How to file for bankruptcy

Tips to file for Bankruptcy, BankruptcyThe basic requirement while filing for bankruptcy is to know in which chapter you want to file it in. First you have to take the chapter 7 means test and if you do not qualify in that, then you have to go by chapter 13. The process of filing for bankruptcy is a little complex, but with a little research you can get to understand the basic requirements.

After of the completion of the chapter 7 means test, the thing that should be done is deciding the method by which you would want to file for bankruptcy. This you can do it yourself by the free online forms, or hire a bankruptcy attorney or you can also hire a bankruptcy petition preparation survive. If you have a large number of assets that you want to save, then it is advisable to hire a bankruptcy attorney. After getting this sorted out, it is very necessary to minutely scrutinize and list all payments and bank account details up to date.

Income tax rules for beginners

Income tax rules, Income tax Income tax may be a very confusing matter if you are new to the subject. It has lots of things that you should keep in mind. There are many deductions and exceptions that are made from a person’s income. One of the most important things that you should remember while calculating tax is that the person should be a resident of that country.

The person should be present in the country for a minimum of 330 days during the year. If this condition is not fulfilled then a certain form has to be filled that is form 2555. If the person has any foreign income then the exclusion will be set off at $91,500. This will give the person a deduction of $91,500 for that calendar year. If the person has any house that is located outside the country then he will get a minimum deduction of $14,640. These are the few things that you should keep in mind while you first start with the income tax rules.