A new report recently published by MarketWatch shows that the number of bankruptcy filings has significantly declined in the past 10 years. In fact, they've reached the lowest rate that they've been since the Great Recession back in 2008. U.S. Court data reveals why most people are pursuing this type of debt relief.
Don't needlessly lower your credit score
When people get into financial difficulties, their credit scores can start to plummet. Unfortunately, many Americans know little about the factors that affect their scores.
32% of Chapter 7 bankruptcy filers have student loan debt
The financial institution LendEDU published a report earlier this month that sheds additional light on what may be motivating many individuals to file for Chapter 7 bankruptcy nowadays. They found that student loans may be one such factor.
Taking your audit to tax court
Like many in New York and across the country, after you submit your tax returns, you may expect not to be dealing with the IRS until next year. Therefore, if you receive notice that the IRS is auditing your returns, you may have many concerns. You can prepare well for your audit, but if things don't go your way, you may find that the IRS is making a substantial adjustment to what you owe.
Don't neglect your mental health after filing bankruptcy
The decision to file bankruptcy is a big one. It's often the best way to get your finances back on track. You may feel a sense of relief once you've made the decision and started the process.
