In a typical Chapter 7 bankruptcy, it is possible to have credit card debt discharged along with most other consumer and unsecured debts. However, this assumes that you didn’t use the card to charge any type of debt that cannot otherwise be discharged in bankruptcy. For instance, if you put your income tax debt on a credit card, you cannot discharge that debt for three years.
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How good you are at collecting payment from your clients would tell a great deal about how fast your company’s growth can be. This underlines even more the importance of having a good collection system in place.
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If you are buried in mounds of debt and you feel like you will never be able to undue the damage, you should contact a bankruptcy attorney who can give you the advice that you need. A bankruptcy attorney is familiar with business law, and he or she will be able to help you regain control of your personal finances. Due to the complexity of bankruptcy law, it normally makes sense to hire a lawyer to represent you throughout the legal process. A lawyer will make sure that your paperwork is filled out correctly and that you select the correct type of bankruptcy to file give your unique situation.
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Many small businesses are unable to collect the money they are owed. Fortunately, businesses can explore several options for increasing collections on past-due accounts. It is important to determine what type of debtor the owing business is in order to know how best to approach the situation.
Continue reading Commercial Collections and the Rights of Creditors
If you are planning on filing for bankruptcy, it is good to know about the long-term ramifications of such a decision. For the first couple of years, you are going to have a hard time getting credit cards, auto loans and mortgages. In fact, you may be barred from getting a mortgage for as many as four years after your bankruptcy case concludes.
Continue reading How Long Does Bankruptcy Stay on Your Credit Report?