If you're considering filing for bankruptcy, you likely don't have many thousands of dollars in your various bank accounts. However, you probably have at least a checking account that you pay bills from and perhaps a small savings account. What happens to those during the bankruptcy process? What about your individual retirement account (IRA) and 401(k)?
If you're considering filing bankruptcy, the last thing you should have to worry about is whether it will impact your job. You aren't going to tell your employer about your financial situation. However, what if they find out? Can they fire you?
Indianapolis residents who have unsecured debts that they cannot pay often look to Chapter 7 bankruptcy as a way to gain a financial fresh start. Although it may seem as if virtually anyone can file for a Chapter 7 bankruptcy, that's not the case. There are some factors that may make you ineligible to file.
Student loan debt has been notoriously difficult to discharge in bankruptcy. They typically have to show that repaying it would cause them "undue hardship." However, a report just released by the American Bankruptcy Institute's (ABI) Commission on Consumer Bankruptcy includes recommendations that would change that.
As Tax Day nears, it seems like a good time to look at whether tax debts can be discharged if you file for bankruptcy. It's possible to discharge it if you file for Chapter 7 bankruptcy, but a number of criteria need to be met.
Credit card debt is a national problem. The Federal Reserve reports that the total U.S. credit card debt reached more than $1 trillion in 2018. A snowballing credit card bill can quickly overwhelm you. It can seem like you will never get out from underneath it.