Tag Archives: Chapter 7
If you expect to owe 2012 income tax, you may be able to take care of it simply by paying less to your other creditors.
If you expect to owe 2012 income taxes, and you file bankruptcy after December 31, that tax can be “included” in your case.
When you start a Chapter 13 plan, it’s good to have Chapter 7 available as a backup plan.
You can usually get out of an ongoing Chapter 13 “adjustment of debts” bankruptcy case by simply asking to do so.
You have some wiggle room if you either want to get out of your bankruptcy case or change to the other Chapter.
Each spouse in a marriage with significant tax debt has his or her self-interest, which may need a different solution than the other spouse.
Filing bankruptcy with or without your spouse affects the discharge of debts you each receive, and also affects whether you file under Chapter 7 or 13.
Filing bankruptcy with or without your spouse affects the protection from creditors each of you receives, and also affects whether you file under Chapter 7 or 13.
Chapter 7 often protects you from creditors well enough. But if need be, Chapter 13 protects you longer.
If your business has failed or is about to, it does NOT likely need a bankruptcy. But YOU personally might.