The decision of whether or not to file Wilmington bankruptcy is not the easiest. It usually comes after years of debt stress, increasingly frustrating financial circumstances, and harassment from debt collectors. Although filing bankruptcy means acknowledging that you’re unable to pay your debts, it is a game-changer that can give you peace of mind and a brighter financial future.
As a Greensboro resident, you should have received your W2s and other tax documents by now, so you have all the info you need to prepare your 2017 income tax return. Of course, it’s not officially due until April 17, 2018, but you shouldn’t wait to file. The longer you delay, the higher your risk of tax ID fraud. Identity thieves that specialize in tax identity fraud are out in force and already busy filing bogus tax returns so that they can steal tax refunds. Don’t fall prey to this scam. Here’s what you need to know and how to protect yourself.
Bankruptcy doesn’t just affect the average Joe - it can strike even the rich and famous. You might assume that celebrities are set for life once they step into the spotlight. For some, it does happen that way but, for others, it’s a different story. If you’re a Wilmington consumer saddled with debt and considering bankruptcy, here a look at some celebrity bankruptcies to help you see that a financial crisis can happen to anyone, no matter how glittery or fabulous their life might seem.
Student loan help for veterans and the disabled is now tax-free
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Student loans continue to rise and with federal college debt having no statute of limitations, this is debt that can follow you the rest of your life. Student loan debt collectors can garnish your Social Security and take your income tax refunds for the rest of your life until the debt is satisfied. If you can’t afford your student loans, the stress can be overwhelming. If you qualify for a program to reduce or discharge your student loans, it can be life-changing.
Credit card debt can grow out of control quicker than you realize. Most Wilmington consumers start out swiping their cards and paying off the balances at the end of the month. Then an unexpected expense crops up or your paycheck is smaller than usual, and you carry over a balance. From there, things can snowball, and you may discover you’re going to be in some real trouble if you don’t do something about it.
Greensboro bankruptcy choice often comes down to cost
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For Greensboro consumers trapped in an inescapable debt spiral, life can be stressful. Living paycheck to paycheck, dodging debt collector calls, and constantly worrying because you can’t pay what you owe (let alone build a nest egg) can destroy your quality of life. Bankruptcy is one possible solution, but often, consumers don’t choose the best plan for them. A recent study examined why consumers choose Chapter 13 when Chapter 7 is a much preferable alternative.
As a business owner, bankruptcy is the least likely outcome you wanted when you started up your company. Everyone hopes for success but the odds of hitting it big with your first venture are slim. Most self-made millionaires, according to Business Insider, struggle for 32 years (on average) before achieving seven-figure success. Not only that, but most success stories have a path of failure behind them with many filing bankruptcies and closing their first, second, or even third businesses before they finally get it right and achieve success. If your business is struggling, it could be a sign that it’s time to evolve and move to the next phase of your entrepreneurial journey. Wilmington bankruptcy can help.
Dance Moms star Abby Lee Miller out of prison soon
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Reality star Abby Lee Miller is almost done serving time for her 2017 bankruptcy fraud conviction. The Dance Moms phenom pled guilty in 2016 to a litany of charges related to a years’ old Chapter 11 case and was convicted and sentenced last year. The 51-year old has reportedly been bettering herself while behind bars by losing 100 pounds and pursuing professional certification in advance of her release this Spring.
Stop doing these things before Wilmington bankruptcy
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For those in Wilmington drowning in debt, bankruptcy might be the best option for you. However, even if filing Chapter 7 or Chapter 13 is a fit solution for your financial problems, there are missteps that could prevent you from getting optimal results. Here’s a look at seven things to avoid if you’re considering filing bankruptcy.
As partners, you and your spouse do many things together – you live, you laugh, you love – and you accrue debt. In the past, couples typically got into debt together with every loan and asset in the name of both spouses or only in the name of the primary breadwinner. But with both partners now usually working, people primarily carry individual debt rather than joint debt, aside from a mortgage. When your spouse falls behind on bills and files Greensboro bankruptcy, how will it affect you and your marriage?
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