Sometimes financial difficulties arise when least expected, and tackling the burdens of debt can prove more and more trying as time passes. Even with the relief that the U.S. Bankruptcy Code can provide to households and individuals in need of debt alleviation, the stripping of assets with debt liquidation or the reorganization of debts with
Tax debts are a common problem for most struggling with accumulated financial burdens. Because taxes are so varied and ultimately required of every U.S. citizen able to work and own property, the debts associated with taxes are equally varied and unavoidable. While most of the time you cannot discharge tax debts with bankruptcy, there are
Those who have accumulated debts they can’t handle alone often find rescue in filing for bankruptcy. Today’s U.S. Bankruptcy Code is designed to protect individuals and businesses from falling into even more critical financial situations. The idea of being bankrupt can leave a bad taste in one’s mouth and, while one might not enjoy having
Small business owners are some of the bravest adventurers when it comes to finances. Not only does starting a small business often require a large investment in the form of a loan or personal funds, but the liabilities of starting and maintaining a small business are numerous. Sadly, many entrepreneurs are unable to keep expenses
When it comes to Chapter 7 bankruptcy, the idea established with the bankruptcy code was to find a balance between the discharging or getting rid of one’s debts and allowing one to retain enough assets to reorganize and not endure further financial hardship. Indeed, it would not make much sense and it would not be
At Behm Law Group, Ltd., we have often found that our clients considering bankruptcy know they could benefit from filing for Chapter 7 but balk at the idea of possibly losing some of their assets. However, the concern about losing assets is often exaggerated. The drafters of the bankruptcy code understood the need for households to
Bankruptcy affects individuals of all economic statuses, and the people involved in a bankruptcy case or struggling financially are also often facing many other challenges in their lives. Unfortunately, low income and high debt—according to statistics—are a leading cause of weakened relationships. At Behm Law Group, Ltd., we’ve found that some of our clients are
Since the mid-80s, the commercial world has changed considerably as digital consumerism streamlined the way we spend money in the US. To address issues with these unprecedented technological advances, the US government had to respond with new laws. When it comes to US bankruptcy, the Bankruptcy Code was amended in 2005 to protect consumers and
In today’s technology-rich digital age, small businesses have more expenses than ever before. While these expenses all open up incredible marketing and product design outlets for small businesses, the increase in number and variety of expenses also leads to an increase in the potential for going into debt. If you own a small business that’s
Chapter 7 bankruptcy can be incredibly beneficial for those who are struggling with credit card debt, unmanageable mortgages, and most other forms of accumulated debt. Financially, Chapter 7 discharges the majority of your debt and liquidates your non-exempt assets in order to pay your creditors. While these may seem like drastic measures, Chapter 7 bankruptcy
