Do I Have to Pay Taxes on Freelance Work?
Freelance taxes and side gig taxes are complicated with so many forms to track and receipts to record. This guide helps you navigate tax season.
[On-screen text] Bankruptcy Solution Center
Hello and welcome to Debt.com’s Bankruptcy Solution Center. Filing for bankruptcy isn’t necessarily a bad final decision. In fact, many times it’s the best way to overcome current financial challenges to get a fresh start. Here you’ll find information on Chapter 7, Chapter 13, and Chapter 11 bankruptcy.
We are A-plus rated by the Better Business Bureau and have helped thousands of people become financially stable and find solutions tailored to their unique situations. To get started, simply complete our form or call us to begin your journey to open a new financial chapter in your life.
Don’t struggle any longer. Give us a call. When life happens, we’re here for you.
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Filing for bankruptcy can feel like you’re admitting defeat. But there are many cases where deciding to file really is your best option – and putting it off will just lead to more damage to your credit score and a deeper hole to dig out of once you finally decide to file. Bankruptcy can help save your home from foreclosure, and help you get out of crushing credit card or medical debt. And despite what you may have heard, you may even be able to discharge student loans in certain situations. But you need the right team of experts to ensure your bankruptcy filing delivers the best possible outcome for your finances.
Talk to a certified pre-bankruptcy counselor now to evaluate your debts, credit, and budget to see if filing for bankruptcy really is the right choice in your situation.
Types of Personal Bankruptcy.
No one wants to wind up in bankruptcy, but in some cases, it is the only option to get a fresh start – here are the basics.
First, there are two types of personal bankruptcy. Chapter 7 bankruptcy is where your non-exempt assets are liquidated to pay-off as much debt as possible and then the remaining balances are written off. Most often, your home, vehicles, and retirement accounts are exempt.
With a Chapter 13 bankruptcy, a judge will assess your situation and designate a trustee to establish a payment schedule to pay-off your debts. This chapter is normally used for people who are behind on their mortgage payments, back taxes or who have child support issues.
You will make payments every month until the debts are satisfied according to the court-approved repayment plan.
Once the payments are complete, any remaining balances are written off. Every filing requires a means test.
A means test is where your income level is compared to the median income in your state. This determines if you qualify to file and what type of bankruptcy you can elect. You’ll be required to go through financial counseling to receive a certificate before you file.
Chapter 13 bankruptcy can be a better option than Chapter 7 bankruptcy if you have assets that you want to protect. Filing for bankruptcy can stop the foreclosure process if the bank is trying to take your home.
A chapter 13 bankruptcy will stay on your credit report for 7 years. And a chapter 7 bankruptcy will stay on your report up to 10 years.
Having these negative marks on your credit report may make it difficult to qualify for loans and new lines of credit for a period of time, but it’s not impossible and you can take steps to rebuild your credit again.
To get started, simply fill out our form or better yet, call us now, and we’ll match you with the best solution for your situation. We are A- plus rated by the better business bureau and have helped thousands of people become financially stable.
So, don’t struggle any longer, give us a call. When life happens, we’re here for you.
There are two types of personal bankruptcy filings – Chapter 7 and Chapter 13. Choosing the right filing option is crucial. It can affect your assets and how fast you get out of bankruptcy, so you can get your fresh start. Learn the differences between the two main types of personal bankruptcy, so you can choose the right filing option for your needs. This video also explains how the means test can affect your filing and determine if you’re eligible to file for Chapter 7, so you know what to expect once you file.Learn More
There are over 750,000 bankruptcy filings in the U.S. every year, and over 61% of those are fast-exit Chapter 7 filings. That means over 450,000 Americans are getting a fresh start in about six months or less each year by making the decision to file. This map also shows how many residents have filed for bankruptcy and the percentage of Chapter 7 versus Chapter 13 filings in each state. This can help set your expectations for what you can expect once you make the decision to file.More Statistics
Debt.com makes it easy to decide if it’s time to file. Talk to a certified bankruptcy counselor to weigh your options and see if it’s time to start the filing process.
Talk to a debt resolution specialist now for a free evaluation, to make sure bankruptcy is your best option and get on the road to recovery today.
Debt.com’s panel of financial experts answer questions from consumers about bankruptcy. Learn when you should file Chapter 7 versus Chapter 13, what filing means foreclosure and collections, and how to recover quickly once the court discharges your debt. Here are some of our most popular questions about bankruptcy
DISCLAIMER: Debt.com does not provide bankruptcy services, but, upon request, acts as a legal referral service for attorneys who may be able to assist you. It is ultimately up to you to determine whether the attorneys or law firms that we may introduce you to are appropriate for your situation. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt of viewing does not constitute an attorney-client relationship.
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