When your business bank account is light and credit collectors are knocking at your door, it might be a good time to consider bankruptcy. If your business has no real financial future, Chapter 7 bankruptcy might be right for you.
The number of bankruptcies for people older than 65 has gone up 204 percent between 1991 and 2016, a recent study finds, and one of the main causes is skyrocketing out-of-pocket medical expenses.
With more than 6,000 federal employees, New Mexico is one of the states that was most affected by the partial federal government shutdown in December and January. If lawmakers in Washington D.C. again shut down the federal government, affected federal workers can apply for state unemployment benefits.
Job security is a thing of the past. A boss who sustains a bad quarter could easily decide your job or department is the one that, if eliminated, will convince board members and stockholders to give the company another chance.
Filing for bankruptcy is an intensely personal decision that requires careful consideration. Once you decide to file, you must next choose whether Chapter 7 or Chapter 13 is best for your unique situation. An experienced bankruptcy attorney can help you decide which option will give you the best outcome depending on your circumstances.
Chapter 7 bankruptcy is well-known as a debt relief mechanism because it is so effective at relieving the debtor's financial burdens. Even so, there are certain types of debt that will remain after the debtor receives a Chapter 7 discharge.
In some instances, it makes sense for both spouses to file for bankruptcy together. In other cases, however, it's more beneficial for the couple that only one spouse files for Chapter 7 or Chapter 13 bankruptcy.
A company in another state that manufactures batteries has been having some serious financial problems. Many New Mexico business owners can no doubt relate to that. When a business tries various ways to overcome such issues but proves unsuccessful, there are often solid solutions available by filing Chapter 7 bankruptcy, which is exactly what the battery company has done.
When you are thinking about filing for bankruptcy, you may find yourself wondering about what the long-term impact will be. You might worry you won't ever be able to have a credit card, buy a new car or get a mortgage. Thankfully, these worries are unfounded. All of these things are possible following a Chapter 7 or Chapter 13 bankruptcy filing.
Most debtors assume that tax debt, like student loan debt, are simply non-dischargeable even while many other types of debts are. What most don't realize, though, is that while that is generally true, particularly for Chapter 13 filings, it might be possible to discharge limited tax debts under certain circumstances in a Chapter 7.