.Credit counseling services are designed to help you take a long had look at your financial situat
Pro and Cons of a Budget
A budget is a spending plan that you create to help you track your finances for the month. It is important to make your budget as comprehensive as possible, and include all of your expenses for the month versus all of your various forms of income. Before you get started on your budget, you need to u
Bankruptcy Process - Essential Steps Overview
If you are considering bankruptcy, you'll need to know what to expect during each phase of the process after filing.Here's a basic overview of what to expect during the entire process.