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Filing for bankruptcy, while helpful for some, can have a variety of serious and long-term implications. Not only will you see a credit score drop of up to 200 points, but the bankruptcy will stay ...
Chapter 7 is the more advantageous type of bankruptcy because it costs less to file and allows you to eliminate your debt, no matter how much you owe. However, to file for Chapter 7 bankruptcy ...
The best leverage you can have is a legitimate threat of filing bankruptcy, because, with all unsecured debts, creditors get zero on the dollar. ... we will very likely have to file Chapter 7 ...
Tax refunds are intercepted with the purpose of forcing citizens to comply to their required debts. If one has student loan payments, child support payments, or worker's compensation payments that they have not fulfilled, then their refund will be intercepted and put towards the payments of those obligations.
Bankruptcy is a way for an individual or business to have their debts legally discharged in the event that they cannot pay them. For example, if your home is being foreclosed upon or your debts ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
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