The end of the fiscal year is probably a big time for your business: Many Indiana entrepreneurs have their schedules lined up for their fiscal, tax and calendar years. For sole proprietorships and one-person LLCs, this coordination is, in fact, an IRS mandate.
People in Indiana who are concerned about making their financial ends meet and who may even be contemplating filing for bankruptcy are far from alone. Even as the economy continues to be strong relative to the years of the great recession, many factors are coming together to contribute to the need for multiple consumers to seek debt relief from bankruptcy.
As a resident of Indiana, there are a number of different options available to you if you feel like you need to file for bankruptcy. Each type comes with its own benefits and drawbacks. Today we'll take a look at Chapter 7 bankruptcy and the types of debts that it can erase.
If you are one of the many people in Indiana who cringes every time you look at your bank balance or go to the mailbox and see a pile of bills waiting for you, you may well be wondering how you can get out from under a seemingly endless supply of debt. In evaluating your options for this and for creating a brighter financial future for yourself, it is important that you understand the differences in the two primary forms of debt - secured and unsecured.
With the deadline to file 2017 taxes recently passed, many Indiana residents may have chosen to file for extensions because they were unable to pay the amount of money they owed in federal income tax. This is not an uncommon thing. However, for some people the inability to pay income tax is linked to broader financial difficulties. In these situations, bankruptcy may provide much-needed relief.
If you are one of the many people in Indiana who cringe when it is time to go to the mailbox for fear that you will receive yet another bill, you are not alone. You may also likely avoid answering your phone or even checking your email in the event that a debt collector is once again contacting you. Even if you know you that you legitimately owe on a particular debt, when you do not have the money to pay it, you may experience severe stress.
Financial woes are known to be a common contributor to marital woes for many couple in Indiana and around the country. If you are finding yourself in this situation and trying to decide if you need to file bankruptcy before filing for divorce or the other way around, you should know there are a few different things that may influence what is right for you.
It is not unusual for people struggling with debt to feel shame or embarrassment. These feelings can make it difficult to ask for help and take steps to address an overwhelming situation. However, if you are in this situation, know that you are not alone. In fact, as noted in this Washington Post article, roughly one-third of Americans have debt currently in collections.