The Law Office of Lawrence L. Szabo
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Oakland Bankruptcy Blog

When you are facing a large credit card balance

You know it is good to avoid holding a big balance on credit cards. You put a lot of effort into being careful with your credit card spending. But, despite your best efforts, circumstances intervened and you have found yourself with a sizable credit card balance.

How is chapter 7 and 13 consumer bankruptcy different?

The accumulation of unpaid debts creates a heavy financial burden, especially when lacking the personal resources to meet the growing demands from creditors. Bankruptcy allows everyone the ability to obtain a new financial start.

In general, filing for bankruptcy will cease the target you carry among creditors and financial loan institutions. The debts you owe are essentially cleared, but the details of how this is legally brought about differs between chapter 7 and 13 bankruptcy classifications.

How Does Bankruptcy Affect My Taxes?

With tax season around the corner, it is crucial to know how declaring bankruptcy affects your taxes. Here are some ways that bankruptcy can change the way you report, file and pay taxes.

What are the tax implications of filing Chapter 13 bankruptcy?

When Medical Bills Are Too Much Burden

No matter how much you save or plan, sometimes there are unpredictable costs in life. Finances are hard, and some of the most expensive things in life are also the hardest to see coming. Unexpected medical costs can change your financial outlook overnight, whether from an accident or a diagnosis. A study by the National Bureau of Economic Research found that 19 percent of Americans would be unable to come up with $2,000 within 30 days if an emergency arose.

Medical bills are some of life’s largest expenses and they are a common reason why people file for bankruptcy. A medical condition that requires recurring treatment costs thousands of dollars. Insured or not, those expenses are hard to cover for the majority of the population. For some, bankruptcy may offer a solution.


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