If you contemplate filing bankruptcy and owe back taxes to the IRS, you may have heard that Chapter 7 will not discharge tax debt. While generally true, Upsolve.org reports that Chapter 7 can discharge some income tax debts under some circumstances. To make your IRS...
Chapter 7 Bankruptcy
3 basics of filing for chapter seven bankruptcy in Maryland
If you are a recently divorced single mother in Maryland struggling to handle bills and keep up with debt payments in spite of working a a full time job with decent pay, filing for bankruptcy may be an option to consider. There are three main chapters of the federal...
Understanding the advantages of Chapter 7
The majority of bankruptcies filed by individuals in the United States are Chapter 7 bankruptcies. A Chapter 7 bankruptcy is a liquidation bankruptcy. This is where the debtor will give up valuable property with the goal of paying off creditors. In order to file for a...
Tax debts and Chapter 7 bankruptcy
Perhaps tax debt contributes to your overwhelming financial pressures, and you wonder whether filing a Chapter 7 bankruptcy can help. The answer is, it depends. Here are some of the factors that affect whether a bankruptcy court will discharge the tax debt. The type...
Qualifying for a mortgage after a Chapter 7 bankruptcy
Seeking Chapter 7 bankruptcy protection can help you get out from under your mounting debts and finally re-establish yourself on a firm financial footing. Yet at the same time, such an action does have an impact on your credit rating, which may make it difficult for...
Is filing Chapter 7 bankruptcy the right choice for you?
Many Americans find themselves in extreme debt with no recourse to pay. The United States Courts report that there were over 750,000 non-business bankruptcy filings in 2019, with over 773,000 cases in total. If you find yourself in serious debt, you may have...
What kind of debt can bankruptcy discharge?
When someone is experiencing considerable financial debt, bankruptcy may be the best option for them to recover from debt. While bankruptcy may be the right choice for many, it does not eliminate or manage all debt. There are two forms of debt: secured and unsecured....
Does Chapter 7 stop debt collector calls?
Filing for bankruptcy is not an easy choice to make. Thousands of Americans struggle with overwhelming credit card debt, medical expenses and mortgages. However, for some in Maryland and in many other states across the U.S., claiming bankruptcy is a way to start fresh...
What is the Maryland Chapter 7 means test?
If you have begun thinking about filing Chapter 7 bankruptcy, you need to know about the means test you must pass in order to qualify. FindLaw explains that per the 2005 Bankruptcy Protection Act, each state first determines its residents' median annual income and...
Credit card options after Chapter 7
After people file for bankruptcy, they may think they will not be able to get a credit card. However, bankruptcy usually does not prevent people from getting new credit cards. A previous blog discussed the effects that bankruptcy can have on a credit score. This blog...