You may be getting calls from bill collectors or face foreclosure. When you are overwhelmed by debt, filing bankruptcy is often a lifesaver. Bankruptcy gives you an opportunity to get a fresh financial start. But, before you file for bankruptcy, you should take some steps to help ensure that your bankruptcy goes smoothly.
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Bankruptcy Can Eliminate a Second Mortgage on Your Bronx Home
When you file for personal bankruptcy, you may have two options, Chapter 7 and Chapter 13 bankruptcy. If you qualify, Chapter 7 bankruptcy can eliminate most of your debt.
Common Reason Why People in The Bronx File Bankruptcy
Life does not always go as expected. Even when you try your best to be financially responsible, you can find yourself drowning in debt due to medical bills, losing your job, divorce, high credit card interest rates, and other financial disasters.
What is an Automatic Stay and How Does it Help Me?
One of the most beneficial aspects of the bankruptcy process is called an “automatic stay.” The automatic stay is a federal order or injunction that will immediately stop collection efforts by most of your debtors. The idea behind the automatic stay is to give the debtor some temporary relief during the bankruptcy process, and it can be helpful to you for a variety of reasons.
When to File Chapter 7 Bankruptcy in the Bronx
Deciding to file bankruptcy is not a decision you should make lightly. It will have a severe impact on your credit score and may take many years to recover from. For this reason, filing bankruptcy should usually be your last option. However, if you’ve accumulated massive amounts of debt and do not have the income to begin making payments, filing for a Chapter 7 bankruptcy could be your best move.
How to Determine Your Eligibility for Chapter 7 Bankruptcy in the Bronx
Once you determine bankruptcy is your best option, you will have to decide which type of bankruptcy to file. Chapter 7 is the most common type of bankruptcy filed by individuals in the Bronx. However, not everyone is eligible. One issue that greatly influences your eligibility is your income.
How to Prepare for Bankruptcy in the Bronx
Deciding to file for bankruptcy is a big decision in anyone’s life and it should not be made impulsively. There are a variety of factors to consider when determining if bankruptcy is right for you. Consulting with a bankruptcy attorney before making a final decision is almost always your best bet.
What is Credit Counseling in the Bronx?
Millions of Americans are in debt and struggling to keep their heads above water. Fortunately, there are people who can help you get out of debt. Seeking advice from experts such as credit counselors and bankruptcy attorneys is one way to better understand your options and begin to develop a sound plan moving forward.
How Will Bankruptcy Affect My Credit Score?
If you’re considering filing for bankruptcy, it’s important to know how it will affect your finances moving forward, especially your credit score. It is certainly true that bankruptcy will hurt your credit, and many people who decide against bankruptcy as an option do so because they are afraid of how it will impact their credit score. However, not filing for bankruptcy and letting your debts go into collections will typically have a worse effect on your score.
Can I Use Bankruptcy to Fight IRS Tax Levies in the Bronx?
People often wonder if filing for bankruptcy could wipe their slate clean from IRS tax debts. The answer is a qualified yes but it depends on your situation. Bankruptcy can discharge older income tax debt that qualifies, and it can also help you arrange a payment plan that is lower than what the IRS would offer. For many people, filing for bankruptcy is indeed the best option to eliminate tax debts.