Tag Archives: taxes
Using a Chapter 7 case to clean up after closing down your business will be easy or not depending largely on three factors: business assets, taxes, and other nondischargeable debts. These three will usually also determine if you should be in a Chapter 7 case or instead in a Chapter 13 one. Once you’ve closed […]
One good reason that people filing Chapter 7 don’t lose any of their stuff to the bankruptcy trustee—if they did have something to lose, they would likely have filed a Chapter 13 instead. How does Chapter 13 protect what you’d otherwise lose in a Chapter 7 “straight bankruptcy”? As I said at the beginning of […]
“Straight” Chapter 7 bankruptcy can give some relief for dealing with your back and current income taxes, but Chapter 13 can help so much more.
If you were already on the financial edge and just found out you owe a bunch of income taxes, here is how bankruptcy can help.
If you owe income taxes, and are at the point that the IRS is about to seize your assets, you need to consider bankruptcy. It can help in surprising ways.
Here’s how bankruptcy actually works, and works well, even when a significant debt or two can’t be written off.
Even without mentioning the word “bankruptcy,” the most important court decision in years may still have a huge effect on future bankruptcies. How? Possibly by greatly reducing the need to file bankruptcies resulting from medical debts.
You can’t count that filing a bankruptcy will instantaneously stop every act against you by every one of your creditors. Or can you? Isn’t one of the most important benefits of filing bankruptcy the fact that it puts a screeching halt to all collection efforts of your creditors against you and your property? Yes, and […]
Most of the time your attorney will know which debts will be legally written off in your bankruptcy. But not always, for two reasons.
In most Chapter 7 “straight bankruptcies,” most debts are legally written off, especially debts that are not secured by any collateral and don’t belong to any of the special “priority” categories of debt. But how about in a Chapter 13 payment plan? What determines whether these creditors get paid, and if so how much?