Archive for August 15, 2013
Did you know that about one out of every two hundred people in the U.S. end up filing for bankruptcy every year, as well as many businesses? There are a lot of myths as well as important facts about bankruptcy that you should know the truth about. Because so many people have to go through this process, fortunately, there is a well tread path in front of you. Here are four common questions about bankruptcy, as well as answers.
1. What types of bankruptcy are there?
There are several forms of bankruptcy. Most people will opt for either Chapter 7, or Chapter 13. When you file Chapter 7 bankruptcy, some of your assets are liquidated in order to pay down a portion of your debt. Chapter 13 bankruptcy, on the other hand, is a process of debt restructuring. The majority of people u
It can be hard to get by in the current state of the economy. The cost of living for many Americans can exceed their incomes, which can result in not all their expenses being taken care of. One area that can be especially easy to overlook is your taxes.
We have had to deal with paying taxes since before this country was established. The only difference is before 1776, the money went to the United Kingdom, and now it goes to the United States government. These days, your income can be taxed at rates ranging from 10 percent to 39.6 percent. When you fail to meet the required amounts, the government will find other ways of getting the money from you, such as an administrative levy. This practice, which was established in 1791, allows the IRS to take money directly out of your paychecks until your debt is settle