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A reaffirmation agreement allows you to modify the terms of your loan to make repayment easier during and after Chapter 7 bankruptcy. A car loan will allow you to keep your vehicle as long as you ...
Here are a few ways you can qualify for a car loan after bankruptcy: Work with a Subprime Lender Subprime lenders work with borrowers who have low credit or have filed for bankruptcy.
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
The purpose of making such a declaration is to help support a tax deduction for bad debts under Section 166 of the Internal Revenue Code. In that respect it is a form of write-off. Bad debts and even fraud are simply part of the cost of doing business. The charge-off, though, does not free the debtor of having to pay the debt.
The bankruptcy and the insolvency provisions defer the tax to a time when taxpayer is able to pay. The farm indebtedness provision, on the other hand, represents a political decision to subsidize farmers by offering a tax benefit. The student loan exclusion for those who do certain types of work is designed to maximize that benefit.
Debt discharge: In Chapter 7 bankruptcy, eligible debts such as credit card balances, medical bills and personal loans can be discharged, meaning you are no longer legally required to pay them.
Chapter 7 bankruptcy, or liquidation bankruptcy, is available to individuals who can’t pay off their unsecured debt, like credit card bills or personal loans. When you file for Chapter 7 ...
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...