If you are considering filing for bankruptcy and have begun researching the process involved in doing so, you may have come across the term “means test,” and you may be wondering what it is and what it entails. Essentially, the bankruptcy means test determines whether you may file for debt forgiveness through a Chapter 7 bankruptcy or whether you must do so through a Chapter 13 bankruptcy, which involves restructuring existing debts.
If you are like a multitude of other Americans, the day may come when you find yourself facing overwhelming debt and begin asking yourself whether filing for bankruptcy could provide you with some sense of relief. You may, too, like many others, feel hesitation in taking the next step, whether because you feel there is a stigma attached to filing, or for another reason entirely.
If you are among the many Americans facing overwhelming debt, you may be considering filing for bankruptcy. Most people filing for personal bankruptcy do so through either Chapter 7 or Chapter 13 bankruptcy, depending on their level of income, and there are some important distinctions between the two. In a Chapter 13 bankruptcy, for example, you may be able to hang on to certain assets, such as your home or your car, if you are currently earning income. However, you must meet certain criteria to be eligible for filing.
College often seems like a one-way ticket to a promising career, higher earnings and a secure future. For many people, however, this is not the case. For students who do not complete their degrees or graduates who cannot land high-paying jobs, the lingering student debt can easily become stifling. You might be wondering whether bankruptcy is an option in addressing the problem.
At any given moment, many people are considering bankruptcy. They do so for a variety of reasons, such as job loss, medical debt and crippling credit card bills. However, some feel tempted to dip into one last account, their retirement account, before they meet with an attorney.
Getting constant calls from debt collectors in Louisiana can really take its toll. You may even receive them at work or they may call your relatives, trying to get information about you. It can be a very frustrating situation. Even if you know you owe the debt, you still do not have to put up with harassment. Luckily, the federal government recognizes that debt collection tactics can border on harassment. There are specific guidelines in place to ensure this does not happen.
Due to a variety of forces, many people end up in outstanding debt. In the state of Louisiana, the average student loan debt was $26,865 in 2015. Those numbers come courtesy of a report published in USA Today.
If you have ever found yourself in a position where you need more cash on hand, you might have felt tempted to utilize a payday loan. Payday loans are small cash loans you can secure ahead of your paycheck, as long as you agree to repay the loan once you receive your next paycheck.
When you are faced with mountains of debt, you may not be sure what step to take first. Many options are before you, each promising a positive outcome. You may wonder if it makes a difference which you choose.
Debt collectors may not always employ the most honest of practices. In fact, some of the practices got so bad that federal government enacted the Fair Debt Collections Practices Act. The Federal Trade Commission has information about what constitutes abuse and how creditors are allowed to contact people in debt.