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November 2015 Archives

Chapter 7 bankruptcy: A financial booster shot?

Last week, we talked about how some debt-relief measures might not be all they are cracked up to be. Sometimes, organizations offer help, but they treat the symptoms of the issue rather than the root cause of the financial distress. Bankruptcy, along with a greater understanding of your financial situation into the future, can do more than other forms of debt relief that simply help you organize how you make payments to creditors.

Are debt-relief services outdated?

According to some within the industry, debt-relief service companies, such as those that offer consolidation loans or consumer credit counseling, are finding it more difficult to sell their products currently. Insiders cite consumer protection agencies, which are making it more difficult to offer services that aren't in the true best interest of the debtor, and the fact that people seem to be avoiding debt more and more as reasons for this trend.

You still have to file taxes following Chapter 7 bankruptcy

A Chapter 7 bankruptcy changes a lot about your finances, but it doesn't change the fact that you have to file a tax return every year. In fact, if you are currently involved in a Chapter 7 bankruptcy relationship, both you and your trustee will file tax-related documents.

How does your debt stack up?

According to numbers published by the Federal Reserve, American households owe a total of $11.85 trillion in various forms of debt as of 2015. That reflects a 1.7 percent increase over debt numbers published in 2014. But how does your personal debt situation stack up to the averages?

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