In a Chapter 7 bankruptcy, a trustee appointed by the bankruptcy court will liquidate (sell off) many of your assets and use the proceeds to pay your creditors some portion of what you owe them. Certain assets are exempt from liquidation. Those typically include part of theequity in yo...
Can I Claim a Tax Credit for Social Security Taxes I Paid? No, there's no tax credit specifically for Social Security taxes you've paid but an exception exists for self-employed individuals. They can claim a tax deduction for half Social Security taxes they've to account for what would h...
The form also helps you claim a reduction or an exemption from the U.S. tax withholding if you reside in a country with which the United States has an incometax treatyand the income you received is subject to that treaty. Foreign persons must provide Form W-8BEN to the withholding agent ...
Bankruptcy does not come without cost, however. In the short term, it is recommended that you hire an attorney to walk you through the process, which means you need to be able to pay those fees. In the long run, bankruptcy will remain on yourcredit reportfor seven or 10 years, dependin...