Consumers don't want to sink when they're treading financial waters. That's where filing for bankruptcy could help them.
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Everyone Could Use A Helping Hand
Which bankruptcy option is right for me?
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The Basics Of Each Bankruptcy Chapter
The debt relief shouldn't be scarier than the debt itself.
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Is Bankruptcy Really That Scary?
Learn why others are glad they worked with us.
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What's The Key To Getting Out Of Debt?
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Some debts remain after personal bankruptcy, but you can manage: Filing for bankruptcy likely provides the springboard for your new financial beginning. Your debt and financial struggles proved to be a wake-up call, and you clearly understood that certain behaviors in your life had to change, namely your spending habits.
And now that you have taken the necessary step, you wonder just how much of your debt slate will be wiped clean? You must understand that not all debt will go away. Still, you remain responsible for certain debt that remains upon filing for personal bankruptcy.
Child support and most taxes remain
Non-dischargeable debt is the debt that remains after someone files for personal bankruptcy. Among the examples of non-dischargeable debt include:
Alimony: If you have been divorced and the agreement included the requirement of spousal support, you must continue to pay your former spouse. However, there are rare instances when payment modifications are possible.
Child support: There is no way of getting out of making these payments, and why would you want to do so? Your child and your former spouse depend on these payments as part of the divorce agreement. Continue to pay your fair share.
Many taxes: Once the bankruptcy proceeding concludes, the U.S. government immediately seeks to collect any outstanding taxes. However, if you are well behind on your taxes, the IRS may temporarily suspend your tax debt.
Student loans: Previously this was always the case. However, examples exist in which courts discharge student loan debt if it met “undue hardship” standards.
In filing for personal bankruptcy, you have taken a major step toward improving your financial standing. Discipline helps, but also remember that bankruptcy does not eliminate certain debts. https://bit.ly/314B4ho
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Some debts remain after personal bankruptcy, but you can manage | Helbing Law Office, LLC
While the process can handle the meat of the problem, there may be some crumbs remaining.
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4 Leftover Debts After Bankruptcy
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Writing Off Student Debt Is One Way Biden Can Build Black Wealth
Unfortunately, this is more common than people realize, and it is truly heartbreaking. As the saying goes, "no good deed goes unpunished." Congress needs to step up and address this issue. While I'm not sure that "across the board" forgiveness is the answer, I'm sure there are other ways to help struggling families. For example, I think Congress should increase the "phase-out" for the student loan interest deduction. If "rich" in this country is $400,000 for a married couple, why don't we end the phase out at $400,000? Also, why does Congress only allow a maximum deduction of $2500 for interest paid on student loans? Congress promotes home ownership by allowing the interest to be deducted. Congress promotes having children by giving a tax credit per child. If Congress is going to promote a college education with federal student loans, why doesn't it also allow student loan payers to deduct 100% of the interest on those loans? Who wouldn't benefit from this?
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‘Stuck in it until I die’: Parents get buried by college debt, too
Opening the door to relief could be more realistic than many think.
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When Does Bankruptcy Become The Right Option?
The financial hardships of this past year can be left behind with bankruptcy.
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Seeking A Fresh Financial Start In 2021
FORBES.COM
Bankruptcy Judge Wipes Out Over $430,000 In Student Loans For Borrower With String Of Bad Luck
This could be a game changer!
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Major Bankruptcy Reform Bill Would Permit Student Loan Discharges And Make Other Dramatic Changes
Some let short term worries overcome long term benefit.
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Breaking The Bankruptcy Taboo
Debt holders can speak out when a creditor's behavior becomes indecent.
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4 Ways Creditors Commonly Cross The Line
What creditors can't do to you: A creditor, a person who owns your debt, has a legitimate right to attempt to collect on that debt. But just because they have a right to get their money doesn't mean they have the right to treat people however they want.
Let's be very clear on something right up front: creditor harassment is prohibited by law, here in Wisconsin and across the US. Whether or not you've filed for bankruptcy, debt collectors cannot do whatever they want to get you to pay. The law specifically says that a debt collector may not:
Harass you over the phone
There is a common practice of using the phone to drive a debtor up-the-wall with frustration or annoyance.
Use aggressive language
Debt collectors often try to intimidate debtors by using threats of violence and explicit language. This sort of harassment can take the form of visits, phone calls, or letters.
Shame you
Another common threat from a debt collector is “exposure.” They may call to say they will post your name on a website of delinquent debtors. If your creditor posts your information like this, it is a violation of your rights.
Lie to you
When you receive a call from a creditor, they must tell you who they are and why they are calling. They cannot tell you that you owe more than you owe. They cannot tell you they are an attorney if they are not. Most importantly, they cannot threaten you with an arrest.
But what can you do?
Of course, just because they aren't supposed to take those actions doesn't mean they don't. If a creditor harasses you, you can take steps by reporting them to the proper authorities at the federal and state levels. If your debts are significant, you may even consider filing for bankruptcy and receive an automatic stay on all your debts.
It's hard enough to fall into debt. No one needs to dread the ring of their phone. https://bit.ly/38gSYBm
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What creditors can't do to you | Helbing Law Office, LLC
Providing personalized debt relief to Wisconsin residents.
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Bankruptcy Offers Financial Freedom
We shall see if this develops any momentum.
FORBES.COM
Senators Unveil Sweeping Bill To Discharge Student Loan and Medical Debt In Bankruptcy
When weighing which chapter of bankruptcy to file, people will want to consider three factors.
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Financial Rebuilding Begins With An Appropriate Plan
Consumers overwhelmed by credit-card bills have options to reduce their burden and start over.
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Crushing Debt And Consequences
