The federal government shutdown is nearing the one-month mark, and some 800,000 federal employees have now gone without their first paycheck. They're becoming seriously worried about how they're going to continue to make ends meet and support their families. The shutdown has also caused ripple effects across communities -- impacting many private business owners and service providers.
You promised yourself that you were going to take it easy on the spending this holiday season. However, things got away from you. You spent a little more on gifts than you intended. Your kids outgrew their formal Christmas outfits from last year, so you had to buy new ones. You saw some holiday decorations you just had to have.
One of the primary concerns that people considering Chapter 7 bankruptcy have is whether they'll be able to keep their vehicles. After all, we rely on our cars to get to work, chauffeur the kids to school and other activities, go grocery shopping and so much more.
You filed for bankruptcy years ago. Now, due to a series of unfortunate events, you find yourself considering it once again. How soon can you file for bankruptcy a second time? How many times can you file for bankruptcy over the course of your life?
Bankruptcy doesn't have to be the end of your ability to get credit. It can provide a fresh start to a healthier financial future unencumbered by mountains of debt. However, that won't happen overnight. It takes time, patience and careful planning to repair and rebuild your credit.
Many people dread the thought of filing for personal bankruptcy and put it off for as long as possible. However, this procrastination often makes a bad situation even worse. If you're considering bankruptcy as an option for getting out from under an avalanche of debt, it's best to start learning about the process sooner rather than later. It's not a quick and easy process. However, with good professional legal help, you can make the best choices for your situation.
Those facing overwhelming debt often search for a solution for some time before bankruptcy becomes an option. Once these individuals begin to consider Chapter 7 or 13 as a possible solution, they must then contemplate a number of questions before making a decision. Examples include:
Bankruptcy does not always happen the way you assume. There are many reasons people get into financial trouble, some of which they have no control over themselves. It is important to understand these reasons as you consider all of your options.
Both Chapter 13 and Chapter 7 bankruptcies give New York residents a clean slate upon which to build a secure financial future. A Chapter 7 filing can also help debt-strapped people get out from under some of their tax obligations. This is a perfectly legal approach to discharging or minimizing tax debt, as long as the government does not believe that you are attempting to evade your tax obligations unlawfully.
For most people, the thought of filing a Chapter 7 bankruptcy is frightening. The process is shrouded in a great amount of negativity, and although some of the negativity is true, some of it is false. We have found that once people weigh the negative consequences against the positives, most of them feel better about the prospect of a Chapter 7 filing.