Blogs

What Does the Bible Say About Bankruptcy?

You could argue that the Bible incorporated the spirit of bankruptcy, well before the bankruptcy code was ever written. In fact, the Old Testament calls for periodic forgiveness of debt. Consider Deuteronomy 15:

Does Bankruptcy Stop Wage Garnishment by the State of New Jersey?

If you don’t pay your taxes, Uncle Sam will notice. The IRS, or the state of New Jersey, will go straight to your employer and take what you owe out of your paycheck, and your bank accounts. The process is known as garnishment, and unlike other creditors, the taxing authorities don't need a judgment before they can proceed. Employers are obligated by law to honor valid requests for garnishment. This is part of what makes tax creditors the worst type of creditors to have.

Do married couples have to file for bankruptcy together?

Married couples don’t have to file bankruptcy together, but they do have the option. If you’re married and considering filing for bankruptcy, consider the implications of filing both singly and jointly before you make a decision.