If you're in debt, now's the time to talk to an attorney about bankruptcy protection. Bankruptcy can get you out from under your debt. If you're filing for personal bankruptcy protection, you have two choices. You can file for Chapter 7 protection or Chapter 13 protection. Both chapters have filing requirements. If you want to file for Chapter 13 bankruptcy protection, read the list provided below. These questions will help you decide if Chapter 13 bankruptcy is right for you.

When your finances are stretched thin, it can be devastating to have the IRS snatch a portion of your paycheck every month to pay back taxes. You don't have to suffer in silence, however. Here are three ways you can stop the tax garnishment and regain control over your paycheck.  Apply to the Fresh Start Program The IRS Fresh Start Program offers taxpayers a number of benefits. It gives you six years to pay off your debt, lets you negotiate to pay less than you owe, and will prevent future garnishments if you sign up for their direct payment service, among other things.

Chapter 11 bankruptcy exists predominantly to help businesses restructure their debts. Historically, the code has favored the needs of large enterprises. If you don't run a multinational corporation, you might wonder if the law has simply forgotten about you. The good news is that Congress made a notable update to bankruptcy law to better address the needs of small businesses. Subchapter V of Chapter 11 exists to help businesses that have debts of around $2.

Few people plan to accumulate debt. Often, debt accrues because of unforeseen circumstances, such as business losses, medical bills, or personal catastrophe. When you're unable to pay your debt, the collection calls and constant reminders of the money you owe can feel crushing. When you're in debt, sometimes declaring bankruptcy is the best thing you can do for yourself and your family. A bankruptcy attorney can help you obtain and file bankruptcy paperwork to the appropriate agencies, in addition to helping you understand the pertinent parts of bankruptcy law.

When you have found yourself in a situation where your debts have overwhelmed your income, you might be thinking about filing for bankruptcy. While you have a couple of options for the type of bankruptcy you might file, you may find that Chapter 13 is a potential choice. Here's a look at some of the advantages of choosing Chapter 13 for your bankruptcy filing. Restructures Your Debts Instead Of Defaulting Them

Filing bankruptcy is a financial decision that should not be taken lightly. It's a decision to eliminate unsecured debts you have, such as medical bills, credit cards, and other financial debts. Chapter 7 bankruptcy, specifically, can take a long time to file and will affect your credit score. Because of this, consulting with a Chapter 7 bankruptcy law specialist before you undergo this type of financial change is very important.

Tax time is something that you will always need to address head-on if you hope to avoid setbacks. No matter what kind of lifestyle or business you have, it's important that you avoid tax penalties and hire professionals that can assist you with filing and litigation. If you want to get the most out of tax time, follow the steps below to get the help that you need.  Retain the help of a tax attorney so that you can get help with audits and other tax issues

If you've decided that using bankruptcy is the only way out of your bad financial situation, you'll want to do your research to ensure that it's the right choice for you. Here are some things you should consider if you want to use bankruptcy to get out of your financial jam. Eligibility The qualifications for bankruptcy are more than simply having debt that you're unable to pay off. Be aware that there will be eligibility requirements for each form of bankruptcy.

When creditors tell debtors they don't have to repay the money owed, the IRS usually requires debtors to pay taxes on the cancelled amounts. It's natural for people filing bankruptcy to wonder if the same applies to debts discharged by the bankruptcy court. Here's what you need to know about this issue to help you plan accordingly. Discharged Debts Are Non-Taxable The IRS considers cancelled debt to be income since the removal of the obligation to repay the money is essentially the same as the creditor sending you a check in the mail.

Is your debt starting to take over your life? You never expected to fall into the financial rut you are in but may have had to max out credit cards and apply for personal loans due to medical expenses, household emergencies, and other issues that have occurred over the span of several years. Now that you owe so much money to assorted creditors, you are probably wondering if you will ever get the chance to pay it all back.