When people who have filed for Chapter 7 bankruptcy get their financial life back on track, many consider the possibility of buying a home. It is possible to get a mortgage after a Chapter 7 bankruptcy. However, you may have to do some searching to find a lender willing to accommodate you. You also need to be patient, as lenders have varying requirements for how soon they'll approve a mortgage after a bankruptcy has been discharged.
What's the difference between tax evasion and an error?
When people hear the terms "tax evasion" or "tax fraud," they often think of large corporations or extremely wealthy individuals who fail to pay the taxes they owe. However, anyone can be potentially be accused of tax evasion by the Internal Revenue Service, and the penalties if someone is determined to be guilty can be serious.
Bankruptcy rates vary considerably among U.S. states
In the years immediately following the 2008 recession, bankruptcies in this country increased by about a million annually. The good news is that those numbers have started trending back down. In 2015, we had the lowest number of filings for personal bankruptcy since before the recession -- under 820,000. That's lower than in 2007.
More countries agree to comply with IRS tax reporting: FAQs
The Internal Revenue Service (IRS) is continuing its crackdown on foreign accounts. Those who have assets in accounts in countries other than the United States, or even signatory authority of such accounts, are required to report the accounts to the IRS. A failure to do so can result in serious penalties, including steep fines and potential imprisonment.
New York lawmaker explains circumstances that led to bankruptcy
Many factors beyond our control can lead to a financial downturn that makes filing for bankruptcy the best option. An illness or injury that brings astronomical medical bills is one example. One New York lawmaker and her husband got hit with a double whammy -- medical debt and Hurricane Sandy.
Why is the bankruptcy means test essential?
If you have been researching the possibility of filing for personal bankruptcy, you may have come across something called the "means test." If you are considering Chapter 7 bankruptcy, the means test is essential to understand because it determines whether you are eligible for Chapter 7 or will have to opt for Chapter 13.
