If you have received a notice that you are being sued for unpaid debt, don’t panic. It’s important to understand how a debt collection lawsuit works, as well as what your options are if you find yourself facing one. It’s important to verify the amount you are being sued for before anything else; depending on where the debt collection is coming from, this could be relatively easy. After requesting official documentation to double-check the...
Feeling harassed by debt collectors and credit card companies can be extremely overwhelming. If you are being repeatedly contacted by creditors, it’s probably time to talk to a financial advisor or bankruptcy attorney. Bankruptcy is a type of court proceeding in which a judge examines the assets and liabilities of a person filing for bankruptcy to decide if that person’s debts should be discharged.
If you qualify for bankruptcy, there is a...
It honestly depends. Whatever the case, don’t believe what you hear about tax debt discharge on the radio, or even on TV, because the fact is this: tax debts often can’t get liquidated or eliminated in bankruptcy. If you’ve filed for a Chapter 7, you’ll most likely still owe them. If you’ve filed for Chapter 13, chances are good you’ll just repay them in full anyway.Some Exceptions for Tax Debt DischargeThere are some exceptions. For
Times are hard for many people in America when it comes to financial burdens, and for some people, the answer is to file for bankruptcy and release any dischargeable debt. Every debtor needs to understand that the whole point of the Bankruptcy Code is to help “honest but unfortunate debtors” get back on their feet. With this, it is also important for debtors to understand that almost no word in the Bankruptcy Code is free from scrutiny, and...
The fate of many households around America hangs in a balance between living off of credit and simultaneously digging themselves out of debt. If they slip, they may be shocked to find themselves facing time behind bars.
It IS Possible to Go to Jail for Private Debts
Initially, incarceration was only imposed upon those with unpaid state and federal government obligations like fines, child support, overdue tax debt, etc.. If debt was owed to a...