Bankruptcy laws are intricate and convoluted, requiring a deep understanding of legal processes and procedures. Navigating this complex landscape can be overwhelming for individuals facing financial distress. In such circumstances, seeking the guidance of a knowledgeable bankruptcy attorney becomes paramount. Here are some of the intricacies of bankruptcy laws and the importance of hiring an attorney for a smooth and successful bankruptcy process.
The vast array of legal jargon and technicalities involved in bankruptcy proceedings can be daunting for those without legal expertise.
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Taxes are something you know you have to pay, but you may not understand all of their rules. Fortunately, tax attorneys exist. You might want to hire one if you ever come up against these situations.
An Audit Surfaces
If you don't file your taxes or pay enough of them over the years, you may eventually have to deal with an audit. This is where the IRS looks into your tax history to see what mistakes you may have made.
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Filing bankruptcy is a huge deal for most people. This is a time when you should do some thinking before you decide to file. On the other hand, waiting too long to file when your financial issues are pressing in on you could be unwise. Read on and find out more about the financial red flags to watch for.
Missed Payments – No matter how smart you are with your money; you may be unable to meet the minimum payment on a credit card or other types of debts.
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Many marriages end up in divorce because of financial troubles. If you are planning on a divorce, but you also want to file for bankruptcy, a bankruptcy attorney can help you untangle the process. If you file bankruptcy before you file for divorce, you only pay one fee to file as a couple. When you wait until after your divorce is complete, this can make your divorce process more complicated as you divide up debts.
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According to research done by the Kaiser Family Foundation, roughly one-quarter of adults under the age of 65 struggle to pay medical bills, and some have declared bankruptcy due to medical bills. Medical bills for someone who is on a limited income due to a medical condition simply compound the financial problems they experience.
If you are struggling to pay your medical bills, especially if you are unable to remain gainfully employed, and doing so has caused you to reduce your spending on basics and essentials such as housing and food, it may be time for you to consider filing for Chapter 7 bankruptcy.
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