If you are way over your head in debt, and you have creditors coming after you, filing for Chapter 7 bankruptcy can help protect you from legal actions. It can help protect you against litigations, wage garnishments, and foreclosures.
#1 Litigation
If a creditor has sued you in court, filing for bankruptcy is one way to protect yourself from the legal costs of fighting the creditor in court. Filing for bankruptcy will stop the court action against you and will prevent the creditor from obtaining a legal judgement against you.
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Payday loans are a great source of emergency income, but there are also ways to misuse and abuse them. Here are some times when you might be looking into a payday loan, and some advice on whether a payday loan should truly be your go-to:
You Have Small, Unexpected Bills
If an unexpected bill makes up a small portion of your income, say one-third or less, it's safe to take out a payday loan.
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Owing money to the IRS is probably not a good situation to be in. The IRS can put liens on your property if you owe them money, and they may even be able to garnish your wages. If you owe money to the IRS and are considering filing bankruptcy, you might want to talk to a lawyer to find out if the bankruptcy would wipe out the tax debt you have.
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