Did you skip paying your taxes for several or more years? Regardless of whether you're an employee or a self-employed business owner, it's easy to fall into a difficult financial circumstance that prevents you from paying your tax bill. Tax obligations like this can really add up over the years, and before you know it, your tax debt can become unaffordable.
There may come a point when you realize that you have gone overboard in regard to your credit card debt.
Bankruptcy is a hard pill to swallow in some cases, but it's important to know when it's the right choice. Bankruptcies help people get out of debt and into a balanced financial situation. While they have negative impacts on credit scores, individuals get a fresh start.
When you look at your bank account, does it make you cringe? Do you wonder if you'll have money left over after you get paid? It's tiring to live paycheck to paycheck.
Considering your own death can feel a little morbid. However, avoiding it can lead to a number of issues. For example, if you aren't married, your estate and assets will pass to other family members. If you have minor children, they could inherit your estate. If you haven't taken the time to create an estate plan or last will with guardians for your children, however, your children may not ever see those assets.
Whether you're going through a Chapter 13 reorganization and repayment bankruptcy or a Chapter 7 with discharge of your debts, certain debts won't go away. In particular, typically, student loans don't get discharged in bankruptcy. That can be a source of great frustration, especially because student loans are often one of the biggest sources of debt in people's lives. Even in Chapter 13, where debtors try to repay as much as possible over a specific period of time, student loans likely won't get discharged.
Declaring bankruptcy offers many people relief from overwhelming and suffocating debt. It is a viable option. With Chapter 13 debts are paid off but at a reduced amount or over a longer period. Depending on your filing and your situation, some debts may even be eliminated.
We've all heard that grief has many stages. But what you might not know is that when we grieve we go in and out of these stages- not through them one by one in order.