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Four Ways Bankruptcy Can Follow You for Years

Filing for bankruptcy could be one of the best decisions you ever make, but it is a decision that has consequences and should not be taken lightly. In fact, bankruptcy might not be the right choice for you, depending on your circumstances. Before making any drastic decisions about how to manage your debt, consult with an experienced bankruptcy attorney.
Keep these long-term consequences in mind as you learn more about the topic.

Bankruptcy Stays on Your Credit Report for Years

When you file for bankruptcy, that bankruptcy stays on your credit report for up to 10 years. This is visible to any party that pulls your credit report, such as a bank or other lending institution when you decide to purchase a home, car, or take out another type of loan.
This does not mean that you cannot get a new loan or open a new credit card. In fact, doing these things can actually help you repair your credit by giving you the opportunity to build positive credit.

Considering Bankruptcy? Know How it Can Affect Your Divorce Settlement

Bankruptcy and divorce can easily become intertwined. For some individuals, going through the divorce process is so costly that they need to file for bankruptcy afterward to get a handle on their debt. For others, debt and money problems during a marriage are what drives their spouses away, causing them to seek divorces. If you are currently going through a divorce and considering filing for bankruptcy, or you have previously been divorced and are unable to meet your debts, know how one of these issues can affect the other. Speak with an experienced bankruptcy attorney before making your decision.

Bankruptcy Does Not Eliminate Spousal Maintenance and Child Support Debts

This is perhaps the most important thing to keep in mind when simultaneously facing divorce and bankruptcy. Bankruptcy exists to make your debts more manageable, either through the liquidation and sale of your nonexempt assets or through a structured repayment plan. But because your former spouse and child rely on you for these support payments, spousal support and child support debts cannot be eliminated with bankruptcy.

Eliminating Your Tax Debts Through Bankruptcy

You know that bankruptcy is a tool used to reduce overwhelming levels of debt. If you are struggling with significant debt, you have probably considered filing for bankruptcy as a way to reduce your debt. You might also know that only certain types of debt can be eliminated through bankruptcy. What are those types of debt? Which types of debt can be released, and which will stay with you after you work to repay your debts through either a repayment plan or a liquidation of your nonexempt assets?

Child support and spousal support, also known as alimony, debts cannot be eliminated. This is because the recipients of these kinds of support rely on them to cover their daily living costs. Student loan debt can also be difficult to discharge. Tax debt is another type of debt that, depending on the circumstances specific to the individual's debt, might or might not be able to be eliminated through bankruptcy.

Your Bankruptcy Chapter Matters

KaloBios Pharmaceuticals, Inc. Files for Bankruptcy Following Shkreli's Dismissal

2015 brought us a lot of new celebrity faces. Some were inspiring, some were funny, and others collectively made us sad or even angry. For many Americans, Martin Shkreli, former CEO of KaloBios Pharmaceuticals, Inc., fit into this last category. He is perhaps best known for dramatically raising the per-tablet price of Daraprim, an anti-malarial and antiparasitic, from $13.50 to $750 after his other company, Turing Pharmaceuticals, acquired its patent.

In December 2015, Shkreli was arrested on a securities charge fraud. Following his arrest, he was let go from KaloBios Pharmaceuticals, which then filed for Chapter 11 bankruptcy at the end of that month. Any time an individual or corporate entity has more debt than it can realistically repay, bankruptcy is an option. But it is an option that must be considered and used carefully because it comes with significant obligations for the filing party.

What Happened to KaloBios?


Working as a Freelancer? Bankruptcy Issues to Consider

Working as a freelancer has a lot of perks. For an increasing number of Americans, perks like making your own hours, working from the comfort of your own home, and not having to comply with company rules and procedures make freelancing an attractive career choice. But the freelance life is not all Skype meetings and romantic notions of working from a busy coffee shop. It can be fraught with issues like economic uncertainty and a lack of the financial safety net of unemployment insurance, which can lead to a dependence on credit cards.

In many cases, a dependence on credit cards is the first step toward filing for bankruptcy. If you need to file for bankruptcy, do not feel ashamed to do so – it can be a life-saving tool. It is much easier to avoid having to file for bankruptcy by avoiding insurmountable debt.

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