By Jeff Field | Published August 30, 2021 | Posted in Bankruptcy | Tagged Tags: bankruptcy, chapter 7 bankruptcy, tax debt | Leave a comment
When Can Bankruptcy Be Used to Discharge Tax Debts?
Overdue taxes can be a huge burden for people who are trying to cope with other mounting debt. If you are considering bankruptcy, you may be able to be relieved of some or all of your tax debt, depending upon how long it has been owed. While current tax debt is generally nondischargeable, meaning that Read More
Read MoreCommon Reasons for Bankruptcy Petition Denials and Discharge Denials
The U.S. Bankruptcy Court where you file for Chapter 7 or Chapter 13 has the power to deny your petition at any stage of your case. A judge can also prevent you from obtaining a debt discharge at the conclusion of the bankruptcy process, even for a debt that is normally considered to be dischargeable. Read More
Read MoreHow Are Chapter 13 Plans Structured and How Are Payments Calculated?
If you’re experiencing burdensome debt but are skittish about declaring bankruptcy, Chapter 13 is an alternative that may be right for you. Unlike a Chapter 7 bankruptcy — in which many of your debts may be discharged but at the cost of losing much of your property — Chapter 13 allows you to pay off Read More
Read MoreShould a Chapter 7 Debtor Ever Sign a Debt Reaffirmation, and Why?
Chapter 7 bankruptcy can offer you a fresh start by relieving you of the financial obligations you had to your creditors. Although most of your non-exempt property is liquidated during the process to pay off your debt, there may be some property you want to keep, such as real estate or a vehicle. Consequently, there Read More
Read MoreHow Chapter 7 Can Provide a Fresh Start During the Pandemic
The coronavirus pandemic has had devastating financial effects on many families as a result of widespread job losses, business curtailments and company closures. If you have become burdened with overwhelming debt during these harsh times, a Chapter 7 bankruptcy may offer you the fresh start you need to move forward. If you are suffering loss Read More
Read MoreFinancial Strategies During the COVID Economic Crisis
As a result of stay-at-home orders, job losses and business closures, the coronavirus pandemic has caused many families to suffer significant economic hardship. While filing for bankruptcy may be an option, there are also a number of financial strategies you should consider that can help you tackle your debt and protect your finances during these Read More
Read MoreUsing Chapter 13 to Deal With Overdue Taxes
Can IRS debt be discharged in chapter 13? The general rule in bankruptcy is that tax debts are not dischargeable. While a Chapter 13 repayment plan can stagger repayment of taxes over a three- to five-year period, it cannot wipe out all tax debts. However, there are exceptions. The test for dischargeability is whether a Read More
Read MoreWhat to Do If You Fail the Chapter 7 Means Test
In order to file for bankruptcy protection under Chapter 7, you must be able to show that your average monthly income for the six months prior to your bankruptcy filing is below the median income for a household of your size in your state. This is because Chapter 7 bankruptcy is meant for people with Read More
Read MoreOptions to Consider Before Filing for Bankruptcy
If you’re dealing with the stress of carrying burdensome debt, being harassed by collection agencies and knowing that the money coming in is not going to cover all the bills that come due, you may be considering bankruptcy. However, it’s important to keep in mind that a bankruptcy filing will have a significant impact on Read More
Read MoreWhat Is the Trustee’s Role in a Chapter 7 Bankruptcy?
A trustee is a court-appointed officer charged with managing a Chapter 7 bankruptcy case. The trustee’s principal role is to act as the bankruptcy court’s agent, insuring compliance with the law and protection of the debtor’s and creditors’ rights. In practice, the trustee, who is also a lawyer, will take all actions and make all Read More
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