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Chapter 7 Bankruptcy:
One hundred percent of the person's assets will
not liquidated. In some cases, people who file for Chapter 7
bankruptcy are able to keep their home and car. The liquidation
process is based off of specific state laws.
Chapter 11 Bankruptcy:
provides filers with a specific window of time in which creditors
must be paid back and a way to do it. This does not require asset
liquidation, and the amount you are required to pay is decided upon
by the court after they have reviewed your personal case.
Divorces (Fault & No-Fault):
Fault Divorce
In some cases, one partner can be shown to be at fault in a divorce.
This is most common when abuse is an issue. One spouse may also be
found at fault if it can be shown that he or she is guilty of
adultery or abandonment. In addition, a fault divorce may be given
if one partner is unable to engage in sexual intercourse or if he or
she is in prison. In some cases, the divorcing spouse may want to
file a fault divorce, because he or she may be awarded a greater
share of the couple’s assets. Fault divorces also tend to be
processed more quickly as there is no separation period like the one
required for a no fault divorce.
No-Fault Divorce
A no-fault divorce is much less complicated than a fault divorce. In
a no fault divorce there is no need for evidence or proof of
wrongdoing. Instead, any legally recognized reason for divorce is
acceptable. Generally, “irreconcilable differences,” or the mere
inability to get along, is considered a valid reason for no fault
divorce. This means that the other spouse cannot prevent his or her
partner from filing for divorce. By challenging the decision, he or
she only lends merit to the fact that the couple does not see eye to
eye.
Taxpayer Identification Number (TIN OR Tax ID):
Is an identification number used by the Internal Revenue Service
(IRS) in the administration of tax laws. TINs are issued by the IRS.
An Employer Identification Number (EIN) is also known as a federal
tax identification number, and is used to identify a business
entity. Refer to Employer ID Numbers for more information.
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