A bankruptcy declaration should not be thought of as a single act. It can take months of preparation before you file your federal paperwork and then several more months before it's final. Before you file, there are tasks that need to be accomplished. Read on to find out what to do before you file chapter 7 bankruptcy.
Make Sure Your Income is Appropriate
Once you decide to declare chapter 7, your first move should be to check your income against your state's median income.
Excessive debts can make everything overwhelming, including paying your bills every month and even doing your taxes. If you have a lot of personal or business debts and you are wondering if they could have an effect on your taxes, the answer isn't simple. It depends on which type of debts you have and several other factors. Here are five things you need to know about debts and taxes:
1. Personal debt forgiveness
As you begin looking at the jobs your company has coming up this year, are you having concerns over how well your equipment will hold up with these projects? If so, you may want to consider getting new equipment, but you might have worries over this too. Purchasing new heavy equipment can be expensive and risky; however, there is another option. You could lease the equipment instead. Companies that offer heavy equipment leasing generally offer several different types of leases and various options you can choose from.
Everyone runs into financial trouble from time to time, but dry spells last longer for some people than they do for others. If you are out of work or struggle with an ongoing health condition, you might find yourself drowning in past-due bills and collection calls. However, there might be a way to avoid bankruptcy. Here are two reasons you should consider a consumer proposal:
1: You Can Make Things Right With Your Creditors
We've entered the New Year and the time for festivities has almost come to an end. Many online tax websites have started shooting emails to propose their services as the time to filing individual tax returns is also nearing. This article gives a few tips that you may use to cut your tax bill.
Escaping your tax liability will backfire
Each year, there are many Canadian residents that consider leaving the country to escape their tax duties.