Tips For Those Who Are Considering Bankruptcy

Tips For Those Who Are Considering Bankruptcy

6/1/16

If you have had a financial downturn because of job loss, medical matters or some other disaster and you are considering dipping into your retirement funds (pension plan, IRA, 401(k), etc.), keep in mind you can file bankruptcy and hold those funds for the purpose for which they are intended, retirement. Don't spend them, suffer tax penalties and then file. Use Chapter 7 to protect them.

As a parent you have two primary responsibilities, the education of your children and making certain you are never a financial burden on your children. If you are at a point where either of those objectives are in jeopardy, it is time to learn how bankruptcy works and whether now is the right time to get a fresh start.

If your biggest financial problem is tax debt, it may surprise you to learn ordinary income tax that is more than three years old, counting from the date you filed your tax return, can generally be discharged in bankruptcy.


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