Forgiven Debt Could Be Taxable!

Financially troubled readers have asked advice wanting to know:  "Is it better to negotiate down debt or file bankruptcy if unemployment or other personal devastation has created a situation where credit card bills, mortgages or other financial obligations have gone delinquent and it is impossible to pay them all.  Do you pick and choose what to pay?" Every individual situation is different.  However, there is some information you should be aware of that could help you make your decision … [Read more...]

Chapter 7 Bankruptcy – Do You Need It?

By: Jan Leasure, Super Saver These are tough times economically and emotionally for every American. We are faced with the fact that many corporations that have existed for years have been forced to take help from the federal government just to keep their doors open and keep their manufacturing process in motion. Small, independent businesses have found themselves in an even worse position because people can no longer afford to shop anywhere but the big box discount stores. People who work … [Read more...]

How to File Bankruptcy – First Steps

People are usually very private about the state of their finances. No one wants their friends, family and neighbors to know that they might be struggling to pay for their home, their cars, or even the food they need to feed their families. There is something to be said for those families that simply buckle down, eliminate all unnecessary expenses, and try to dig their way out of debt all by themselves. However, there are some situations when it becomes necessary to seek a little bit of help from … [Read more...]

How to Enter Bankruptcy Protection

by: Jan Leasure, Super Saver No one likes to talk about the fact that they are facing financial struggles. Many people feel like it is a shameful thing to admit that they have made poor decisions with their money, or the fact that they are no longer to make the necessary payments on their homes and vehicles. These are tough economic times, and if you are considering bankruptcy, you should know that you are not alone, and you probably have nothing to be ashamed of. The truth of the matter is … [Read more...]