By Jeff Field | Published October 3, 2023 | | |
A Chapter 13 bankruptcy may allow you to eliminate a sizable portion of your outstanding debt. In some cases you pay off a relatively small amount of unsecured debts, with the remainder being discharged. However, tax debts are generally not eligible for reduction and discharge. With a few exceptions, they must be paid in full. Read MoreRead More
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 MoreRead More
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 MoreRead More
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