Tag Archives: DebtManagement

How Do You Know When to File for Bankruptcy?

Bankruptcy can be a new beginning for people who have fallen onto financial hardship through no fault of their own. Bankruptcy can consolidate debts and eliminate most or all unsecured debts in many cases, allowing you to focus on rebuilding your credit score, while avoiding calls from debt collectors. Think You’re Ready? Explore Other Options First There are some alternative options to consider before filing. Bankruptcy will stay on your credit score for up to 10 years after filing. You can renegotiate with creditors to get a lower interest rate and ask for lower monthly payments spread out over a longer period. If you talk to your creditor and let them know you are considering bankruptcy, they may be more willing to negotiate a better rate with you. A Lewisville bankruptcy attorney can review your financial situation and figure out the best way to settle your debts. What Are the…
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Do You Have to Split up Debt in a Divorce?

Splitting up property and assets and figuring out child custody are well-known aspects of a divorce. However, the implications of splitting up assets go deeper than physical items. Certain financial items such as loans and other debts need to be reallocated as well. Many couples will share debts, and when those are split, both parties then become responsible for taking their own share of debts. Many couples make the mistake of keeping debts in both of their names, and if one partner starts falling behind on payments, the other has to deal with that burden. How Is Debt Split up in a Divorce? Debt is often not split down the middle. Factors such as income, age, health, and education are considered to decide who gets what share of the debts. Are your debts marital or separate? Debts like mortgages that are in both partners’ names would be considered marital. Credit…
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Do I Have to Pay Taxes on All of the Money I Make?

Real Madrid soccer star Cristiano Ronaldo has recently become agitated with the Spanish Government amongst accusations of €15M in unpaid taxes, on income generated from advertising image rights. Ronaldo claims that the image rights legislation in Spain is complicated, and has not remained consistent since he joined Real Madrid in 2009. The changes were allegedly not made clear to him. In the US, there is also a complicated tax system that has different rules and regulations for types of income. Having knowledge of the tax system can be beneficial to save money, and avoid tax fraud accusations from the Internal Revenue Service (IRS). If you cannot afford to pay your taxes, the IRS will eventually start making collection efforts to get their money. How Should You File Your Taxes? Do you have enough time? A 2012 report by the IRS found that taxes take around 16 hours to prepare and…
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